Can u rollover personal tax deductions into the next year? Or can only businesses do this?
I was wondering if u can save tax deductions from year to year to make sure that u are paying in the most optimal tax bracket? I have hear of business...
I was wondering if u can save tax deductions from year to year to make sure that u are paying in the most optimal tax bracket? I have hear of businesses doing this… But I want to know if this is possible for individuals. Please post links that i can read up on for more information. Your answers are appreciated. Thank you.
Yes, in a way. You can move deductions by changing when you pay them. For example, make all your charitable contributions in January and December of even years, give nothing in odd years. If you have medical bills at the end of the year, but not enough to deduct, pay them in January and maybe you will have enough to deduct in the next year. If your real estate taxes are paid in installments and one or both of them are due near the end of the year you may be able to do a similar thing (if you pay them directly).