Preparing for Tax Season

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Tax season is right around the corner, but the new year is approaching even faster, So folks looking for tax breaks only have a few more days to tie up any loose ends.

Randall Perry with Perry and Associates has been busy calling clients to inform them of possible deductions.

Perry said there are some new laws this year that people need to know about.

One is that you can deduct real-estate taxes from your income, and another is when selling stocks and mutual funds, you don't have to pay taxes on any gains.

However, there are limitations to both of these new laws. Officials at Perry and Associates say you should speak to an accountant about the specifics.

Perry also said there's not a lot of room for procrastination.

"Most of my clients are planning ahead, and by this time they've pretty well got their year end, and there will certainly be some calls next week saying 'hey what can I do,'" Perry said.

He also suggests that any businesses buying new equipment, should put it into service before the new year, in order to get a tax break on it.

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