BakerRipley’s Post

The recent property tax assessment freeze for seniors in Missouri has left counties grappling with uncertainty. As a tax assessor, it's crucial to address communication gaps and ensure property owners and taxing districts are well-informed. 🤔 Understanding the Confusion Counties are facing confusion due to the law's unclear language, leading to a hesitancy to implement the freeze. The impact on budgets for schools and public services raises concerns about potential tax burdens on younger property owners. 💡 Communication Solution To overcome this challenge, tax assessors should take the lead in transparent communication. Regular updates through newsletters, online forums, and informational brochures can help dispel misconceptions. Engaging with communities and clarifying eligibility criteria will foster trust and provide a clearer understanding of the law. 🔗 Collaboration for Clarity Collaborate with lawmakers, stakeholders, and community leaders to advocate for clearer legislation. A united front can contribute to legislative revisions that address concerns and provide a more equitable solution for all taxpayers. Communication and collaboration - the essentials of being a trustworthy assessor. 🌐💬 #TaxAssessment #PropertyTaxFreeze #CommunicationMatters #MissouriTaxLaws

Can the government steal your home? Maybe… if you get too far behind on your taxes. This very thing happened to a 94-year-old widow named Geraldine Tyler in Minnesota. She had over $15,000 of unpaid property taxes on her condo, and the government seized and sold her property to cover the back-taxes. They then sold the condo for thousands more than the $15,000 tax bill… and kept the profits! Can they do that? Well, as it turns out… no. Geraldine sued for those profits under the 5th Amendment, and the Supreme Court ruled in her favor in May 2023. This ruling will now overturn laws that allowed for “home-equity theft” in 12 other states. But even though they can’t keep the profits, that doesn’t mean they can’t seize your home, sell it, and keep the amount owed in taxes. If you’re behind on taxes, your home and property could be at risk. Don’t wait to get it figured out! As an experienced CPA firm serving the Tampa Bay and Hillsborough county area (including Valrico, Riverview, Tampa, and Brandon), Kamish & Associates can help. Contact us today! #taxplanning #taxes #accounting #bookkeeping #accountant #cpa #taxadvisor #tampa #tampabay #tampaflorida #realestate #backtaxes #propertytaxes

Imagine having to pay taxes on everyday services like getting your car repaired, hiring a landscaper, paying for childcare, or even taking your pet to a veterinary appointment. Or, owning a small business and having to pay taxes for accounting and legal services, shipping and delivery services, or advertising and printing. For Maryland residents and businesses, this could become a reality if the proposed House Bill 1515, deceptively titled "Sales and Use Tax – Rate Reduction and Services," becomes law. Learn how this law could affect you, and take action now ⬇️

Texas has 13 new constitutional amendments. Here’s what it means for Tarrant County. From property tax relief to water funding, Tarrant County agreed with the rest of Texas in approving 13 new constitutional amendments. https://lnkd.in/guTjRaAh #fortworthreport #amendments #tax #propertytax

Credits and Deductions Changes This Filing Season – Did You Know? As the April 15th filing deadline approaches, the IRS recently reminded taxpayers of several key tax law changes that took effect in 2023. Taxpayers should review these changes to avoid making errors on their returns. Standard deduction amounts increased significantly from 2022 to 2023, up to $13,850 for single and married filing separately status, $20,800 for heads of household, and $27,700 for joint filers and qualifying surviving spouses. The maximum Additional Child Tax Credit, which is the refundable part of the Child Tax Credit (CTC), also increased to $1,600 for 2023. Congress is considering legislation that would retroactively enhance the CTC itself. However, there is no need to wait for the result of those discussions to file your return. If a law change entitles you to a larger 2023 CTC than you have claimed, the IRS will automatically adjust your return, and send you a refund for the added credit amount. A K.A.D. Alliance, Inc. tax professional can help you determine how the 2023 credit and deduction rules affect your taxes, and file your return electronically to get your refund as rapidly as possible. #smallbusiness #smallbusinessbookkeeping #smallbusinessaccounting #smallbusinessowner #taxfiling #taxfirm #taxtips #savemoney #sanfranciscobayarea #bayarea #bayarearealtor #bayareahomes #sanfranciscobay #sanfranciscorealtor #trivalley #danvillerealestate #danvilleca #sanramonca #bishopranch #familyplanning #financialfreedom #financialadvisor #cpa #cpafirms #cpacommunity #taxcompliance #taxdeadline #taxseason #entrepreneurship #cozyliving #smartliving #healthyliving #restaurantfranchise #construction #repairservices #financialguidance #financenews #influencer #influencermarketing #youtubers #freelance #freelancephotographer #livermore #dublinca #walnutcreekhomes #walnutcreek #orinda #lafayette #hillsboroughcounty #hillsborough #communitybuilding

For all of those travel medical professionals out there, beware of where you work. Consider the tax consequences before you accept an assignment. For example in Vermont, 9% sales tax, high income tax rates, and high real estate taxes. All of these taxes impact your net pay. In NY for example they require nurses to participate in a disability program to which your not eligible for benefits, in addition to paying tax on other income you've earned outside of NY during your work stay in NY. You'll have to pay NY tax on interest income you've earned during your work stay in NY. So consult a tax strategist to learn the net effect on your income, not to mention the additional state returns you'll have to file. www.masteroftaxes.com

👀 Read this link for ⬇ ✅ New Missouri law to benefit taxes for seniors ✅ How Jackson County was not in compliance with tax assessment rules ✅ What to pay if the appeal is still processing #jacksoncountymissouri #propertytaxes #MAREI #RealEstateInvestors #KansasCity #LearnRealEstateInvesting #Networking #Community

From Robert Flach: WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?: * An “IRS reminder to storm victims in 4 states - File and pay by July 31; parts ofArkansas, Indiana, Mississippi and Tennessee affected”. * And Michael Cohn tells us “IRS warns of summertime tax scams” at ACCOUNTING TODAY. * Kay Bell reports “IRS ends most unannounced revenue agent home visits” at DON’T MESS WITH TAXES - “IRS ends unannounced revenue officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts.” To be perfectly honest I had no idea that IRS Revenue Officers made unannounced home visits to taxpayers to collect unpaid taxes and unfiled tax returns.  In my 50+ plus years as a tax preparer this never happened to any of my clients. * In a new BOBSERVATIONS post I talk about “The Real Teflon Don”. * The TAX FOUNDATION identifies “State Tax Changes Taking Effect July 1, 2023”. TTFN   http://dlvr.it/Ssrrjp #provocative #taxpro #opinion

From Robert Flach: WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?: * An “IRS reminder to storm victims in 4 states - File and pay by July 31; parts ofArkansas, Indiana, Mississippi and Tennessee affected”. * And Michael Cohn tells us “IRS warns of summertime tax scams” at ACCOUNTING TODAY. * Kay Bell reports “IRS ends most unannounced revenue agent home visits” at DON’T MESS WITH TAXES - “IRS ends unannounced revenue officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts.” To be perfectly honest I had no idea that IRS Revenue Officers made unannounced home visits to taxpayers to collect unpaid taxes and unfiled tax returns.  In my 50+ plus years as a tax preparer this never happened to any of my clients. * In a new BOBSERVATIONS post I talk about “The Real Teflon Don”. * The TAX FOUNDATION identifies “State Tax Changes Taking Effect July 1, 2023”. TTFN   http://dlvr.it/SsrrjF #provocative #taxpro #opinion

With Tax Day just a week away, I want to ensure Californians are aware of free filing services and valuable cash-back credits available to them. Millions of taxpayers are expected to qualify for the California Earned Income Tax Credit, and many will also get the Young Child Tax Credit. These credits combined can be worth hundreds or even thousands of dollars to California taxpayers and their families. #TaxDay #TaxDay2024 #TaxCredit #California #EarnedIncome #YoungChildTaxCredit