Bence Property Tax Management
Bence Property Tax Management – We have all been warned for the past year that property taxes are going to be higher, much higher due to the massive increase in overall property values over the past 18 months.
Missoula County Clerk and Treasurer Tyler Gernant spoke to KGVO News bright and early Monday morning with the news.
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“You’re going to get the same style of property tax bill that you’ve had for the last few years,” Gernant said. “All of these will be mailed by October 28th
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, so you should have them in your mailboxes either later this week or early next week. They are also all available online and have been for about a week now. So if you go to Missoula taxes.us, you can look up your tax bill by either your personal number or your name.”
The last time KGVO spoke with Gernant, he said the worst of the property tax increases would come this year, and he was right.
“I hate to say I told you so, but these changes were made. For probably the vast majority of people, your taxes went up,” he said. “For a lot of people, they went up quite a bit. There are, and I say this every year, there are some sort of magical unicorns whose taxes went down and their assessed value went down. They’re few and far between, but they do exist. For most people increased your taxes, and for many people they increased a lot.”
Gernant had advice on where to apply for relief for those who have a complaint about their property taxes.
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“The first thing I do is encourage you to go online,” he said. “The Department of Revenue has a property record card, and if you go to the Montana Department of Revenue website and make sure everything that’s on your property record card is accurate, because that tends to be the biggest cause of errors and higher taxes. It could be that there’s a basement that doesn’t exist, or maybe you’re being taxed for a shed that you no longer have, so that would be the first step for you to make sure it’s correct.”
A very important point that Gernant wanted to make was that your property taxes must be paid on time or there are significant penalties.
“There’s a pretty stiff penalty if you pay just one minute late,” he said. “So we really recommend that you pay on time. That’s two percent of what the tax payment was. So if you owed $100, you would have a penalty of two percent or two dollars immediately when you pay it late. On top of that, there’s an interest component that charges 10 percent a year that’s going to be on the overdue payment, so it’s going to be pretty stiff. The bit of good news is that if you send your tax payment by post, the date of the postmark is what we use. So you can send it any time up to the due dates and we’ll still be considered a timely payment.”
Tax payments for the first half of the year are due no later than November 30, 2021. Use the pre-printed coupon you receive in the mail, or you can pay online.
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With the endless number of memes scattered across the internet, it’s hard to keep track. Just by the time you’ve understood the meaning of a funny meme, it’s already become old news and replaced by something equally enigmatic. Online forums like Tumblr, Twitter, 4chan, and Reddit are responsible for a majority of meme infections, and with constant posting and sharing, finding the source of an original meme is easier said than done. Stacker scoured Internet resources, pop culture publications and databases like Know Your Meme to find 50 different memes and what they mean. While the almost self-replicating nature of these vague symbols can become exhausting, at their core, memes can also bring people closer together—as long as they have Internet access. Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.
Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your advantage to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions legally available to you.
Although tax evasion planning is legal, tax evasion – the reduction of taxes through deception, lying or concealment – is not. What often separates tax evasion from tax evasion is the IRS’s determination that there was fraudulent intent on the part of the business owner. The following are four of the areas that IRS examiners commonly focus on that point to possible fraud:
Countless tax planning strategies are available to small business owners. Some are aimed at the owner’s individual tax situation and some at the business itself, but no matter how simple or complex a tax strategy is, it will be based on structuring the strategy to achieve one or more of these often overlapping goals:
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To plan effectively, you need to estimate your personal and business income for the next few years. This is necessary because many tax planning strategies will save tax dollars at one income level but will create a larger tax bill at other income levels. You want to avoid having the “right” tax plan made “wrong” by erroneous income projections. Once you know what your approximate income will be, you can take the next step: estimate your tax bracket.
The effort to come up with crystal ball estimates can be difficult and will be inherently imprecise. On the other hand, you should already be projecting your sales revenue, income and cash flow for general business planning purposes. The better your estimates, the better the chances that your tax planning will succeed.
Entertainment expenses are legitimate deductions that can lower your tax bill and save you money, provided you follow certain guidelines.
In order to qualify as a deduction, business must be discussed before, during or after the meal, and the surroundings must be conducive to a business discussion. For example, a small, quiet restaurant would be an ideal place for a business dinner. A nightclub would not. Be wary of places that include ongoing floor shows or other distracting events that inhibit business discussions. Primary distractions are theater venues, ski trips, golf courses, sporting events and hunting trips.
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The IRS allows up to a 50 percent deduction for entertainment expenses, but you must keep good records and the business meal must be arranged for the purpose of conducting specific business. Good appetite!
If you use your car for business, such as visiting clients or going to business meetings away from your regular workplace, you may be able to take certain deductions for the costs of operating and maintaining your vehicle. You can deduct car expenses by taking either the regular mileage rate or by using actual expenses.
Mileage reimbursement rates for 2015 are 57.5 cents per mile. business miles (56 cents per mile in 2014), 14 cents per
If you own two cars, another way to increase the deduction is to include both cars in your deduction. This works because business miles driven are determined by business use. To calculate business use, divide the business miles driven by the total number of miles driven. This strategy can result in significant deductions.
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Whichever method you decide to use to take the deduction, always make sure you keep accurate records such as a mileage log and receipts. If you need help figuring out which method is best for your business, don’t hesitate to contact the office.
The home office deduction is possibly one of the most difficult deductions to ever hit the block. Still, there are so many tax advantages that it will be worth the trouble of navigation. Here are a few common home office deduction tips that can make tax season significantly less traumatic for those of you with a home office.
Try displaying your home phone number and address prominently on business cards, have business visitors sign a guest log when they visit your office, deduct long distance phone charges, keep a time and work activity log, keep receipts and paid invoices. Keeping these receipts makes it so much easier to determine the percentage of deductions later in the year.
Section 179 expenses for the 2015 tax year allow you to immediately deduct, rather than amortize over time, up to $25,000, capped at $200,000 (down from $500,000 and $2,000,000, respectively, in 2014) of the value of qualified business property that you buy
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