The IRS has extended the tax filing and payment deadline to the 17th of May, 2021 and this extension is due to the increased complications of the pandemic. Due to the outbreak, multiple tax reliefs and acts were passed during the past year 2020. It might be hard for taxpayers to navigate between various reliefs and finally file their taxes. The due date has been extended because of the pandemic. Are you aware of the acts that were passed? If not, then here is a glimpse of acts that passed during the past year 2020.  CARES Act American Rescue Plan Act Coronavirus relief package Apart from this, Unemployment Insurance is about to give tax exclusion for the first $10,200 as benefits for taxpayers. Benefits of Unemployment Insurance (UI) As the pandemic has hiked the unemployment crisis, most of the taxpayers face a shortage in paying the right amount of taxes.... Read More

As the tax protesting season is on the way, every homeowner has lots of paperwork to do. But the real question is, do homeowners have a real idea about forms in the Harris district? If you are a homeowner who is wanting to learn a few important things about forms, then this blog post will help you out! Homestead exemption form We all would have an idea about homestead exemption. It can help you to save more on property taxes. When you apply for homestead exemption, the exemption relaxes your tax value from that property which in turn lowers the total amount in the tax bill. The time to claim your exemption extends up to the 30th of April, in 2021. To apply for homestead exemption in Harris County, you need to look for Form 50-114- A. Misspelled name or address? A lot of homeowners might be facing this issue... Read More

Owning foreign properties have few differences in tax benefits than owning your domestic property. Foreign property is a property that is purchased under your name on any foreign land and it can be used as your second home or vacation rental based on the owner’s convenience. The tax benefits depend on how frequently you are using the property and whether you use it for personal or commercial charges. If you have rented your foreign property, then it might have a different set of benefits. Let’s have a good look at the tax deductions you can gain from owning a foreign property. Property Usage The foreign property which you own can be anything of personal usage or rental. But, when it’s more like your second home, then you can take away the mortgage interest. This tax law is applicable for properties that were bought before December 16, 2017. The Tax Cuts... Read More

Homeowners, are your property tax bills going up? If the pandemic is hitting hard on you, here is some relief. No matter if you see a significant increase in your tax bill, there are always grounds for an appeal.  You can cut down a certain amount from your property tax bill by opting for an appeal. The assessed value is what is used to calculate the amount of taxes you owe. If you could show that the value of your home is worth less than the assessed value then you can lower your taxes. Let’s take a look at the appeal process. The property tax appeal process Take a brief look at your assessment letter The local governments assess all the properties periodically for tax purposes. When the assessment letter pops up in your email, you may have noticed the information on your property being listed out. This includes information... Read More

It is important for property owners to understand how the value of the property is assessed as the assessed values are used by the property tax authorities to determine the tax bill. This article will brief you on what property appraisal is all about and the different property appraisal approaches. Let’s also understand the difference between the assessed value of a house vs. the appraised value. Understanding property appraisal A property appraiser is an elected official who appraises a property. They are responsible for discovering the market value based on a few factors in the real estate marketplace. The market value is an estimate of the selling price which is determined based on the sale of similar properties in the neighborhood. A property appraiser provides the taxing authorities information on the property valuations which is used to determine property taxes. The respective county appraisal districts taxing authorities then determine the... Read More