On April 18th, the 2016 tax season will come to a close—it’s not necessarily over by any means, but marks the IRS’s filing deadline (yes, there are extensions and other programs that extend out the season). And for many people this time of year is crazy and hectic, and they anxiously crowd into the offices of their favorite accountant to prepare their taxes before the season closes.

But don’t worry, take breath, there’s still a few weeks. However, while you are remaining calm, it’s important to take stock in whatever it is you plan to report on your 2016 taxes. When people rush they often forget things. It’s not good one way or the other to forget to report something on your taxes. Funny that the IRS will notice an omission benefiting them, but will never contact you on an omission benefiting you.

So, look out for yourself, and make sure everything gets reported. You don’t want to miss any deduction on your taxes. While we make a big deal over what taxes mean, for most of us, taxes mean a refund, and getting as much money as you are entitled; conversely, for those of you that owe on your taxes, you will want to account for every deduction that could potentially get you to owe less.

Remember all those charitable contribution, those mileage logs, all the childcare paperwork you have paid out in the last year, etc. Also, for those of you who wait, your accountant may notice your missing something from your file, and, in that event, you will request an extension until the proper paperwork can be supplied, and, for those of you relying on your 2016 tax return, forgetting important paperwork will greatly slow up the process. The IRS claims that, for most people, it takes three weeks and under to receive money via direct deposit.

Call and make an Appointment!

If you have yet to schedule a tax preparation appointment, call today, or as soon as possible, to have your taxes prepared by the professionals at Practical Taxes.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.

Property Tax

Property taxes are beneficial because they support many of our community’s public services. Property taxes can support schools, police and fire, parks services, and street maintenance. But, because most people pay different, varying sums in property tax, it can be confusing to know if you are paying your fair share, or too much. The following is the how/why of property taxes.

Tax Assessments

Tax assessments are the basis for all property tax. These assessments are based on how much a home is worth. Usually, the higher a home’s value, the higher it’s property taxes. This is something to consider if you are planning to trade-up for a new home, know your property taxes will likely be assessed at a higher rate, because the new home possesses a greater value. This could also be true of the neighborhood, if the other houses in the neighborhood are considered to have considerable value. That value will likely be figured into the assessment of your new home (even in the case of buying a less expensive home in a neighborhood). The reasons for this is that a tax assessment is conducted by an assessor who groups together comparable homes, comparing all the home’s in the value range, and comes up with a tax figure that they determine to best assesses the home’s value. It’s a process akin to a home appraisal, however everything, including neighborhood, etc. is put into consideration.

Appeal your Property Tax Rate

It’s not unheard of to appeal your property tax rate. There’s formal processes for those folks thinking that the assessor may have missed something in determining a home’s value. Reasons for appeal are varied, but the most common could include: incorrect assessments of the home’s square footage, missing something like an addition, or possibly even incorrectly determining the number of bedrooms within the home. It’s times like these your accountant is ready to help you get through the appeal process. You can hire also a home appraiser, who may come in, and do a private assessment as to a home’s value.

If you find yourself struggling with property taxes, or just have tax questions in general, give us a call today.

Practical Taxes

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