Tax Deeds Are Some Of The Best Deals In Real Estate
Are you looking to acquire some property for pennies on the dollar? You probably won't score your dream house, but you can definitely find some great deals that can quickly be flipped by attending tax deed sales.
A tax deed sale is simply where the county forecloses on the property owner for non payment of real estate taxes. The process for administering tax deed sales varies widely by state and even by county. In Ohio for example, tax deed sales are done as Sheriff Sales, which is the exact same department that does the mortgage foreclosures. In Arkansas, there is a state office called the Commissioner of State Lands that handles all tax deed sales. In other states, tax deeds sales are at the county level with either the Treasurer, the Circuit Clerk or the Auditor handling the sale.
As you might imagine, it is very important to understand your local regulations.
The tax deed bidding process is determined by local regulations: some jurisdictions require the minimum bid at the auction to be the appraised value or a fraction of the appraised vale of the property. Other jurisdictions use the taxes owed as the minimum bid.
Here's where it really gets interesting. If the property does not sell at the initial sale, some jurisdictions allow for the state or county to sell the property with no minimum bid no matter what is owed. For example, in Arkansas, I have bought property from the Commissioner of State Lands for as little as $25. Read that again.
It is not a misprint. Not $2500, not $250, but $25! I sold the property a month later for several hundred dollars. Does that kind of deal happen every day? Of course not! But it does happen.
So, how do you find these kinds of deals. If you don't know the regulation in your state, call your county money person, whether its called the Treasurer or Tax Collector and ask what the procedure is for delinquent taxes. They should be able to tell you when the next tax sale is.
Then call the appropriate department and find out what the procedure is for the properties that do not sell at the initial auction. Are they sold at another auction? Are they at a list somewhere that you can buy straight off of? Be persistent and you will soon find the pot of gold.
In summary, tax deeds can be super lucrative if you know where to look and what to ask. So like Nike says, "Just Do It!".
Your mid-year checkup: Get savvy about lowering your taxes
Are you still owing the IRS in taxes every year?Not a great situation to be in, is it? But there is still hope for this year. You have almost six months, in some cases a little longer, to make certain you owe less tax, and possibly no tax, next year.Here's a blueprint that outlines the keys to lowering your taxes and remaining audit proof. Follow these keys and you're guaranteed to lower your taxes by hundreds, if not thousands, of dollars!Key #1: Consider a Home Office Deduction Many taxpayers have avoided the home office deduction because it has been regarded as a red flag for an audit. If you legitimately qualify for the deduction, however, there should be no problem.You are entitled to write off expenses - such as rent, utilities, insurance, and housekeeping - associated with the portion of your home where you exclusively conduct business. A middle-class taxpayer who uses a home office and pays $1,200 a month for a two-bedroom apartment could easily save $1,200 in taxes a year. ...
Your mid-year checkup: Get savvy about lowering your taxes
Tax help > Your mid-year checkup: Get savvy about lowering your taxes
JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom
NORTH CHARLESTON, SC (ContentDesk) December 9, 2004 -- We've all heard the horror stories: Someone you know received an audit notice from the IRS and is afraid they'll lose everything.
Well, JK Harris, the nation's largest tax resolution firm, says an IRS audit notice does not always signal financial doom. Headquartered in North Charleston, S.C., JK Harris & Company (www.jkharris.com)represents hundreds of clients every year at IRS audits.
However, having to actually attend an audit is not always a requirement, according to JKH Executive Vice President of Operations Charlie Jones."Getting an audit notice from the IRS is not necessarily a death sentence," said Jones, a 33-year veteran of the IRS and an Enrolled Agent.
"It is true that many people have to meet in person with an IRS Revenue Officer, but many times the reason for an audit can be something as little as confirming an entry on one...
Tax help > JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom
Making Your Business Legal
It's important that your business be on the "up-and-up"right from the start. Taking care of the legal issuesassociated with starting a new business will keep you out of hot water in the future. Here are the first steps you need to take:1. Register Your Business NameYour business name must be registered if it is somethingother than your full legal name. This is a way of informingthe public that you will be doing business as (DBA) anassumed, or "fictitious" name.
Generally, a search is done to ensure your name is not already in use, and anapplication is submitted to make it official. Some statesrequire a notice be published in the local newspaper. Thedetails of registering varies from state to state, so checkwith your state office or county clerk for specifics.2. License Your BusinessLicensing of your business depends on the type of businessyou plan to start. Licensing occurs on the state and/orlocal level.
Federal licensing is only necessary forbusinesses who engage in specific,...
Making Your Business Legal
Tax help > Making Your Business Legal
D&T Hosts Special Workshop on Goods and Services Tax
Deloitte & Touch will soon be hosting a workshop on Goods and Services Tax (GST). The GST collection accounts for almost one-fifth of the entire tax collection of the Inland Revenue Authority of Singapore (IRAS), which amounts to US$ 3.4 billion (This data is supported by the IRAS Annual Report for the financial year 2004-2005). Hence, the IRAS attaches a great deal of importance to GST and its registered collectors.
The said workshop is a one-day event and will be held on the 20th of July 2006 between 9:00 in the morning and 5:00 in the evening. It will be held at the Grand Plaza Parkroyal Hotel on 10 Coleman Street in Singapore.
GST has had a life of more than 10 years in Singapore but there are still some GST collectors who have to pay penalties to the IRAS for miscalculation of taxes in the form of less output tax or more input tax. The aforementioned IRAS Annual Report also shows that the GST and the amassed penalty amounts to S$ 117...
Tax help > D&T Hosts Special Workshop on Goods and Services Tax
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
IRS code allows for employers to implement a pre-tax Section 125 Cafeteria Plan as an employee benefit. This plan allows for unreimbursed insurance expenses to be paid pre-tax. Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact lenses, laser eye surgery, orthodontics, and more...Implementing a Section 125 Cafeteria Plan will strengthen your benefits program, save your company FICA taxes, and save participating employees 17% to 40% in taxes (depending on their income tax bracket). What other benefits can you implement that strengthen your benefits package and you can do so with little or zero out-of-pocket dollars?If your employees are paying any portion of the monthly insurance premiums, then to save FICA taxes, implement the Premium Only Plan (POP) portion of a pre-tax 125 plan. A POP allows for employees to pay their portion of the group insurance premiums on a pre-tax basis and is a good start to saving taxes for you...
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
Tax help > Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
Tax help
This page loaded in 0.04052 seconds.