A basic tenet of personal tax planning requires consideration of deferring income and accelerating deductions.  Anyone reporting taxable income during the years in which marginal tax rates are dropping can expect to realize tax savings under the Act; however, with planning, these potential savings can be maximized.
	The effect of declining tax rates on the decision to defer should not be overstated.  As in other years, the advantages of deferring income arise primarily from the opportunity to save and invest tax that otherwise would be due.
	In contrast, accelerating deductions when tax rates are higher maximizes the economic benefit of the deduction.
	Some examples of accelerated deductions or common deferrals of income are listed here.