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

Getting to know the tax benefits is really important if you own real estate. You can eliminate or reduce your federal and state income taxes. Depreciation is something that underpins most of the advantages. In this article let’s understand what depreciation, accelerated depreciation, and bonus depreciation is. What is depreciation? Depreciation is the decrease in the asset’s value as and when it gets old. The IRS, for this purpose, allows the owners of the asset to allocate its cost over its life expectancy. Many assets qualify for depreciation. For the most part, the value of real estate appreciates over a period of time, however, depreciation is allowed and as per the IRS. The useful life of an asset that is occupied by a resident is 27.5 years. Let’s take a look at how it works Let us assume you purchased a building for 4.5 million dollars and the value of... Read More

The year 2020 has brought lots of changes in the economy. Are you worried about paying the 2021 property taxes? Then you must plan on this Q4 for your tax appeal. The IRS form 1040 has made a few changes this year. Every year the tax codes may be changed so that line numbers can increase or decrease in forms. Are you a first-time taxpayer? Then you might be wondering what IRS Form 1040 is. It is one of the documents that is widely used in the United States by taxpayers to file their annual tax returns. Any resident of the United States can file their taxes with the help of this 1040 form. The non-resident of the US can file their taxable income under 1040NR or 1040NR-EZ. Form 1040 Form 1040 is two pages long with a total of 23 lines. The first page will collect the complete details... Read More

Looking for fresh new updates of 2021 tax deadlines? Then here is the exact one you have been looking for. Keep an eye on the deadlines so that you don’t miss anything! Jan 15, 2021 4th quarter estimated tax payments are due  Entrepreneurs and self-employed people who need to pay back their tax payments for the last quarter of 2020, the due falls on 15th of Jan,2021. Apr 15, 2021 Tax returns due  The last date to file your 2020 tax returns.  Due for 1st quarter of 2021 estimated tax payment If you are about to pay taxes for the 1st quarter of 2021, then get the necessary Form 1040-ES by this date.  It’s time to contribute to your retirement accounts If funds haven’t reached your retirement account for the year 2020, then get this done by the 15th of April,2021. Jun 15, 2021 2nd quarter estimated tax payments are... Read More

Are you a property owner who has received your appraisal by email? Do you want to protest your property taxes? Are you in a dilemma on how to file an appeal? Don’t worry, you are not alone! Property taxes might seem a little complicated but they are a principal source of revenue for the county or city. The assessed taxes are used to fund schools, fix roads, fire protection, and a lot more. But, if you feel the appraisal value that pops up in your mailbox is a real outrage, go for a property tax protest. Let’s get a little in detail on how to do it. Go through the appraisal The first and foremost step you will have to take is to check if your property is listed properly in the notice you have received. Check if the square foot mentioned is right and if all the features are... Read More