normally i would prefer income be reported next year to put off untill later payer tax on the income. However, when might I prefer income to be reported this year instead? Explain
If you expect that income to generate a refundable credit which is higher than the tax rate on the income.
If you need additional income to disqualify yourself from being a dependent under another tax payer – so that you can claim tax benefits that are not available to dependents.
If you want the income to count toward your social security earnings for the year – to help your eventual SS benefit calculation.
Here are a few:
Higher loan qualification based on this year income
Preparing to sell a business to show a higher income
On low income, this year not taxed but next year taxed
On low income, increase of Earned Income Credit
If currently in a no income tax state and moving to a high tax state
Reduced health insurance subsidy next year by a higher income where not needed this year
Income net year bumps you up to a higher bracket but this year is lower bracket
you can't put off income from year to the next unless you have arranged for your income to be deferred to another year, of course meaning that you do not have access to that money until that time
yes, you are charged taxes on the income you report less the exemptions, credits and deductions your are eligible to claim
If you know "this year" has been a bad year and "next year" will be a barn burner you don't want to push income into a high bracket year.
Are you sure you aren't drunk?