What Goes On During Tax Lien Auctions The truly smart investors will often perform fair quantity of research prior to actually investing in certain homes. For many properties, there could not be an opportunity to really explore properties properly, although a rough inspection of properties externally can already reveal a lot about their condition and general worth. Auctions for tax liens generally begin a particular way, although there...more
International Tax Accountant in Canada I am an International Tax Accountant in Toronto, Ontario, Canada. Below, I discuss how I can help with:• Non-resident corporations doing business in Canada• Canadian corporations expanding outside of Canada into international markets• Non-residents selling Canadian real estate• Non-residents that have earned Canadian employment income If any of these situations apply to you, then this article...more
Cost Segregation - Tax Deductions (The tax code allows deductions from gross income) By understanding business tax deductions, business owners may enjoy personal benefits from business expenditures - a nice car to drive, a combination business trip/vacation, retirement savings plan - if they follow the myriad tax rules.The tax code allows deductions from gross income, which reduce income taxes. Increasing tax deductions reduces taxable income and income taxes. Therefore, knowing how to maximize your deductible business expenses enables you to lower taxes.According to the IRS, trade or business expenses must be ordinary and necessary to be considered a tax deduction. Although the tax code does not specifically define "ordinary" and "necessary" tax deductions, these types of expenses are specified in various IRS publications and regulations. Some of the tax deductions business owners can claim fall under categories such as charitable contributions/donation deductions, medical and dental deductions, moving expense deductions, deducting job costs, travel and entertainment expense deductions, casualty and theft losses, depreciation and involuntary conversion deductions.Even after...more
There are various situations that a person finds themselves in throughout their lives where they need to seek out the advice of a professional in a particular field. The legalities associated with certain taxes take on this distinction due to complex laws that have been in place to protect both the consumer and the federal government.There are...more
It may sound like an obvious answer, but the best states for tax sale overages are ones that actually have them. Did you know that in about half of the states in the U.S., when more is bid at tax sale than is owed in back taxes, the overage escheats immediately to the government? In the rest, the overages are held for at the very least six months...more
"Can you make money buying tax deeds to properties?" The simple answer is: of course! If you are able to get a property at tax deed auction for a low enough amount, and the buyer doesn't redeem the property in the year waiting period afterwards, and then you are able to sell the property for a profit, then yes: you can make money buying tax deeds to properties. However, there's a much simpler way, and a big tax sale secret when it comes to buying tax deeds.First of all, you've got to avoid the tax sale. There's far too much competition for the above scenario to ever play out, and 95% of the time if you do get a deed, the owner pays you off in during the redemption period. You have to have all cash at the sale, and you can't inspect the property beforehand. Not a good deal.The best way to make money buying tax deeds is to buy the delinquent deed directly from its owner. By the end of the aforementioned redemption period, most owners who can will have paid off. The rest are now in a new category: desperate sellers. And some of these folks fall into an even better category: people who own property, and don't know it went to tax sale. Heirs, absentee...more
If you are interested in or working in the real estate industry, you've probably heard the term "deed grabbing" at some point. Deed grabbing is the method of obtaining tax sale property without attending the auction - by approaching the owners...more
What happens to the surplus due when property is lost to tax sale? The answer: it depends on where you are. In about half of the states, that surplus is lost permanently to the government. In the rest of the states, the surplus is held for the owner...more
An Efficient Understanding of the IRS Tax Advice Simply known as the IRS, the Internal Revenue Service is the bureau of Treasury Department, responsible for collecting the taxes, and the interpretation and administration of the Internal...more
When is the Perfect Time for Your Tax & Wealth Planning? This week, I'm on to the next habit:Habit #3: Don't put off until tomorrow what you can do todayWe've all heard this adage before. And let's face it, when it...more
Delinquent Tax Sale: How is it Affects You You are paying taxes in the government for your personal properties annually. You know the consequences of not paying taxes. If your car is parking on a non-parking area, a huge truck will pull it...more
Bookkeeping Solutions - Why you need to keep Tax Invoices! Small Business Australia certainly has more compliance issues since the introduction of GST! A lot of Micro business owners find it quite challenging keeping track of all their Tax...more