IRS Tip of the Day

With the end of the year drawing nigh, you may realize that you have plenty of money in your checkbook to survive until the end the year, and a few checks you have yet to deposit. If you deposit these checks without having a business expense to offset them, Uncle Sam will happily tax that income and have his way with it. But if you'd rather have your way with Uncle Sam, you can follow this tip. Take those checks sitting on your desk and wait to deposit them until the new year. That way, you won't pay tax on them for this year, your taxable income goes down, and you can keep that money saved for a rainy day.

UPDATE: We try to stay away from it, but we did some actual research into this tip. As many suspected, you can't actually do this. Your income is your income when you make the money, no matter what year you end up getting around to putting it in the bank.