Tax Tips

Tax Day is rapidly approaching and as you get your ducks in a row to submit your taxes, we wanted to share some quick tax tips to consider. Elizabeth attended a Keller Williams Leadership summit recently where a lot of emphasis was placed on understanding tax laws and the way they’ve evolved over time.

Tax Regulations

Tax regulations started at 400 pages and have grown to over 72,000 pages. It’s very important to do your research or find a knowledgeable accountant to guide you through these laws. As a homeowner or real estate investor, there are numerous tax breaks that can reduce what you owe in taxes.

Home Tax Assessment

Studies show 30-60% of properties in the US are over-assessed. If you think your home tax assessment is too high, you can appeal your property’s assessed value to your County Board of Taxation. Homeowners can also deduct state and local taxes (SALT deduction) as well as interest on mortgage payments.

Augusta Rule

As a homeowner and business owner, the Augusta Tax Rule enables you to rent your home for 14 days a year without paying tax. Tax regulations are vast and complicated; take the time to ensure you are maximizing them to your benefit.

We can’t emphasize enough the importance of working with a qualified and knowledgeable tax professional since laws change and evolve frequently.

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