Today, many people are still not aware of the tremendous tax advantages that exist for property owners. The fact remains that the Tax Codes and Laws allow for numerous tax deductions and benefits to those that own property, including but not limited to: A First Home (Main Residence); Second Home (or Vacation Home); Rental Property and other forms of Investment Properties.

        By becoming a homeowner, you too can enjoy the many tax breaks & benefits. Some of these benefits will be explained here in simple detail. Consult your tax professional for further information.

        Each year, millions of Americans file their yearly income tax returns. Many people are not quite sure of what the purpose of this is. At tax time, you file your tax return as part of a reconciliation. That is, to determine if you have paid too little or too much in taxes. If you received a refund, it is because you paid to much. If you owe taxes at the end of the year, it is because you have underpaid and have not had enough tax withholding throughout the year. As a Tax Advisor, my job is to plan a tax strategy that allows you to pay as little tax as possible, while following the rules of the tax codes and laws. This is not just for current year, but for future years as well. Quite frankly, there are many “Tax Preparers” out there. You need to select a Preparer whom you are comfortable with and one that is fluent with tax codes and law. Some people even complete their own tax returns. If they have a simple return, it is quite easy.

        But as income continues to grow each year, and you begin to add children, home deductions, itemized deductions, tax credits, investments, retirement income or even a small business to the return, it becomes more complicated. Mistakes are often times made. It is here where you need to seriously consider a tax advisor or consultant to assist with organizing your tax world. Specifically to show you how to pay the least amount of tax as prescribed by law. Purchasing a popular tax program at the local store and filling in numbers is now becoming a trend. But what these people fail to realize is that they have no comprehension or guidance for understanding what is happening with those entries. Simply put, they enter their information and pay the tax. They have no grasp of future consequences of their current entries. They do not understand how to lessen their tax burden. The ironic part is that for the $ 29.95 that they spend on a simple tax program, it really does not cost much more to hire a Professional Tax Advisor. They certainly are not saving any money on personal time or by reading 2 hours of program instructions.

        The following tax information has been gathered and researched. This is tax knowledge that has been gathered over the years. For Internal Revenue Service Publications and information you may visit the IRS website by clicking here: www.IRS.GOV

        Disclaimer: Each year the tax laws change and more are added. I do my best to maintain accurate and up to date information regarding current year tax laws. For further details or verification I advise you to reference IRS Publications or Manuals. And as always, If you have any questions, please do not hesitate to contact me or consult with your current tax preparer for further explanation.

Information being updated