If you have deductible expenses that you want to claim for 2014, but you don’t want to pay them just yet, here’s a bit of advice from the Ketel Thorstenson accounting team that you might not have considered — pay the expenses with a credit card.
If the expenses are paid before the end of the year, you can take the deduction on your 2014 taxes, even though you won’t pay the credit card bill until after the first of the year.
Our CPAs in Rapid City, Spearfish, Williston and Custer have lots of tips like this for both individuals and business owners. In fact Jess Weaver of the Spearfish office has compiled a lengthy checklist to guide your year-end financial moves. Check out the list HERE.
There are only a couple of weeks left in 2014, buy there are still plenty of things you can do to make the most of your tax savings.