Whether you’re on the buying or receiving end, it’s to your advantage to understand what fair market value (FMV) is and why it’s important to every real estate transaction. This post will give you that information in detail. We’ll also discuss how FMV differs from other types of valuations encountered in the modern real estate market.
Read MoreTaxes are inevitable, and nobody can pretend they enjoy the process of preparing and filing taxes every year. If you have filed your own taxes before or if you have at least helped prepare the paperwork on yours for several years, you at least understand the process and may be able to get through it relatively quickly.
If you are new to filing taxes, it is important that you learn the basics about how to save money on taxes, what kind of information you need to gather, and, if you need to, how to file a tax extension.
Read MoreA wealth tax is an annual tax on an individual’s overall wealth – your assets minus your debts. It’s not tied to income or sales, which are financial activities in which you partake. It’s connected to your valuables, your property, your savings, and investments. It’s a tax on what you hold on to rather than on what you do.
Read MoreSelf-employment tax is what freelancers and small business owners pay. The term “self-employed” covers a wide range of work. Most of it falls under the titles of freelancer, small business owner, or independent contractors.
Read MoreOne of the most significant expenses of owning a home that's also easy to overlook is property tax. Regardless of where you own a home in the United States, you'll be expected to pay property taxes. Before you commit to owning a home, you should understand this expense. You should have a property tax assessment performed. A property tax assessment will let you know how much property tax to pay each year.
Read MoreTaxes are the subject that most of us are way more familiar with than we want to be. The unfortunate part is while we think we know all we need to know about taxes, we do not know as much as we should. I would bet that many of you have not heard of items such as luxury tax or gift tax. We know that we have to pay taxes with each of our paychecks and dread the looming of April 15 when it comes around.
Before you buy the next item you should read this article to have a luxury tax explanation.
Read MoreSales taxes are easy to understand and they are transparent, in that it is easy to see what is being charged and why. When you are in a certain state, you can know that if you buy something you will have a certain amount of additional tax.
Because of that, some people will cross state lines to make certain purchases to avoid the higher sales tax in their own jurisdiction. Most states have a state tax, and 38 states allow a local sales tax, meaning that the combined rate could be much larger than expected.
Read MoreIt is that time of year again and you have learned to dread it...tax time. We have a gnawing feeling in the pit of our stomachs about how much money we are going to owe. Even worse, we question how are we going to pay for it.
No matter how many experts we enlist, the damage is usually done by the time we try to change the amount we owe. You are debating paying your taxes by credit card and wondering if that is even a good idea. Keep reading to find out what options are available to you.
Read MoreTax season is that time of year that most of us dread. We always know it is coming but we are never happy about it.
There is some good news for those of you who have no idea what to expect from one year to the next. You can estimate your income tax so that you have a fairly good idea of how much you will or will not owe when you file your taxes.
Read MoreNo matter what end of a business you work on, whether as the owner, an employee or a self-employed sole proprietor, you deal with payroll taxes. If you just landed your first job or just started your own business, you need to learn the ins and outs of payroll taxes.
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