North Charleston, SC (PRWEB) October 26, 2008
It's never too early to start thinking about tax season. In fact, according to Teresa Thomas, an Enrolled Agent with JK Harris and Company, the nation's largest tax representation firm, now is the perfect time.
Thomas said there are several things that can be done between now and December 31 that may just help lower your tax bill and your stress level.
"If you feel you will have a liability, you can make an estimated tax payment," Thomas said. "That payment would help lower your penalties and interest."
The last day estimated tax payments can be made to the IRS for the 2008 tax year is Jan. 15, 2009.
But that's not all.
"Property taxes can be used as a deduction if they are paid before Dec. 31, depending on the state you live in," Thomas said. "You can also make a contribution to a charity, or use educational expenses. Pay as much tuition by the end of the year and you may qualify for an education credit."
Contributions to charities can include money or non-cash items such as clothing, furniture, etc., donated to organizations such as the Salvation Army or Goodwill.
Here are a couple more tax tips to help you as the year winds down.
- Put money into a traditional IRA. Contributions to a Roth IRA will not be deductible.
- Get organized. Gather up all of your paperwork, receipts, last year's tax return, etc., and keep them together in one place so you will have them handy when it comes time to file a tax return on April 15.
For helpful tax tips throughout the year, visit http://www.irs.gov .
About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax representation firm and has served over 225,000 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.