Hollin Leon Harris II PC
Certified Public Accountant
Who We Are: | Our Clients: |
Established in 2004, Hollin Leon Harris II, PC is a local professional accounting firm located in San Angelo, Texas servicing clients throughout the state of Texas including the Concho Valley, Panhandle and the Valley, as well as, various other locations throughout the United States. | The people and businesses that we serve range from annual tax clients to the full service monthly accounting and tax ones. Our clients' industries include agriculture, oil & gas support services, nursing facility, wholesale, retail, property rentals, and the list goes on. |
We welcome the opportunity to offer our services to you. Every client is important to us and each receives the same high quality service as the next. Our staff is always ready to assist you in your tax and accounting needs. | We assist in a wide range of ownership structures for our clients from sole proprietors to corporations, partnerships, trusts and LLC's & LP's. |
Tax Tips
The tax situation for each person or business is unique. It is always best to contact your CPA prior to engaging in an unusual or out of the ordinary type of transaction so that proper advance planning can be done. After the fact is rarely ideal and in some cases not possible. With that said, here are a few general tips that might be helpful:
- Donate Appreciated Stock instead of cash to your favorite charity - This will allow the taxpayer to take a deduction for the future market value of the stock without recognizing the gain as income.
- Evaluate the ability to take Itemized Deductions vs. Standard Deduction - If the taxpayer is marginally around the Itemized Deduction amount, utilizing a strategy for bunching deductions into a single year and taking the Standard Deduction in the alternate year will result in tax savings when the two years are looked at as a whole.
- Harvest tax losses on stock holdings that are trading below the original investment to offset capital gains realized year to date and/or create a capital loss of up to $3,000. The investor needs to be mindful of the 30 day wash rule that requires them to not repurchase the stock for 30 days in order to claim the loss.
- Are you a student or the parent of one? If so, you have a choice of credits. You may be able to receive up to $2,500 per student.
- Do you donate to charities or religious organizations? Whether you contribute money or goods, you may be able to deduct the value of your donations. Be sure to get receipts for any donation $250 or more. You may also deduct a certain amount per mile driven in service to a charitable organization.
- Recent tax legislation allows for a deduction for 'flow through' type businesses. The rules for the Qualified Business Income Deduction are complex but we are here to help you navigate them to maximize this deduction.
- Businesses can write off the full cost of some assets in the year they buy them, rather than capitalizing them. Section 179 of the Internal Revenue Code allows you to deduct up to certain cost of new equipment or other assets.