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Home Based Business: Your Ultimate Tax Shelter 2008-01-02 04:52:00 Starting and operating your own home based business is the ultimate tax shelter.Although this article has been written from a Canadian income tax perspective, the principles should be practical in other tax jurisdictions.1. Non-Deductible Personal Living ExpensesAll of us have expenses that we incur in everyday living.Either you rent an apartment or house or you own your residence. ...

Rearrange Your Affairs For Maximum Tax Savings 2008-01-02 02:57:00 One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple steps to rearrange your affairs, you could save a fortune!1. Are You Splitting Your Business Income?You may pay reasonable salaries to spouse or children through your incorporated or ...

Rental Property Tax Deductions 2008-01-02 01:49:00 Own residential rental properties? This article discusses how income from those properties impacts your taxes.What Constitutes Revenue?Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant ...

Property Tax Grievances - Should You File for a Reduction? 2008-01-02 01:42:00 In the 9 years that I grieved taxes professionally, I was asked many of the same questions over and over again. I would like to take a few minutes to go over some of this information in order to dispel some myths about lowering property taxes.The most common questions were as follows:Does filing a property tax grievance invite a higher assessment from the assessor?What are my chances of winning? ...

Property Tax Grievances - Can I Win? 2008-01-01 10:44:00 One of the biggest complaints that I hear from homeowner is that their property taxes are too high. In spite of this, most homeowners don't try to get their taxes reduced.This is a costly mistake. In high tax states, the taxes on the property can often exceed the mortgage payment. Tax relief is often available to veterans, the elderly and low income homeowners. This relief is statutory and can be ...

Property Tax Attorneys 2008-01-01 10:42:00 Property tax is the tax that property owners must pay for their land. Property to be taxed is appraised for its value, and the property tax is calculated on that basis. Disputes arise when the property is seen to have been wrongly appraised, or the ownership and tax liability is under contention. It is a property tax attorney’s job to resolve such disputes with the tax authorities and represent ...

Property Tax - Five Ways to Slash Your UK Property Tax Bills 2008-01-01 10:41:00 1. Look to claim costs as ‘Revenue’ costsIf you can claim large costs as ‘revenue’ costs rather than ‘capital’ costs then you can reduce your annual property income tax bill in a big way.Sometimes it is easy to determine whether a cost is of a capital nature or not. For example, if you have had a new conservatory built, or even a new bedroom added, then this is clearly a capital expense. This is ...

10 Ways to Cut Your Property Taxes 2008-01-01 10:39:00 Property taxes are decided collectively by school boards, town boards, legislators, and councils. The tax rate is set by collating the amount of funds an area needs. This is then divided that by the “total taxable” assessed value of the area. The tax an individual pays is computed by multiplying the tax rate by the assessed value of your property and then deducting any applicable exceptions. ...

Protesting Commercial Property Taxes 2008-01-01 10:35:00 Are you accustomed to seeing large numbers in the “property taxes due” column of tax statements? Property owners in Texas, a state with notoriously high property taxes, may be forced to budget a “big chunk” of their operating budgets each year for property taxes. You should always be looking for a way to increase the return on your investment, and reducing property tax expenses can have a ...

Property Tax Grievances - Can I Win? (continued) 2008-01-01 10:32:00 In parts 1 and 2 of this series, I discussed the basics of successfully challenging your property tax assessment. Reducing the assessed value of your property is your right by law. There are services available in high tax states that will file a grievance for you. Generally they charge an appraisal fee for your property and fees that average 50% of your tax savings for the first year if ...

Appealing Property Taxes For Your Home - The Basics 2008-01-01 10:30:00 Property taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by O'Connor & Associates indicates that 70% of property tax appeals are successful.Since the mortgage company ...

Why Each Home Owner Needs A Property Tax Doctor 2008-01-01 10:28:00 Because each home owner who protest their assessments, with a knowledge of how the property tax assessment system works, often recieve $500 to $1000 tax savings, if not more annually on their property tax bill. Simply stated the property tax bill is calculated by multiplying the homeowner's assessment times the local property tax rate and subtracting any tax deductions for which the individual ...

1031 Exchanges - The Legal Way To Defer Investment Property Capital Gains Tax 2008-01-01 10:27:00 With the booming property prices of recent years, more and more people are finding themselves facing a large tax bill when they come to sell their investment properties. However, did you realize that there is a perfectly legal way of deferring payment of such taxes by utilizing the advantageous 1031 tax code that was introduced by the IRS in the early 1990s?A 1031 exchange is a way of deferring ...

Appealing Property Taxes for Apartment Owners 2008-01-01 10:26:00 Property taxes are one of the largest line item costs incurred by apartment owners. However, many owners do not appeal effectively. Even though owners realize that property taxes can be managed and reduced through an appeal, some view taxes as an arbitrary estimate provided by the government which can't effectively be appealed. It tends to boil down to the old adage, "You can't fight city hall". ...

Understanding Your Florida 2005 Property Tax Bill 2008-01-01 10:25:00 Real Estate and Tangible Personal Property Tax Bills May Now Be Paid at a DiscountTaxes paid--i.e., received by the Tax Collector--duringNovember are subject to a 4% discount;December are subject to a 3% discount;January are subject to a 2% discount;February are subject to a 1% discount.Taxes paid after March 31 are delinquent and are subject to penalties and 1 1/2% delinquent interest per ...