Carefully timing business income and expenses can inform your tax strategy and potentially cut your tax bill.

In order to do this, you first need to project your business’ income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end tax strategy for your business.

If you expect to be in the same or lower tax bracket in 2016, consider:

Deferring income to 2016. If your business uses the cash method of accounting, you can defer billing for your products or services. Or, if you use the accrual method, you can delay shipping products or delivering services.

Accelerating deductible expenses into 2015. If you’re a cash-basis taxpayer, you may make a state estimated tax payment before December 31, so you can deduct it this year rather than next. Both cash- and accrual-basis taxpayers can charge expenses on a credit card and deduct them in the year charged, regardless of when the credit card bill is paid.

If you expect to be in a higher tax bracket in 2016, accelerating income and deferring deductible expenses may save you more tax over the two-year period (though it will increase your 2015 tax liability).

If you need help projecting your business’ income and expenses or for more ideas on how you can effectively time them, our taxation experts would be happy to answer any questions you may have.