If you meet with your clients over the last days of 2014, it’s not too late to provide them with helpful tax tips. According to Patrice C. Washington, the Money Maven of the Steve Harvey Morning Show, clients who wait too late on their taxes, could lose their ability to benefit from some time-sensitive tax advantages. Check out these last minute tax tips on the following pages.
Make more donations:
According to the IRS, you may deduct contributions in the year they are made. Even if it is December 31st, charge your charitable gift to a credit card or get your envelope postmarked. While you may not pay the credit card bill until 2015 or the check doesn’t clear until then, you are still covered. “Don’t forget that if your gift is over $250, you must obtain a written receipt or record of the transaction from a qualified charity,” says Washington. “If you plan on donating clothing or household goods, look forward to deducting the fair market value as long as everything is in good condition.”