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Sign into your account5 Ways to Lower Taxes Before End of the Year
November 17 2016
If you're self-employed, as most real estate professionals are, there are lots of things you can do by December 31 to lower your taxes for 2016. Let's go over five ways to lower taxes before the end of the year.
Defer Income to 2017
With the election of Donald Trump and a Republican-controlled Congress, it is likely that massive across-the-board tax cuts will be enacted in 2017. It is unclear when these cuts would take effect. They could be delayed until 2018. Nevertheless, it is almost certain that individual tax rates will be lower in 2017 and later than in 2016.
To take advantage of these cuts, you should defer as much income as possible from 2016 to 2017. For example, if you're owed a commission from your job, ask that it not be paid until 2017.