Donald Trump’s impending presidency has American taxpayers anticipating a tax cut in 2025. For those who do, tax experts say it is possible to organize to benefit from it with your 2024 filing.

Increasing some income next year or paying deductible expenses early can lower your bill for 2024, they say, which could prove beneficial if you anticipate you might pay less taxes in 2025.

“We could see lower tax rates, and so if you think the rates are potentially going to be lower (in 2025), then, of course, you would want to defer your income to the following year, where the rates could be lower,” said Susan McGuire, tax director at Green Growth CPAs.

Trump discussed several tax proposals on the campaign trail. Here’s a look at those proposals and some tactics that might help if you’re planning on lower taxes next year.

Americans consider a range of Trump tax proposals

During his campaign, Trump proposed a series of tax proposals. He is committed to making the most provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) permanent. This law almost doubled the standard deductionincreased the Child tax creditand raised the exemption from inheritance tax.

He also proposed excluding Social Security contributions from income tax. For the 40% of beneficiaries who pay taxes on their benefits, This reduction would primarily help recipients who earn between $63,000 and $200,000, according to the Tax Policy Center. His campaign also proposed adding new tax credits for unpaid family caregivers and expanding the child tax credit from $2,000 to $5,000 per child.

The Republican platform said the new administration would eliminate taxes on tips and overtime. The Congressional Research Service estimated that cutting taxes on tips would save restaurant and hotel workers — who make up 3.3 percent of tax filers — between $730 and $2,170 in taxes.

If you think you’ll pay less taxes in 2025, you may want to carry forward some income from 2024

Deferring your income means deferring part of what you earn in 2024 to 2025 so that more of your money is taxed at a rate you expect to be lower.

“You take something that would be the salary you normally have to pay (that you impose taxes on), and then you carry it forward to a later tax year,” McGuire said.

One way to do this is to maximize your contributions to your traditional retirement account or Health Savings Account. This will reduce your adjusted gross income (AGI) for the year, and you will pay taxes on a lower income.

You can also delay the income you receive throughout the year. For example, if you own a rental property, you could ask your tenant to pay their December rent in January. If you are not self-employed, you can ask your company to postpone your bonus until next year. If you’re self-employed or self-employed, you might consider delaying bills until the end of the year, McGuire said.

You can also postpone your income tax And capital gains tax if you received a incentive actions option from your employer in 2024 and keep your options or shares until next year.

Accelerate deductions to reduce your 2024 tax bill

If there were deductible expenses that you plan to pay in 2025 but can take care of before the end of the year, that could reduce your 2024 bill, McGuire said.

“(People) accelerate deductions into the current year so they can use them,” McGuire said. “Same reasoning (as deferring your income). If you think tax rates are higher now, then you want to take as many deductions as possible.”

If you are planning to donate to charity in 2025, you may prefer to do so before the end of 2024 to see this. charitable donation deduction on your 2024 bill. You can also prepay any expenses you plan to incur in 2025. For example, you can pay your January 2025 mortgage payment or property tax this month.

Another strategy is to make advance medical purchases before the end of the year if your 2024 medical expenses are close to reaching 7.5% of your expenses. Adjusted gross income. If you plan to buy new glasses or get your teeth cleaned in 2025, doing so before the end of 2024 can help you maximize your medical deductions.