The most basic form of year-end tax planning involves deferring income and accelerating deductions, keeping in mind the tax consequences for the current as well as the subsequent year. Although tax day is still months away, it is not too early to think about ways to curb your 2014 tax bill. Here are some year-end pointers for minimizing or delaying taxes. A Question of Timing The most basic form of year-end tax planning involves deferring income and accelerating deductions, keeping in mind the tax consequences for the current as well as the subsequent year. For instance, depending on your circumstances, you may be able to delay receiving commission or bonus compensation until after December 31. However, be sure to consult with a tax advisor prior to using this planning technique to ensure you are not running afoul of the IRS’s “constructive receipt” rule, which treats income as taxable when it is earned as opposed to when it is received. You also may wish to explore opportunities to accelerate deductions for charitable contributions, state and local taxes, deductible interest payments, alimony, or other payments for which you can control the timing. Timing can also play a key role when assessing the tax implications of your investments. For example, if you have stocks that have performed well this year, consider holding on to them at least until January 2015. Doing so will allow you to delay paying taxes on your gains for another year. Other Investment-Related Tax Strategies In addition to timing, there are some fairly straightforward steps you can take to potentially reduce the long-term impact of taxes on your portfolio. Offset gains with losses — When you sell securities, the tax on any profits will vary according to the length of time you have held the investment. Securities sold within…