3 last minute tax tips for 2014

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 31^st, 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."

Move up deductions: 

If your income will be high this year, move up payment on as many deductible expenses as you can. Pay bills that are due in January in December. Just like with charitable deductions, if the proof of payment is in December, you can take advantage of this write off for your 2014 tax bill. Washington explains that this strategy is popular with mortgage bills and prepaying estimated taxes before the end of the year. "There is, of course, a word of caution regarding this strategy," says Washington. "If you think you will actually earn more money in 2015, and therefore be in a higher tax bracket, you might want to hold on to these tax deductions for the 2015 tax bill."