can I use 3 year averaging due to a higher income and higher tax this tax year

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can I use 3 year averaging due to a higher income and higher tax this tax year

Last updated 3/9/2019

Victor Santucci EA

Tax Preparer

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Posted 3/9/2019

Victor Santucci EA

Tax Preparer

Earle,

Income averaging allows you to reduce your tax liability by averaging the income earned in a banner year with other years when you didn't do so well. The practice was established with the Revenue Act of 1964, but you can only do that now if you make your living as a farmer or a commercial fisherman . Income averaging for all others was repealed by the Tax Reform Act of 1986.

Victor Santucci EA

Posted 3/9/2019

Victor Santucci EA

Tax Preparer

Earle,

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Victor Santucci EA

Posted 3/9/2019

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