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Timing Your Income and Expenses

Managing the timing of your income and expenses can also be a savvy tax-saving strategy. By deferring income to the next tax year or accelerating expenses into the current year, you can control which tax bracket you fall into. This tactic is particularly beneficial if you anticipate being in a lower tax bracket in the coming year. For example, if you expect your income to drop due to planned business changes or personal circumstances, deferring income can result in a lower overall tax rate.