Can You Postpone Income?

Can you postpone receiving income, so that you won’t have to pay tax on it in 2022?

It may make sense.

Let’s discuss a potential opportunity for you to save on your current year’s tax bill.

Let me throw a couple scenarios at you:

1) You own your own business (assuming it is cash basis), and you wait until 2023 to collect money owed to you.

2) You’re an employee, and your boss approaches you before the year-end to award you with a bonus. You wait until 2023 to receive the bonus (assuming your employer agrees).

3) You want to sell a stock or investment for a gain at the end of 2022. You wait until 2023 to sell it (assuming the sale price will be about the same).

All three of these options may have the potential to improve your 2022 tax bill.

Skip to content