Monday, Dec. 08, 2008

Defer expenses

Ordinarily, it's a good idea to accelerate deductible expenses like a mortgage or tax payment into the current year in order to reduce your taxable income, and that remains a sound strategy for anyone who expects their tax rate to stay the same or go lower. But high earners are likely to see higher income tax rates under President Obama. Expenses pushed into next year would provide a larger deduction.