By: Martin M. Shenkman, CPA, MBA, JD
A common year-end tax planning step is to pay for certain expenses prior to December 31, rather than incur them after December 31. This can give you the tax benefit of a deduction a year earlier than if you had waited until January 1 or later to pay the expense. An example of this is to pay your estimated state taxes by December 31, rather than by the following January 15 when it is often due.
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