Deferring your Taxes to next tax year if you can !

There will be a slew of tax rate changes coming in 2017 under the new administration. Between now and the end of this year, if you have any partial business income or any receivables that you can defer to 2017, it's going to be a better tax move. With both the House and Senate going to Republicans as well, the tax rate changes are most likely next year, and is going to be  across the broad. The slashing of the rates will be disproportionately more of course for high income earners. Tax issues were bitterly debated in the campaigns, so it's no surprise that the top earners and the wealthy will be the big beneficiaries of this tax reform with the Republicans at the helm. But, it's going to be beneficial for small businesses and independent contractors as well.

So getting taxed in 2016 vs 2017 is going to be different depending on where you fall on the income ladder and the source of the income etc.; and deferring any business income would be a tax saving strategy. For the details you may talk to your tax adviser.