Now is critical before yearend. Why is it so important . So many people believe april 15th is the most important day when it comes to taxes. In fact it is not. It is december 31st. Most of us have only 23 days left to make some critical decisions that could really go a long way in reducing our biggest expenditure which is taxes. Gerri dominic, so i think the main thing youre thinking about here, i want to reduce 2014 income so my taxes are lower. That is the name of the game. You do that without hurting yourself. Well have a light inching round here. Start with deferring income. To johns point, if you eight until april 15th that is too late. Defer income. If youre a Small Business owner and dont have to take the income into this year, if you get the opportunity at work to take advantage of a 401 k , this is the time to do it. Gerri bonus, what about the bonus. The bonus is brilliant one. I want to defer part of my bonus. With 5 taken out of paycheck, only 5 of the bonus gets deferred.
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