What are two important income tax-saving strategies?

Question

Quizplus · Accepted Answer

Income deferral involves delaying the receipt of income until the following tax year, which can lower your current year's taxable income and potentially reduce your tax rate. Income acceleration involves taking additional income in the current year, which can help avoid potential tax rate increases in the following year. Both strategies can help reduce your overall tax burden. The other options listed do not necessarily provide effective tax-saving strategies.

What Are Two Important Income Tax-Saving Strategies