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What is The Importance Of Tax Planning

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It can be hard to plan ahead – especially when you’re busy managing your day-to-day work, home and social life. But while procrastinating on your holiday shopping or forgetting to schedule that oil change might not be a huge deal in the grand scheme of things, the same can’t be said of forgoing tax planning.

In today’s red-hot real estate market, the importance of tax planning – particularly property tax planning – can’t be stressed enough. Planning ahead on your property taxes can:

  1. Reduce your tax burden. Today’s properties are woefully over-valued, and that means today’s property owners, for the most part, are overpaying on their property taxes. By planning ahead and working with a property tax consultant early on – before your tax statement hits the mail, you have a better chance of reducing your property’s appraised value and the taxes you owe on it.
  2. Give you more time to plan for the taxes you’ll be responsible for. Preparing also helps you better prepare for the payment you will have to make. Rather than having just a few weeks to pull together thousands upon thousands of dollars, you’ll have months. Then you can save incrementally over time.
  3. Help you avoid costly penalties and fines. What’s worse than overpaying on your property taxes? Paying penalties and interest on that already too-high tax bill. By planning ahead, you can ensure your property tax protest and tax payment is done well before the February 1 deadline.

The importance of tax planning is abundantly clear. If you’re a property owner and don’t want to end up paying hundreds or even thousands more than you should in property taxes this year, the time to start preparing is now. Fill out our quick, three-minute form, and we’ll handle your property tax protest.

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