The Under 40 Financial Planning Guide: Shifting Income or Deductions

You sometimes have the ability to accelerate or delay the receipt of income or payment of deductions. If you are expecting a lot of income in a particular year and you expect it may push you to a higher tax bracket, you may be able to move some income to an earlier or later year in order to reduce your tax bill. For instance, you may be able to ask your employer to pay your year-end bonus after the end of the year. If you are self-employed, don't bill your clients until it's late enough in the year so that they won't pay you until after December 31.