Carleton Sheets - *Best-Selling Author
|
Tag >> Taxes
It looks like more homeowners are falling behind on paying their property taxes in these tough economic times, and many are suffering the consequences---foreclosure. The homeowners whose property taxes are escrowed by the mortgage servicer and included each month with their monthly mortgage payment don't have to worry about paying their taxes---as long as they are able to make their mortgage
Posted by: Carleton Sheets in Taxes, IRS, Deficiency Judgement, Audit, 1099 on
Jan 07, 2009.
Even though April 15th is still a few months away, many people---including me---are already beginning to think about gathering information for the 2008 tax season. And many people, due to market conditions, bad judgment calls, or just plain bad luck such as losing their jobs, are going to feel the pinch at tax time this year, especially if they end up owing a large sum of money to Uncle
Posted by: Carleton Sheets in Taxes, Housing Market, Economy on
Dec 25, 2008.
I've read countless articles about how the housing bubble evolved ... and why it burst into flames! And although each article has its own spin, all usually agree that a number of factors are to blame for the condition the current housing market is in---de-regulation leading to lax lending practices, Wall-Street greed, and over-speculation by builders and investors, among others.
And now, here
Going green isn't just for new construction---just as tax cuts aren't geared toward the low and middle class any more. People of all incomes are using "green" initiatives to save money and for less negative effects on the environment.
And now, with new tax cuts approved by Congress on October 3, the IRS is offering "bigger and better" tax credits for energy-efficient and
Posted by: Carleton Sheets in Taxes, Reduce Taxes on
Nov 19, 2008.
There are still 45 days left in 2008, but I am already thinking about filing my taxes. Who doesn't dread tax time! However, it's important to take a good look at your accounting procedures and take any steps before the end of the year to reduce your 2008 tax bill. These include deferring income, accelerating deductions, and planning for any capital gains.
My friends at Tax Principle® have put
Posted by: Carleton Sheets in Taxes, Mileage Rate Increase, Business on
Nov 16, 2008.
Sometimes it's difficult to keep on top of legislation changes regarding real estate. For instance, are you aware that the IRS boosted mileage rates for those who deduct the expense of a vehicle used for business-related purposes from 50.5 cents a mile to 58.5 cents effective July 1, 2008 through December 31, 2008? If this applies to you, it could mean less taxes owed to Uncle Sam.
The hike in
Posted by: Carleton Sheets in Taxes, Real Estate, Foreclosure on
Oct 15, 2008.
As we all know, property values have been falling over the past two years or so, and some experts say that they may not be stopping any time soon.
Now you would think that when the value of a property goes down that the taxes based on the property's accessed value would go down as well. It worked that way when property values were up, right? Didn't your property taxes increase?
But today,
Posted by: Carleton Sheets in Taxes, IRS, Government Stimulus on
Oct 13, 2008.
Just a reminder for those who have not filed their 2007 taxes or who applied for an extension: You may still qualify to receive a stimulus rebate check---however October 15th is the deadline! Wouldn't it be nice to receive your rebate check just in time for the holidays?
And more good news! The IRS has worked out the glitch about married couples that forgot to inform the Social Security
How can an investor consistently build wealth and realize long-term gains from real estate? One powerful tool is the 1031 exchange, which allows you to roll the sale proceeds of an investment property into the purchase of a "like-kind" property without paying taxes.
It's a great way for an investor to transition between smaller investment properties to larger properties, to diversify holdings,
Posted by: Carleton Sheets in Taxes, Business on
May 14, 2008.
The 2007 tax season has ended, making today the perfect time to reassess your real estate investing tax strategy for 2008. While "the good, the bad, and perhaps ugly" of last year's returns are still fresh in your mind, analyze last year's strategies to discover what worked and what didn't.
Which strategies helped to reduce your taxes? Are there heavy tax burdens that you can lessen or
|
