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Taxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Alas, business deductions act as a salve to cool the burning and itching of your bank account.
The countdown to May 31 - the last day Texas homeowners can submit an appeal to protest their property taxes - is growing closer by the minute. Each year, Texas homeowners pay a collective total in the millions on their property taxes. Yet, there is a 70% chance of lowering taxes when an owner appeals the assessment!
The Texas Property Tax Code for many years had required owners of business personal property (BPP) to annually render those assets used in a business. Rendering is summarizing to the central appraisal district the ownership and value of the assets. Historically, however, over half of all owners of business personal property have not rendered.
The federal, state and local governments are co–losers with Madoff investors.
Homeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes.
Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike.
Looking at your year-end investment statements has almost certainly been a miserable experience. The S&P, one of the most popular benchmarks, lost 38.5% for the year. Then, we turn on the news, read the papers or go online, and we feel worse.
Nothing seems to stir up the populace more than a discussion about tax cuts. The average Joe Blow on the street is always happy with the news he might have more money in his pocket. Politicians get a kick out of the premise because they like making their constituents happy.
Tax planning can’t restore your losses, but it can soften the blow. Using losses to reduce taxable gains by means of tax-savvy realization of losses to match gains is referred to as tax loss harvesting or tax loss selling.
Concern about running out of money has gone from a dull nagging worry to an immediate fear. For many clients it is worthwhile to reevaluate your finances and in some cases make significant decisions regarding how much you can safely spend, or if you are still working, how long you should continue to work.
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