Understanding the basics Property taxes are local taxes that are determined by the local officials. The property tax process starts off with valuing your property,  setting your tax rate, and finally collecting your taxes. However, the entire process is governed by Texas law. In Texas, property taxes are a major source of revenue and play a major part in offering government services when compared to any other source. The property tax collected is used to pay for the roads, streets, schools, police, fire protection, etc. Property tax standards set by the Texas constitution The state constitution has set up a few standards for property tax. These include: Equality & Uniformity: This property tax standard makes sure that all properties are taxed equally and not even one single property pays more than its share. Tangible properties to be taxed with a few exceptions at their market value as of January 1st:... Read More

When it comes to Business Personal Property, handling it for a single property can be exhausting when the due dates are near. What will be the scenario when you are supposed to manage multiple properties? It might be a big burden if you don’t have an organized plan. But here are few tips to keep you noted about the tax cycle and how to stay prepared for managing BPP taxes on whole. Are you still wondering what Business Personal Property is and how can I find out more? Find more info here!  Lifecycle of Business Personal Property The BPP cycle has the highest time consumption only to prepare and file the returns. Here is a chart that explains the time taken to get ready for BPP: Keep an eye on the asset information The asset information can help you to stay updated while you are about to file your taxes.... Read More

In general, the IRS has three years of time to audit after you have filed your taxes. In cases where the taxpayer has omitted more than 25 percent of his income, the three years double up to six years and this error is called the substantial understatement of income. It also gets doubled up if the foreign income that is more than $5,000 is omitted. The audit by the IRS can also continue up to six years from the date of the original filing. Will the IRS audit period shorten if the taxes are filed early? The audit period does not shorten if you file your taxes early The IRS clock usually starts ticking from the date of actual filing. Say for example if your taxes are filed in January and your returns are due on April 10th, the IRS clock will start to tick from April 10th. In cases... Read More

It is a must for every homeowner to make sure that you are not paying too much on property taxes than you ought to pay. But how do you check it and how can you reduce your property tax burden is the big question. Here are two ways to do it. The first way mentioned in this blog post is available to almost all homeowners. The second one depends on whether you meet certain aspects. If you qualify you can get tax relief using either one of the methods or both. Appeal your residential property tax The Texas authorities calculate your property tax bill by multiplying your property’s value with the tax rate. This is what you are most likely familiar with. But if you consider that Texas has 245 counties, each with its own process of assessing properties, you should appeal your residential property taxes as you most likely... Read More

The W-4 form helps to let your employer know the exact amount to withhold in your paycheck for tax purposes. Filing this form can help you to stop overpaying your taxes and have some extra money in your pocket. The W-4 form is from the IRS and once you file it for a tax year, you do not need to worry about the huge amount leaving your account! Significance of W-4 form After filing the W-4 form, your employer sends the withholds to the IRS followed by your name and social security number. Make sure you are filling the form correctly and recently the IRS has updated the form. There are chances for your penalties and interests to go up when the form is incorrectly filled. Don’t overpay your taxes because the refund also takes quite some time to reflect in your accounts.  You can submit the form along with... Read More