Hi, this is Karla Dennis with Cohesive Tax giving you five tax tips on ways you can save before year end.

Business owners, instead of just giving gifts this year end, give a promotional gift basket and you are able to take a full deduction as long as you are promoting your business. Parents, if you are looking to give your children’s teachers a gift, instead of giving them a gift, donate a gift to the school. You are able to get a full tax deduction for the cost of the gift item. Also, this is a great time if you have stock that have lost value to sell those stock and be able to take a $3000 deduction against ordinary income.

If you are going to be giving away charitable donations this year please be sure you get an appropriate charitable receipt because the IRS is now requiring charitable receipts for all items. In addition to that gift, business owners, if you have minor children you can add them to your payroll before year end, make sure they are doing the appropriate job, have an appropriate job description and you have save up to $5800 a year. Instead of letting your kids go off and play their entire holiday or summer vacation, put them to work and save yourself some money.

This is Karla Dennis providing you with five tax tips to save yourself money before the end of the year. I’d like to invite you to check out our website at www.CohesiveTax.com for more information and advice on how you can save yourself money at tax time. Remember, you can reach me at [email protected] and at Cohesive Tax we are a team of professional Enrolled Agents that are licensed in all 50 states. If you have any further questions please contact us today because at Cohesive, we know the code.