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Understand Your Local Tax SystemDifferent local governments use different methods to determine home values and assess the related taxes. Call your local tax assessor’s office and ask how they determine home values. Typically, local governments calculate your property taxes based upon the value of your home. How the value of your home is determined has a huge impact on the amount you pa......

A very important part of personal financial planning is tax planning. This article will help you take the mystery out of personal tax Planning by providing a financial planning perspective for your overall tax situation. 1. Be aware of the different types of taxesMany people are not aware of the different types of tax systems that we have. Income: Federal, State and Local. Real estate tax. T......

This is the first of a series of 2007 Tax reference sheets that I’ll be sharing with you over the next month or so. This one focuses on some of the major federal income tax key numbers. I’ll do future ones for estate planning, retirement planning and business planning in the not too distant future so stay tuned. Since federal income taxes are such a large part of most peoples lif......

There exists an incredibly powerful wealth-building strategy that has been around since 1921, and is still used by the country’s most savvy real estate investors. Remarkably, the IRS made this tax deferral possible. Put simply, you can defer (possibly forever, if you meet a certain condition which I’ll share in a moment) capital gains taxes on the profits from the sale of a forei......

No good deed goes unrewarded. This is even true as far as the tax man is concerned. As human beings we are compelled to help those who are less fortunate than ourselves. It makes us feel good inside when we are able to help a family in trouble, donate money to the church, or donate our old clothes to the Good Will. But did you know that these acts of kindness can actual lower the amount of t......

It is that time of the year once again that makes people scared and happy depending on your situation, yes tax time is here! So, there is so much to consider and look at in getting your taxes prepared, so where does one start? Basically, you just pick somewhere and start. So, lets just go K.I.S.S (keep it simple stupid). That is why I like the concept of e-filing, because that is the fo......

The IRS reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. For those taxpayers who find they owe additional tax , it also includes a form they can use to request a payment plan with the IRS. In some cases, eligible taxp......

Word is circulating that a large percentage of people in the United States actually pay more taxes than they are supposed to. For many, doing so is tantamount to giving away their hard-earned money. Fortunately, there are steps to take to avoid this situation. More so, having an offensive plan is better than fighting fires as they arise. The more money you will save and the better advantage ......

There are many ways to find out if your boss had filed taxes for your wages or not. The easy way, is to ask your boss if the tax filing has taken placed. However, you may not wish to take your boss\’s word for something that is as important as taxes. The only way to find out, for sure, is to get the information from the official source – the IRS. So how do you go about doing it?r......

Tax deferral is a key benefit of cost segregation; however, a popular misconception about cost segregation is it is just used for tax deferral, it does not reduce taxes. The tax deferral and tax reduction issue is misunderstood both by sophisticated real estate investors and tax professionals. The consequences of this incorrect information is unfortunate since numerous real estate investors ......