Every year we talk with our Money Matters clients about saving money on taxes. One of the ways they (and you) can save some hard-earned dollars is by timing and bunching some deductions.
Let’s begin with timing. If you are about to retire, your income may drop next year, so deductions will be more valuable to you this year than next. The opposite could be true. If you think you will have more income next year, you should take any deductions you can then, instead of now. Look at all your deductions and see if you can move them into the year where they can do you the most good.