Tax Guy: Think twice about deferring taxable income past 2020 — here’s why

Taking steps to defer your current individual federal income-tax bill is often a good idea, especially if you expect to be in the same or lower tax bracket in future years.

In that situation, making moves to lower this year’s taxable income will at least put off the tax day of reckoning and give you more cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future years will cause the deferred amount(s) to be taxed lower rates.

Small business owners have the most opportunities to defer taxable income.

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