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For example, this year I am pushing expenses into this year and income into next year. In general, you want to move income into a year of lower taxes and expenses into a year of higher taxes, but this is a big over-simplification.
If you want to lower your business tax bill this year, pre-pay insurances, mortgages, and loans to increase your expenses.
Some years have more pay periods, which might also affect the amount of an employee's paycheck between years. Check with your tax professional if you aren't sure how to allocate employee pay across two years.
It's certainly appropriate to use a credit card to make those end-of-year payments.
You don't have to pay off the balance now, but the expense can be recorded this year.
For example, if you buy a laptop for your business before the end of the year, using your business credit card, you can get the tax deduction this year and pay off the credit card next year.
Q: The financial press often states the definition of a recession as two consecutive quarters of decline in real GDP.
How does that relate to the NBER's recession dating procedure?
For example, it might be held by an agent or in your bank account through direct deposit.
Sometimes, paychecks reflect income from two years; the last week in December and the first week in January, for example.
If the paycheck is dated in January, all of the income is considered to have been received in the second year, because the employee did not have receipt of the money in the first year.
For the most part, there's not much you can do to change the year for transactions in cash accounting, but there are some ways to change the year for accrual transactions.
Employee wages at year-end are sometimes tricky, because of constructive receipt.