“Tax planning strategies can defer some of your current year’s tax liability to a future year, thus freeing up cash for investment, business, or personal use.  You can accomplish this by timing when certain expenses are paid.  A common tax planning strategy is prepaying certain expenses prior to the end of the year.  By accelerating certain expenditures into the current year, the taxpayer is able to take advantage of additional tax deductions to help reduce their taxable income now.  You should always consult your CPA or tax advisor regarding deductibility of prepaid expenses.”