The 2020 Tax Planning Paradox: Accelerate Income to Lower Your Total Tax Liability

It’s time to consider year-end planning for a year that has been an unusual one, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, it’s time to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize one’s total tax liability over the years.