Income averaging might help you with regards to the underpayment penalty that might calculate, but not with regards to the tax due itself. So unless you have some other deductions, etc. that might be available on the income you must recognize, you don't have too many options to reduce the tax. Of course, if some of the other income you are recognizing are capital gains, your capital losses can be used to offset capital gains from this year. But capital losses against other income will be limited to $3000.
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