>>Postpone income until 2009 and accelerate deductions into 2008 to lower your 2008 tax bill, which may enable larger deductions, credits, and other tax breaks for 2008 that are phased out over varying levels of adjusted gross income (AGI). These include IRA and Roth IRA contributions, conversions of regular IRAs to Roth IRAs, child credits, higher education tax credits, the above-the-line deduction for higher-education expenses, and deductions for student loan interest. Postponing income is desirable for those taxpayers who anticipate being in a lower tax bracket next year due to changed financial circumstances.<<
This is one I strongly disagree with. Obama is going to raise our taxes so get ready to cut your income for the four years he’ll be in office. Take all you can this year.
“Take all you can this year.”
Amen to that! :)
Hell, take/keep all you can EVERY year, no matter WHO is President. :)
P.S. Are Cabana Boys considered an ‘expense?” LOL!