Property Taxes Saving Techniques

The current climate in the Long Island housing market can be equated to a chicken coop. Lots of chickens, packed in, making lots of noise…And, while the noise seems to be so squarely centered around the topic of foreclosures and underwater mortgages (and, perhaps, for good reason), the fact is that those who stay away from the squawking of the peanut gallery, and think for themselves, are not focusing on why it’s an awful time to buy a home (NY). Rather, those in the know are keying in on the reasons to buy a home (NY).

Although, to be sure, it has been a difficult couple of years for many home owners – with so many struggling to make mortgage payments and so many others totally underwater – there are always going to be two sides to any coin. The market is upside down, but it has steadied itself, and it is time to reassess. We can now look at the current housing climate and figure out how to turn this proverbial lemon into lemonade.

Why is now the time to buy a home (NY)?

Firstly, if there ever was a buyers’ market, it is right now. Five years into the biggest housing crash in the history of the world, prices are down by 30% in some places and, nevertheless, there are few interested buyers coming forward. That means that folks who are interested in buying carry quite a bit of weight. Hardball is the name of the game, and those looking to a buy a home (NY) right now know that they have real leverage behind them.

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Secondly, you can save substantially on taxes when you buy a home (NY). You will be able to deduct the mortgage interest from your income taxes; deduct your real estate taxes; and even qualify for a tax break on capital gains when you sell. Of course, you will need to consider these possibilities through itemization, but it is quite possible that such tax breaks could make owning a house more cost-efficient than renting.

Underwater is no place to be

Even if you currently are a struggling home owner, you can leverage the market to try and get back on your feet. Reach out to a qualified expert in short sales, or to a qualified cash buyer. Once you can remove the burden off your shoulders – that is, once you can unload the mortgage you cannot afford — you will be free to turn right back toward town, with cash in-hand, and come into the market to find a deal. You’ll know, better than anyone, where the deals will be.

Some might wonder, ‘Why would anyone scurry to get their head above the deep water, and then jump right back into the deep water?’ The fact is that, when you jump back in, you’ll be jumping back into water you can tread. With the ability to easily make your mortgage payments, you will soon develop a new lease on life (no pun intended).

The dust always settles…

Even though things seem less than shaky right now in the housing market, the fact is that the market will clear up eventually. Considering population growth, the fact is that demand will someday catch up a bit with the current supply. And if you are a home owner under that scenario, you will indeed have a chance to see the value of your home return to norm.

Before you find yourself in that situation, however, you need to get out from underneath your current, untenable mortgage and start looking to buy a home (NY). It might be a bit of a step down, on paper, but if you play your cards right, and buy a home (NY) that allows you to restart, then you can start to get back on your feet and build some savings; and eventually, as a home owner, you’ll be holding all sorts of chips when the market does in fact start to inch back up toward the 2006 watermark.

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Nowadays, with the evolvement of internet marketing, online businesses are growing rapidly as it provides great convenience and affordability to customers. Most of the online retailers and ecommerce shopping cart stores do not have much knowledge about sales taxes and they think there is no sales tax on online selling over the internet. But the reality is totally different. Online sales are treated same as the bricks-and-mortar sales (buy from local stores) and the sales are taxable. If online retailers do not collect sales tax from customers, customers are responsible for remitting the Use tax on online purchases directly to their state.

If an online seller has physical presence in the states such as a store, warehouse, business offices, or sales representative soliciting sales, the seller must collect Use tax from their customers on these online internet sales.  This physical presence is known as “Nexus.”  If an online seller does not have nexus in a state, they are not required to collect tax there. But every state has laws defining the “engagement of business in the state” to determine whether a business has nexus.  These laws differ from state to state, and many on-line ecommerce retailers find themselves liable to pay overdue sales tax with huge penalties in certain states.  

The goal of imposing sales and use taxes is to create a level playing field for both in-state and out-of-state retailers.  Sales & use taxes are consumption tax and collected from consumers.  Sales tax is collected upon the retail sale of tangible personal property or certain services at the point of sale by a store retailer.  Use tax is due upon the storage, use or consumption of tangible personal property or of certain services when sales tax was not paid.  Use tax is also a complementary tax on purchases made from out-of-state retailers without charging the sales tax.  

Now, you should be able to understand how complex the rules and regulations of sales & use taxes are. It’s always recommended that online businesses consult with sales & use tax consultant such as StatesSalesTax to review whether they are obligated to collect tax on their online sales.  Unlike income tax where businesses pay tax on net income, there is no income tax liability if a business does not make a net profit.  Sales tax is due on the selling price even if a business sells the merchandise at a loss.  The sale tax rates range from 6% to 10.5% depending on the state where the shipment of the merchandise is delivered.  The profit for the business is eroded by such applicable tax rate.  

A sales & use tax consultant like StatesSalesTax, run by former state sales tax auditors, has made an excellent reputation to provide quality and personal services in giving tax advice to their clientele base and has been consistently availing their services to help businesses understand the importance of sales tax compliance, nexus, and other issues.

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Alternative MinimumTax consequences are not a result of cost segregation. Nor is cost segregation accelerated depreciation. Decisions regarding cost segregation and accelerated depreciation are independent by the four options as illustrated in the following matrix:

Accelerated depreciation increases the amount of depreciation taken in early years of ownership but triggers alternative minimum tax consequences. The alternative minimum tax consequences are severe enough that many investors avoid accelerated depreciation.

A cost segregation study delivers the benefits of more depreciation sooner without the unfavorable alternative minimum tax repercussions. There are no alternative minimum tax consequences resulting for using cost segregation. Cost segregation with straight-line depreciation increases depreciation by 50% to 100% during the early years of ownership without triggering alternative minimum tax penalties.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of where cost segregation generates meaningful tax deductions.

City:
New York, NY
Houston, TX
Washington, DC
San Francisco, CA
Memphis, TN Dallas/Ft. Worth, TX
Denver, CO
Phoenix, AZ
Orlando, FL
Philadelphia, PA
Cincinnati, OH
Madison, WI
McAllen, TX
Chicago, IL
Tulsa, OK
Austin, TX
Dayton, OH
Honolulu, HI
Stockton, CA
Boise, ID
Charlotte, NC
Durham, NC
San Jose, CA
Nashville, TN
Baton Rouge, LA
Buffalo, NY
Birmingham, AL
Indianapolis, IN
Manchester, NH
Oxnard, CA

Cost segregation produces tax deductions for virtually all property types.

Property Type:
Truck terminal
Airplane hangar
Retail
Apartments
Convenience store
Single-tenant retail
Movie theatre
Health spa
Self-storage
Bowling alley

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:
Textile product mills
Electronic and appliance stores
Truck transportation
Arts, Entertainment, and Recreation
Day care facilities
Furniture stores
Building supply dealers
Plastic and rubber products manufacturing
Chemical manufacturing
Computer and electronic manufacturing

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, due diligence,federal tax reduction, renovation upgrading cost analyses,income taxes, tax return review and apartment inspections.

Tax reduction and tax deferral are the primary benefits of obtaining a cost segregation study. Tax reduction occurs since more income is taxed at the capital gains rate instead of the ordinary income rate. Tax deferral occurs since depreciation is accurately taken in the early years of ownership.

Additional benefits other than tax reduction related to obtaining a cost segregation study are more accurate accounting, obtaining a book value for assets which may become worthless (tenant improvements for a financially unstable tenant) and an accurate method of tracking the cost basis and depreciation for all tenants.

Tax reduction is the most meaningful and least understood benefit of cost segregation. Consider the following example of how cost segregation converts income taxed at 35% to income taxed at 15%:

Linda is a physician who earns 0,000 per year. She purchased a medical facility in January 2004 and sold it in December 2005. Her cost segregation study increased the amount of depreciation by ,000 in both 2004 and 2005. The higher level of depreciation decreased Linda’s income taxes by ,000 in both 2004 and 2005, for a total reduction of ,000 (based on ordinary income). However, Linda’s capital gains income will increase by 0,000 in 2005, based on two years of additional depreciation (,000 per year X 2). The additional capital gains tax will be ,000 (0,000 X 15% capital gains rate). Hence, Linda’s net income experiences a tax reduction of ,000 (,000 – ,000) over just a two-year period. This analysis does not consider the time value of money.

Real estate investors will generally benefit by obtaining a cost segregation study if the cost basis of the property is at least 0,000.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of where cost segregation generates meaningful tax deductions.

City:

Houston, TX
Hartford, CT
Miami, FL
Las Vegas, NV
Atlanta, GA
Bridgeport, CT
Orlando, FL
Los Angeles, CA
Denver, CO
New Orleans, LA
Louisville, KY
Raleigh, NC
El Paso, TX
Sacramento, CA
Ft. Lauderdale, FL
Albany, NY
Riverside, CA
Portland, OR
Buffalo, NY
Detroit, MI
Toledo, OH
Augusta, GA
Scranton, PA
Wichita, KS
Chicago, IL
Honolulu, HI
Lakeland, FL
Kansas City, MO
Pittsburg, PA
Nashville, TN

Cost segregation produces tax deductions for virtually all property types.

Property Type:

Motel
Community shopping center
Auto service garage
Neighborhood shopping center
Tennis club
Single-tenant retail
Bank
Country club
Truck stop
Medical office

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

Paper manufacturing
Printing activities
Truck transportation
Electronic and appliance stores
Fabricated metal products
Food manufacturing
Durable good wholesalers
Automotive parts distributors
Frozen food manufacturing
Air transportation

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, tax reduction, due diligence, renovation upgrading cost analyses, Dallas federal tax reduction, tax return review and apartment inspections.

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Tax deductions are not the top priority for most individual real estate investors. They often work out of their home with no employees, other than those on-site at the property. Challenges (aside from tax deductions) include selecting what property to purchase, screening tenants, repairs, managing expenses, obtaining financing, and deciding when to sell. This articles addresses tax deductions sometimes over-looked by real estate owners. Tax deductions reduce taxable income but do not directly reduce taxes. For example, ,000 in additional tax deductions will generate ,500 in federal income tax savings (,000 X 35%), assuming a 35% federal income tax rate. Since most tax deductions require a cash expenditure, increasing actual expenses to increase tax deductions is not desirable. Let’s review fine-tuning the depreciation schedule and reclassifying existing expenditures to increase tax deductions. Real estate depreciation is a potent but underutilized source of tax deductions. Real estate depreciation schedules are commonly established by just separating land from the improvements. This is analogous to asking a world-class pianist to play a piano which is not tuned and has several keys which are not functioning. The results are just not as good as they should be. Congress has provided depreciation as a tax deduction to encourage real estate ownership and investment. Numerous court decisions have provided clear guidance for accurately and precisely depreciating real estate. Cost segregation can typically increase real estate depreciation by 50-100% in the first 5-7 years of ownership. Owners can claim a tax deduction windfall for properties owned more than one year by “catching-up” previously under-reported depreciation. After obtaining a cost segregation report, you can “catch-up” depreciation without filing any amended tax returns. Another meaningful source of tax deductions is to scrutinize any cash expenditures which are being capitalized. Have minor repairs been capitalized in error? Are there more significant repairs which do not clearly extend the life of a component? Discussing these items with your accountant can yield additional tax deductions. Also review items which were capitalized in prior years; can you claim any of them as current year tax deductions? Child labor can be good when they are your children and you claim a tax deduction. Consult your accountant or CPA but this can generate additional tax deductions of ,000 per child, upon which they pay no taxes. (If they are feeling generous, they may return the money as a tax-free gift.) A tax-deductible vacation is an attractive option to make an expenditure deductible. Simply plan a vacation around a business trip for a meeting or seminar. Your airfare and hotel for the business period are deductible. Hotel before or after the business activity and your spouse’s airfare (assuming that your spouse is not involved in business) are not deductible. Half of meals during period with business activity are deductible. Reviewing personal expenditures can generate additional tax deductions. Items used for business such as computer, printer, office supplies, seminars, association dues, and business publications can be deducted. Long distance business phone calls can also be deducted. Self-employed persons can deduct the entire cost of health insurance premiums. Record keeping for tax deductions does take a modest effort. However, the federal income tax savings make it worth the effort. Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions. City:

Las Vegas, NV
Boston, MA
Tampa, FL
Hartford, CT
San Francisco, CA
Memphis, TN
Miami, FL
Denver, CO
Phoenix, AZ
Orlando, FL
Boise, ID
Chicago, IL
El Paso, TX
Oxnard, CA
Rochester, NY
Cincinnati, OH
Jackson, MS
San Jose, CA
Fresno, CA
Charleston, SC
Omaha, NE
Oklahoma City, OK
Buffalo, NY
Albuquerque, NM
San Antonio, TX
Charlotte, NC
Allentown, PA
Austin, TX
Baton Rouge, LA
Jacksonville, TN Cost segregation produces tax deductions for virtually all property types, including the following: Property Type:

Used car lot
Research and development
Nursing home
Lumber storage
Truck stop
Tennis club
Hospital
School
Movie theatre
Lodging Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation. Industry:

Golf courses and country clubs
Textile product mills
Nondurable good wholesalers
Durable good wholesalers
Real estate lesser
Electrical component manufacturing
Textile mills
Laundry facilities
Automotive parts distributors
Plastic and rubber products manufacturing

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Tax reduction is just one of the benefits of cost segregation. Many real estate owners and tax preparers believe cost segregation simply defers payment of taxes. While they recognize it effectively generates an interest-free loan from the government, they do not understand it also provides tax reductions in most cases.

For most real estate owners (corporations are the exception) income is characterized as either ordinary income or capital gains income. It is not intuitive, but cost segregation changes the character of income from ordinary income to capital gains income providing tax reductions of up to 20%. This occurs because the additional depreciation is a tax deduction that reduces ordinary income. When the property is sold, it is recognized as capital gains income. Having more tax deductions increases tax reduction.

Since a portion of the cost basis is allocated to short-life improvements, some owners and tax preparers express concern that the depreciation will be recaptured when the property is sold (at a tax rate of 25-35%).

When a property is sold, the owner and the tax preparer typically collectively review the sales price and depreciation schedule to allocate the sales price between land, short life property, long life property, and profit. After reviewing the condition of short-life property, it is usually determined the value is similar to the depreciated basis (book basis). Hence the depreciation is not recaptured since there is no gain upon sale.

This is reasonable and appropriate since the short-life property depreciates more rapidly than the structure of the building. Short-life property includes items such as carpet, vinyl tile, paving, and parking lot striping. These items do physically depreciate from use and weather (if outdoors).

The capital gains rate (maximum of 15%) is less than half the ordinary income tax rate (maximum of 35%). By converting the character of income from ordinary income to capital gains income, cost segregation identifies tax reductions by reducing the reduces tax rate by over 50% (for income shielded by cost segregation). In addition, cost segregation defers payment of taxes from the year it is earned until the year the property is sold.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of where cost segregation generates meaningful tax deductions.

City:

Atlanta, GA
New York, NY
Memphis, TN
Miami, FL
Orlando, FL
New Orleans, LA
Hartford, CT
Dallas/Ft. Worth, TX
Washington, DC
Denver, CO
Akron, OH
Buffalo, NY
Jacksonville, TN
Chicago, IL
Toledo, OH
Harrisburg, PA
Birmingham, AL
Augusta, GA
Lakeland, FL
San Antonio, TX
Jackson, MS
Little Rock, AR
Pittsburg, PA
Sarasota, FL
Chattanooga, TN
Manchester, NH
Youngstown, OH
Riverside, CA
Syracuse, NY
Wichita, KS

Cost segregation produces tax deductions for virtually all property types.

Property Type:

Manufacturing/processing
Tennis club
Retirement home
Auto service garage
Mini-warehouse
Single-tenant retail
Medical facility
Hotel
Retail
Vacant land

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

Mineral product manufacturing
Electronic and appliance stores
Frozen food manufacturing
Nondurable good wholesalers
Furniture manufacturing
Food manufacturing
Chemical manufacturing
Automotive repair facilities
Amusement parks
Leather product manufacturing

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation, due diligence, federal tax reduction, renovation upgrading cost analyses, tax return review and apartment inspections.

Many Manhattanites coping with the economic contraction may often find themselves going through a mental arithmetic that is now familiar to everyone who lives in the city. Is it worth it ? Nowadays, this question goes beyond the usual, big city cavetching. Even the most loyal New Yorker is having their allegiance to the city sorely tested as city and property taxes skyrocket and subway fares threaten to rise, adding insult to injury.

Yet, even in the face of fiscal Armageddon, New York is still New York. The beloved Big Apple still offers unmatched cultural amenities, and some affordable ones at that. Unlike Los Angeles, San Francisco and Detroit, its economy does not rely on any one industry. Its varied landscape of opportunities , culture, and lifestyles will continue to pull people into the city.

With these two above paragraphs in mind, let me turn your attention to Orange County New York. It lies well within a two hour commute to the city , and features beautiful vistas of dairy farms, wineries, fertile land and pastoral scenery. The Schawangunk mountain range lies in the western part of the county, offering some of the best rock climbing on the Eastern Seaboard. To the east lies rolling hills that run right up to the Hudson River. Arriving for the first time into Orange County , one might think they were in Western Oregon. It is here where the Appalachian ridge breaks open into a valley, ending right at the foot of the Catskills.

This famous area boasts the beautiful state parks of Harriman and Sterling Forest, as well as West Point Military Academy, apple orchards, and Brotherhood Winery, the oldest winery in America. Perhaps nowhere in the country are the four seasons more dramatic . Autumn is a perhaps the most famous season here , with the hills ablaze in color. There are also numerous harvest tours where residents and tourists alike can enjoy picking apples, or exploring the vineyards.

The schools in Orange County also rank as some of the best in the state. I asked around and the locals confirmed the statistic. In fact, there wasn’t one transplanted Manhattan parent I spoke with that felt the schools were a step down from the Big Apple.

Like most places in the country, home prices here have fallen, allowing affordable windows of opportunity. In January, the Case-Shiller home price index showed a 20% nationwide drop in median home prices from the year before. Current market indicators are pointing to a continued drop. The era of the buyer’s market is soon arriving, and New York’s Orange County will be offering some of the best deals in ten years. Most of the towns lie within an easy commute to Manhattan which gives Orange County a special status having a rustic, country feel while being adjacent to one of the largest Metropolitan areas on earth.

People who have had enough of the politics of the city might do well to consider an easy move to Orange County New York, where exclusive views can now be had at affordable prices.

A veterinarian is a doctor of Medicine who is duly certified to treat and take care of animals. If you have pets at home and you love them; then a veterinarian is your best ally. Choosing a veterinarian for your pet is not an easy task. However, these five questions can serve as good guidelines in choosing a veterinarian.

1. Is the veterinarian highly recommended by reliable people?

This is one of the best ways in choosing a veterinarian. You ask other people who have animals for recommendations. Include your family members, friends, neighbors and even a breeder or staff of your local animal shelter. Some people who have maintained good relationship with their veterinarian are reliable in giving their recommendation.

2. What about his operation hours and does he have any provisions for emergency situations?

Determine the usual time available for you to take your pet to the vet. In choosing a veterinarian, look for one who is able to accommodate your schedule. It’s also important that your vet draws a contingency plan in case there are emergencies occurring outside regular hours of operation. Know his hot line.

3. Is the veterinarian of your choice duly trained and certified?

There are associations that help you in choosing a veterinarian for they have records of licensing information of veterinarians within the region. They have also a list of those who are licensed and Board certified. These organizations also give continuing education for their members. These associations are your best sources of information about a particular veterinarian’s certifications and license, and possibly any lawsuits that have been filed against him.

4. What are the fees and payment options available?

Cost is an important consideration in choosing a veterinarian. Veterinarian’s fees can vary from one practitioner to another. But it does not follow that the higher the fees, the higher the level of care your pet will receive. The difference is rather caused by the veterinarian’s overhead; such as rental, property taxes, utilities and others. There are payment plan options that come in handy in case there are unforeseen expenses or if your pet requires an expensive operation at some point during his lifetime.

5. Closely observe the veterinarian’s bedside behavior.

In choosing a veterinarian, it is necessary to select the vet that is well=trained especially on the up-to-date technology and recent developments in animal care. Another essential factor is the manner in which your vet treats these pets. Vets must treat them with compassion.

These are the five important questions that serve as your guidelines in choosing a veterinarian. Be sure that the hospital recommended\by your vet is a member of the American Animal Hospital Association (AAHA).

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Paying taxes is necessary for us to benefit from government services. There’s no fixed rate when one is paying taxes, because it depends on many factors. Taxes such as income tax, sales tax, and property tax have different rates in different states. For a resident or a business owner, it is necessary to be updated about state tax rates.

According to Forbes.com as of year 2008, the top ten states that have the highest taxes are, Pennsylvania, Wyoming, Washington, Massachusetts, New York, New Jersey, Minnesota, Connecticut, Hawaii, and Vermont.

Resource: Free Tax Filing Software

Pennsylvania

The good news if you live and own property in Pennsylvania is that you don’t have to pay so much on property taxes. The bad news is that the state has a very high rate for sales tax. In fact, the sales tax accounts for more than half of the total amount of taxes that residents have to pay. Pennsylvania residents are required to pay an average of ,223.

Wyoming

Just like Pennsylvania, Wyoming doesn’t have high property taxes, nor does it have taxes on state income and public utilities. In addition, the state has low tax rates on alcohol and cigarettes. So how did Wyoming get on this list? The sales tax makes up for it. In Wyoming, the average tax burden is ,357 per person.

Washington

The state of Washington has a whopping sales tax of ,181 per person. Add that to the low property tax and no individual income tax, and it comes to a total of ,553. Every Washington resident needs to pay an average of ,553 for personal taxes.

Massachusetts

Apparently, the state government of Massachusetts charges more on personal income taxes than on sales and property taxes. The sales tax is about 9 per person and the personal income tax is about ,925 per person. Massachusetts has an average tax amount of ,953 per person.

Biz Owner: Business Tax Questions

New York

A lot of people think New York has the highest taxes, perhaps this year, but in 2008 the state was ranked sixth. Last year, the state’s average tax amount per person was ,019. Expect that amount to increase this year, with the NY Governor Patterson proposing taxes on candy bars and soda.

New Jersey

New Jersey has an estimated ,024 tax burden per person. A big percentage of that amount comes from personal income tax. It’s pretty well-known that most New Jersey residents earn more than the residents from other states, and thus they have to pay more on income taxes.

Minnesota

Minnesota is one of the few states that have both high income taxes and high sales taxes. What about the property taxes? Thankfully, they’re not so high. Still, with both income and sales taxes amounting to almost ,500, Minnesota residents pay an average of ,203 in taxes.

Connecticut

Similar to New Jersey, Connecticut residents pay high income tax rates because they earn more money. The average income tax amount is ,000, and adding the other taxes to that, you get ,596 per person.

Hawaii

Hawaii relies more on sales tax, especially since it doesn’t have taxes on property. With an estimated population of 1.29 million, the state of Hawaii requires its residents to pay about ,856 in taxes.

Vermont

The state of Vermont requires a person to pay a personal income tax of ,306, sales tax of ,379, and property tax of ,004. That means all three major taxes are pretty much the same in amount. However, if you add all those up, you get a total of ,861, and so far, that’s the highest number in the list.