Phantom income is income that is taxable to a taxpayer even though the taxpayer has not received cash to pay the tax. Proper financial planning can help you avoid phantom income sources and can help to ensure that you can pay the taxes on your phantom income by setting up transactions appropriately.

Watch the following (5 min) video featuring Ari Kornhaber (EVP & Head of Corporate Development at Esquire Bank) and Bryan Koshers (a contingency fee law firm accounting specialist) as they discuss ways to avoid phantom income and make a positive impact on your finances.