Be the early bird – Thinking about taxes now can pay off later

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Abstract: Many people don’t start thinking about taxes until well after the first of the year. But thinking about taxes now, before time pressure may result in poor decisions, can really pay off. By working with a tax advisor to project income, deductions and tax liabilities for 2009 and 2010 — and beyond, if possible — it may be possible to shift income and deductions between tax years to minimize one’s overall tax burden, or at least to defer taxes. But there are pros and cons with particular strategies.