JK Harris Says Tax Savings Help Create Jobs
"Every dollar saved on taxes is one more dollar that can be used to put people back to work. It's critical for small business to act now to take advantage of every possible tax break" said John Harris, a leading expert on tax issues.
CHARLESTON, SC, December 04, 2010
"Every dollar saved on taxes is one more dollar that can be used to put people back to work. It's critical for small business to act now to take advantage of every possible tax break," said John Harris, a leading expert on tax issues facing small business and founder of JK Harris & Company, the nation's largest tax representation firm.Harris is scheduled to speak to a business group in Queens, New York at the LaGuardia Marriott Hotel at 1:00 p.m. on December 9, 2010 to share his thoughts on business growth strategies for the recovery. Harris is the author of Flashpoint: Seven Core Strategies for Rapid-Fire Business Growth and Sales Flashpoint: Fifteen Strategies for Rapid-Fire Sales Growth.
"Now is the time to develop a strategy for growth," Harris said. "I'm optimistic about the recovery. It's time to get moving again." Harris will offer advice on how small business can respond to any action Congress will take concerning taxes for 2011 and beyond. He will also address tactics business owners can apply now to reduce their 2010 tax bill.
Harris recommends three ways small business can cut taxes for 2010:
1. Bonus depreciation. Buy and put business assets into use before year-end. Bonus deprecation allows small business to deduct 50 percent of the cost immediately and 50 percent through regular depreciation. This tax break will end after 2010.
2. Shift income and expenses. Delay or accelerate year-end billings, depending on your anticipated 2011 tax bracket.
3. If your business is incorporated, consider paying the principals with dividends instead of salary. This is beneficial if the corporation is in a low tax bracket and the shareholder is in a high tax bracket. This is not a strategy for personal service firms or S corporations.
JK Harris & Company, LLC, (www.jkharris-company.com) based in Goose Creek, S.C., is the nation's largest tax representation firm and has served over 250,000 customers since its founding in 1997 by John K. Harris. For further information, please contact Gina Anton, Director of Communications, at (843) 576-2255.