To Cheat on Your Property Tax May Not Be a Good Idea

Everybody wants to keep as much money as possible in his/her own pocket that is understandable. And may be the reason to cheat on your property taxes and therefore you do not tell your tax appraiser about the alteration that you have done to your home – your new addition or your new pool without the proper permits from the city and the adjustment to the property taxes.

But that is not a good idea in our technological new world. Each person has a cell phone and we record and document everything want we see and what we do and post it right away to the social networks everywhere not realizing that we expose not only ourselves but also our neighbor. And don’t forget, what you can do, the tax appraisers can do too but only on a much higher level.

The property appraisers are normally not allowed to trespass your property for their assessment pictures and when you have a fence they are not allowed to peek over it. However, they have something much better for their purposes – the aerial pictures and this services is legal for them and you can do anything against that. Therefore you should think twice when you enhance your property with items like a pool without getting a permit and a tax adjustment. It is only a matter of time until the property appraiser will notice it.

On the other hand you should not forget, that your property tax is used for your own good. Your taxes pay for schools, fire department, the sheriff or police and the hospitals. Therefore when you cheat on the property taxes you only hurt yourself and your family.

You have any questions to this topic? You can reach us at andrea@florida-informations.com.
In Real Estate always on your side -  http://www.amazon.com/Your-Residence-Paradise-Property-Purchase/dp/0986252913

Florida is Nationwide the Number 2 State when It comes to Business

In new survey over 500 CEO were interviewed and asked to rate their business home state in regards to the regulatory environment. Florida made it on place 2 behind Texas for the most desirable states to open a business.

The reason for this decision is the economic growth of the state that is also pushed by the governor with is pro-business laws. The state of Florida has no person income tax and favorable tax rates for business.

A further big benefit for business is the transportation and infrastructure. Florida has several big ports that not only connect the countries within the Caribbean but also to South and Central America and eastward to Europe and Africa.

The state with the worst rank for business is California and it has this status for the last 10 years. Therefore think twice where to open your business.

Want to know more how to do business in Florida? Contact us at info@florida-informations.com. We are always on your side. 

Why You should consider Florida as Your Business Place

Every business owner is constantly on the hunt for the best tax and growth location and in Florida you will find both.

The State of Florida is very favorable because it has no state income tax, only federal income taxes need to be paid. The state has also reduced business taxes and that is a further benefit for the employers from other states and worldwide. With this initiative the Governor wants to attract new businesses and stimulate the employment market. During the recession was Florida one of the hardest hit states.

Florida is also a hub for international business opportunities and trade. The southeast ports and freight facilities are tight connected to the Caribbean and Latin American region as well as Europe and Africa. One of the most promising trade opportunity for the future is Cuba which is right in front of the door step of Florida.

The state of Florida is number five when it comes to foreign employees and many Floridians speak a second language besides English. Florida welcomes foreign investments especially in the EB-5 category and offers many business ventures to be successful.

You want to know more about your business opportunities in Florida? Let us assist you and contact us at info@florida-informations.com.

 

 

Do not forget the real estate deductions in your tax return filings

There are not only tax deductions for the new home owners but also for the existing home owners as well as foreign nationals. Which kind of tax deductions you will get depends on your  personal situation and on your resident status.

As an US citizens you can deduct from your annual income the mortgage interests and the mortgage insurance costs as well as the local real estate property. These tax reliefs are not to underestimate and you will get a tax return quickly from the government when you have timely filed your taxes before April 15 deadline. These tax refunds are certainly welcomed by everybody and sweetens the monthly tax payments that come with the pay check.

The before mentioned tax reliefs do not apply for foreign nationals when they do not earn income that is taxable in the US. However, for the foreign nationals there is a tax deduction available when they sell their home to buy a bigger one or liquidate their assets.

The seller, in this case the foreign national has to pay FIRPTA – tax on the capital gain that he/she makes in the sale process. But this owed FIRPTA tax amount can be reduced by the improvement costs that were done in the property and the legal costs that are related to the real estate transaction.

When you want to get your FIRPTA taxes back completely or partial you as the foreign national seller have to file income taxes too in the following year after the sale of your home.

This information is only a quick and partial overview and you as the taxpayer should discuss your individual tax situation with a tax professional.

For questions about how to get your tax paperwork started please contact us at andrea@florida-informations.com

Do you know the most affordable tax states in United States?

Everybody wants to save and that applies especially when it comes to taxes. In this field we are all the same and want to keep as much as possible in our own pockets. Everybody is working hard for their meat on the table  and the prices for the groceries, gas, restaurant and health are constantly rising while the wages do not increase at the same rate.

When you have job from 9 to 5 at a specific location, then you are bound to that working space. Also when you have your own business or tight family connection your living spot is defined by that circumstances with its state tax rates.

In case you are free to decide where to live and you are not tight to the job location, then you have the opportunity to reside in states where the tax rates are more favorable for you and your lifestyle.

In a study the states have been examined where the tax burden is the lowest and Florida was ranked on spot number 7 behind states like Alaska, Nevada and Tennessee to name only the top three.

Here is a little inside into the Florida tax rates. A Floridian pays

3.14 % of the income for sales taxes (this tax is calculated on all goods except food)

2.40 % of the income for property tax (only paid by home owners, tenant do not have this expense)

0.02 % of the income for income tax (this tax is the Federal income tax, Florida has no State income tax)

The total tax percentage is 5.56 % of your total income. That is a great number in comparison to many other countries in the world. 

Please keep in mind this is a statistic calculation to give you a hint about the taxes situation in Florida and it is not a tax advice.

For further questions you can contact us at info@florida-informations.com