JK Harris Offers End of the Year Tax Tips for Taxpayers

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JK Harris gives taxpayers some valuable tips for the upcoming en of the year tax season.

As 2007 draws to a close, most people are thinking about the holidays, family and get-togethers. It is the perfect time to take stock of the year and to look toward the future.

JK Harris, the nation's largest tax resolution company, recommends some helpful tips do before the end of this year, which can help taxpayers minimize their tax liabilities for 2007. David Bauman, a Licensed Taxpayer Representative for JK Harris, offers the following advice for the 2008 filing season.

  • Push end of the year income to January.
  • Pay state estimated tax payment in December instead of the January 2008 due date.
  • Pay Real Estate Taxes due in early 2008 in December 2007
  • Clean out your house and donate non-cash items to an organization such as Goodwill or the Salvation Army. Be sure to document:
  • A list of all the items given to the organization
  • Date each item was purchased (if unsure, list year bought)
  • Cost of each item (approximate if uncertain)
  • Get a receipt showing the date of your contribution
  • Garage Sale value at date of contribution
  • Consider making cash contributions to your favorite charity in December 2007.
  • Make an IRA contribution to an IRA by the due date of your return, excluding extensions.
  • For self-employed individuals, make a contribution to a SEP, or Simplified Employee Pension, by the due date of your return, including extensions.

 If you have stock that has significantly increased in value, consider using this as a charitable contribution.

"With a few simple actions, some planning and organization, taxpayers can prepare for the upcoming filing season while saving themselves money," said Bauman. "For most of us, these steps can mean money back in our pocket in the upcoming months."

About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, fee-based financial planning, tax return preparation, and audit representation.

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JOSH BAKER