The Finance Factor

Tax reassessment has been the main topic of discussion more times in the last six months than it has been in the last ten years. There seems to be a misguided assumption that if property values decrease then property taxes will also decrease. Of course, this is based on the fact that when property values increase so will the taxes. Unfortunately, the former is mostly false while the latter is mostly true.

Like everything else, all you have to do is follow the dollar to see why it works this way. I’ll explain.

Every county, city and municipality across the country needs money to pay for basic services such as the police, firemen, schools, payroll…and the list goes on. This money, in large part, is provided for by property taxes. Continue reading ‘Tax Reassessment – Does a Declining Market Mean You’ll Pay Less Property Taxes?’ »

Do I need help with taxes, or can I handle things on my own? This is a question that many people struggle with. Are you one of them? When it comes to getting help with taxes you need to know where to turn, what you can do on your own, and whether or not you are taking a risk and asking for more trouble. Do it yourself work is not a bad thing, but only if you are confident in your ability to move forward without making any mistakes.

Do not flatter yourself. You only know so much about taxes, and you need to draw the line where applicable. For instance, you may feel comfortable filing your own tax return every year. This is a good thing, and millions of people do this. But if you are not capable of anything in addition to this, you should not push the limits. For instance, if you currently owe the IRS and are looking at an Offer In Compromise as a form of settlement it may not be in your best interest to attempt to file an Offer In Compromise or Installment Agreement yourself if you are not sure of how to do this. In this case, hiring a tax professional would be in your best interest because they normally lead to better outcomes. Continue reading ‘Help With Taxes – What Can You Do Yourself?’ »