If you own multiple properties or if you live in an area with a high property tax rate, you may be wondering if there is any way to reduce your property tax bill. In a lot of cases, you may just be stuck paying the amount noted on the bill. But there are a few options. Check out these tips if you want to lower your property tax bill.
1. Ensure the assessment is fair.
If you are running a small business, it is essential to take proper care of your taxes. Without the right prep and follow-up, you could end up owing money to the IRS, which isn't a place where you want to put yourself or your business. When it comes to taking care of taxes, it is about what you do all year long, not just at tax time.
Work with An Accountant
If you currently owe outstanding federal or state tax debts, it is important to resolve these debts as soon as possible. Not only can these debts impact your credit score, but they can also result in wage garnishment, tax refund offsets, and accrued interest. Thankfully, there are several different options available to help you with tax resolution.
Pay In Full
If you are able to pay your tax debt in full, this is the simplest and fastest way to resolve this debt.
As a real estate investor, your primary goal is to make as much money as possible without paying very much, if any, money out in taxes. However, to help lower your yearly obligation, you should look at using legal loopholes that are available to you.
You may want to keep as much money in your portfolio by moving it around instead of cashing it out to your personal bank accounts. You can lower your burden to the IRS and state by using rental property 1031 tax delayed exchanges.
Running a small business is a big responsibility. For your small business to succeed, you have to be willing to reach out to other people for assistance to grow. One way to get assistance with growing your business is through consulting. There are numerous types of consultants you can work with as a small business that will help your business grow in the right direction.
Consulting Type #1: Accountant
One of the first professionals you should considering hiring as a consultant for your small business is an accountant.