Year-End Tax Tips From JK Harris Can Reduce April 15 Stresses
An Enrolled Agent from JK Harris and Company, a tax resolution company, offers steps people can take before Dec. 31 that can help trim their taxes for the year. Most people do not realize that between now and Dec. 31 they may be able to maximize their tax savings and reduce the tax bite next April.
Charleston, SC (PRWEB) November 18, 2004
As the holidays approach, many Americans start preparing lists to keep them on track. There are gift lists, mailing lists for greeting cards, guest lists for parties.
But according to John Harris, president of JK Harris and Company, (www. jkharris. com), the nationÂ’s leading tax resolution and debt management company, most people fail to create the most important list of all: the steps they can take before Dec. 31 that can help reduce their taxes for the year.
“It’s easy to get caught up in the season and many people either forget or don’t know what they can do at this late date to maximize their tax savings,” Harris said. “And when tax time comes in April 2005, many will appreciate how much they saved by taking a close look at their possible tax liabilities before the new year.”
To ensure a happier new year, here are some steps taxpayers can take before the end of the year from Larry Phillips, an Enrolled Agent with JK Harris. A 30-year veteran with the Internal Revenue Service, Phillips is licensed by the federal government to represent taxpayers before the Internal Revenue Service.
If you itemize your deductions, pay your 2004 property taxes this year. Pay an extra mortgage payment on your principal home and your second home, if applicable, to get the interest deductions. Pay any pledged charitable donations. Postpone collecting income whenever possible until January. Eliminate paying taxes on capital gains by selling stock or other assets that will generate a capital loss so that you will be able to offset the gains against the losses. Tend to discretionary medical procedures or consultations by scheduling checkups with the doctor, dentist and other medical professionals in order to claim this for 2004. These include prescription drugs. Pay the maximum allowable amount for your retirement fund for the year which can reduce your 2004 taxes. If youÂ’re unemployed and job hunting, save all your receipts which may be tax-deductible. Purchase your depreciable assets before yearÂ’s end so that you can take the maximum depreciation. Pay any business expenses, wherever possible, and purchase supplies and small amounts of inventory so that these minor amounts can be expensed in the year of payment. If you have not already done so, see a qualified tax professional, who can help you maximize your tax 2004 benefits and reduce the tax bite next April. The advice you get from the pros is the first step in ensuring a happy, healthier and perhaps wealthier new year.
“In December at JK Harris we usually see a tremendous increase in clients seeking tax and financial planning advice from both individuals and small businesses who realize they must plan ahead to significantly reduce future taxes,” Harris said. “It’s a good New Year’s resolution for all taxpayers.”
JK Harris & Company, LLC, based in North Charleston, S. C.,is the nationÂ’s largest tax resolution company with over 470 satellite offices in 45 states. The company has serviced over 120,000 clients since its founding in 1997 by Chief Executive Officer and President John Harris. JK Harris also provides services for consumer and commercial debt, student load debt, investment fraud, financial planning and business valuations, mortgage services, tax return preparation, and assisting individuals who require support for an Internal Revenue Service audit.
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