You should have lower taxable income in 2016 and higher in 2017, so you pay low taxes in 2016 with lower income and pay lower taxes in 2017 because of low tax rates, even if your income is higher.
So, one of the ways you can do that is by postponing income as much as you can. On individual level, we pay taxes on cash basis. A lot of businesses operate under cash basis. If you are a cash basis tax payer then you should try to avoid collecting income for the next 15 days if you don't need to.
This way you will postpone your income into the next year - with hopefully lower tax rates. Of course, it has to be your conviction that the tax rates will go down. If you believe the lower tax rates are not actually coming in 2017, then be careful with postponing your income.
Another idea to consider is to lump your expenses into one year and that is 2016. If you bring in all the expenses, pay them now instead of January or February, and deduct them in 2016.
However, be careful with that strategy. It is not a strategy that works all the time.
We can help you think through this. Please contact us and may be you can save a few thousand bucks in taxes - if you don't mind.
