SHOULD INCOME FOR 2004 BE MAXIMIZED OR MINIMIZED?

In general, the lower your income the lower your taxes.   Therfore
income should be minimized to minimize taxes but there are so many
differenent circumstances that could make you want to mazimize your
income for this year.

If you have a choice of 2004 income or 2005 income, the main thing to consider is:
Will you be in a higher tax bracket in 04 or 05?  You want to maximize
your income when you will be in the lower tax bracket to minimize your
taxes (assuming the extra income doesn't put you into the same bracket
as you would be in the higher bracket year)

IF you are looking to lower your taxes and have money to burn still in
2004 then you can put up to $4,000 into an IRA and decrease your
"income" by $4,000 as far as paying taxes is concerned.  Also if you
make less than $25,000($50,000 married) adjusted income (that means
$25,000 after all your deductions and after the $4,000 invested in the
IRA) then you will get a tax credit on top of the tax deduction when
you invest in an IRA.  **you can make 2004 IRA contributions up until
April 15, 2005**