Author: June Horton

 

Reasons Why You Shouldn’t Do Your Tax Property Alone

Taxes in general can be one of the most confusing roles to play for business or home owners. It’s common to feel that nothing really makes sense to you and you often feel frustrated with the conflicting information being fed to you. Nonetheless, many people still prefer to handle property taxes by themselves. If you happen to be one of these people, then today I will give you a few reasons why you shouldn’t do this alone if you are not qualified;

 

You may not fully understand the basic tax code

One thing is for sure, trying to understand the tax code can be such a tall order to comprehend that only tax professionals can really interpret it right. Not many people know the fundamentals of property taxes properly to execute it with finesse and save money. It’s a common occurrence for most people to give up midway. This is where we come in- a property tax consultant is there to take care of filing your property taxes, such that you never have to worry about it.

Property Tax Consultant Can Assess and Find Tax Breaks

Who does not love to find ways of saving money and improving his or her business? Our tax consultants are skilled and experienced at assessing tax deductions and write-offs to assist businesses owners save money on their business property taxes. For instance, suppose one of your properties is appraised at a certain value, it is then the role of the property tax expert to go back and weigh out other property belonging to those around you. Suppose the value of the properties of your competitors around you does not add up, it is your right to file an appeal. Doing this alone can be time consuming and can eat into your free time a lot, and that is why our tax professionals are available to assist you.

You May File Your Taxes Incorrectly

Most people are usually stressed when it comes to trying to file or even appeal their taxes, especially during property season. The worst bit is that most of the time many people usually end up filing incorrectly thus providing the wrong information. A qualified tax consultant’s role is to assist you evade this pitfall and feed you with the correct guidelines through the entire process of filing your property taxes with the right information.

Property Tax Consultants Help Save You Time

Business owners definitely have busy schedules day in day out and a trail of responsibilities to keep their business running smoothly. You don’t have to file property tax appeals or find information on property taxes by yourself. You can rather leave it to the professionals and channel this energy into growing your business.

Our property tax consultants are happy to take this burden off your shoulders and do it for you at an affordable price- it doesn’t have to break the bank. In the end, you get to focus more on what you do best- running your business.

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Property tax audit: Are you prepared?

Why do we always get bumps and nerve wrecking feeling when we heard the word audit? Do this word really frighten us? Or are we not prepared enough to face this scenario? Relax and take a back as we unfold some knowledge as this article may help you understand what are the possible requirements needed in an audit. Here are the following steps to make you feel more confident in dealing with a property tax audit. Just imagine that you are briefing for a pre-audit assessment.

  1. Ensure that the name of the property contract is the same as on the loan documents. If the loan is of different name be sure to prepare additional paperwork in the form of an “On Loan Agreement” to substantiate the interest deductibility to the ATO.
  2. Right Bank Account Name that is the same as property title of deed. This is needed to avoid future confusions.
  3. Depreciation Schedule. This must be prepared by a quantity surveyor.
  4. Scrapping schedule. If you happen to undergo renovation of property, list down the value of items that you have disposed.
  5. Record the repair and maintenance cost occurred prior and before rental. Also bear in mind to ensure that the maintenance or repair job will justify the cost occurred so that it will not be looked like hocus pocus or over rated. You can also take pictures of the before and after as documents. Labor cost and bill of materials of each activity will also be of a great help.
  6. Keep track of your record of cash flow and makes it accessible. Keep in mind where did you stock your records so that when the auditor needs that paper you can always have it handed to him immediately. In this case, you will not be anxious and nervous.
  7. Voluntary disclosure will be needed if you happen to have incorrectly made a claim in your tax return. You have to seek voluntary disclosure to the ATO prior to the tax office who carry out the audit. This could give you a substantial amount reduce in penalties.

If you’re looking for a tax consultant please get in touch with a member of our team today!…

Everything that you Need to Know about Property Taxes

Property taxes are a problem of individual or personal circumstances, and it is always crucial to talk about property taxes with tax experts.

Taxes in Rental Earnings

Many people choose to make capital investments over pensions for meetings their post-retirement requirements. One of the most popular options for such people is property rental. Property taxes are payable at up to 40% on rental earnings depending on individual cases. If you rent out a part or all of your property and receive rent, this entire scenario is treated as operating the rental business by the tax authorities. Irrespective of the fact that whether you are renting out one property or more than one property, all the properties will be treated as one single rental business. You will generally be taxed on net profit generated from rental earnings annually. This gain is usually calculated by adding rental revenues and deducting the property-related expenditures. The properties that are rented out to tenants that use these properties as their home are counted as residential lettings.

The Fair Nature of Property Taxes

Property taxes are probably the fairest taxes collected by government institutions. Nevertheless, these taxes are also considered the unfairest taxes gathered by the government agencies. These taxes might be different according to the location of an individual. Property taxes differ from one state to another, and these might be lower or higher. The economic status of an individual can also serve as an essential factor in the procedure in which these taxes have an impact on their pockets. States levy property taxes on improvements made to the land like additions; human-made things that do not serve as permanent structures and land. Tax assessors in different states assess the value of property. Post this, property and land owners are mailed the tax payment notices resulting from the assessment of property value. Assessment notices can easily be disputed by communicating tax collectors. Senior citizens with fixed scopes of income are considered the ones hugely affected by property taxes. Such individuals might have to pay high taxes because of the increase in property value, but they are unable to pay their taxes because of reduced sources of income post retirement.For detailed information click on:http://www.texaspropertytaxconsultants.org/.

Minimizing the Impact of Towering Property Taxes

Property tax is a tax that is levied directly on almost all varieties of property. Property taxes can turn out to be worrisome for property owners because they keep on rising with time. Since people take a mortgage for their assets, there is an additional charge which increases over time and serves as a further inconvenience. There are some steps that one can follow for minimising the impact of lowering property taxes instead of getting worried when the time to pay taxes rolls around.

Avoid Kerb Appeal

Property taxes are taxes levied on the assessed value of the property. Tax assessors are professionals who determine this value. They calculate the assessed property value by considering many factors such as attractiveness of the property, its comparison with the neighbouring properties and general vicinity of the property. Therefore, to ensure the fact that the assessed value of your property remains affordable, you can avoid fancy surface renovations and other decorations that increase the kerb appeal of your property. This ensures that your property does not appear too attractive.

Limit Structural Modifications

One of the simplest methods of evading high property taxes is avoiding property renovations like adding floors above the roof, building balconies or increasing the size of the building. Tax assessors take many structural additions into account, and these changes usually serve as the reason behind a substantial increase in property taxes.

Compare

The detailed information regarding the neighbouring houses is readily available at the local tax offices. In case you are apprehensive about the real assessed value of your property or feel that your property has been assessed wrongly, you always have the option of going through assessed value and property specifications of the other properties in the neighbourhood. You can come across cases where same properties have been offered different assessment values in comparison to your property. If this is the case, the only thing that you need to do is bring this issue to the notice of the tax assessor.

Accompany the Tax Assessor

Many people allow the tax assessors to check their properties without accompanying the tax assessor. However, this is not considered an excellent idea because the assessor might not notice the problems of the property and he or she might give the property an unfairly assessed value. Therefore, if you want to avoid this situation altogether, it is necessary for you to accompany the tax assessor during his or her visit.Choices can be made through :www.texaspropertytaxconsultants.org.

Procedures of Lowering Property Taxes

Useful Resources

propertycashbuyers.com - Online Estate Agency
zoopla.co.uk/house-prices - Online Property Portal