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October 21, 2017

Are you paying more taxes than is necessary? Useful tips to lower your property taxes

tax for the propertyIt is the duty of every citizen to pay taxes to the government so as to aid with national and regional developmental objectives. It’s a crime not to pay your taxes and you could face a jail term if you knowingly or unknowingly fail to make your tax payments. If you own property, whether residential or commercial, you have to make regular payments to your local and federal government in the form of property taxes. The amount you pay as property tax depends on the size and value of your property with those with large property investments paying more taxes for their property. However, the tax man may make errors when determining the value of your home and you could end up paying more than you should in taxes. If you feel that you are paying more taxes than is necessary, there are a few things that you can do to solve the situation and here are some of them.

1. Visit your local tax office.

The first step in rectifying your tax situation is to visit your local tax office. Once at the tax office, inquire to find out the valuation of your property as per their recent analysis. If you have issues with their valuation, inquire to find out what one needs to do to file an appeal. If there are fees to be paid and forms to be filled, let them tell you how much you should pay and the where you can find the tax appeal forms. It is important to do everything according to the law as deviations reduce your chances of getting your tax appeal approved.

2. Get independent appraisal.

You should hire an independent appraiser to determine the value of your home for your tax appeal. Your property may have depreciated in value from the last time the taxman assessed it and an independent appraisal will help you determine by how much. Such professionals are not free and you will have to pay for their services. The upside is that you will be able to determine the true value of your home for your tax appeal.

3. Limit outdoor construction.

Outdoor structures increase the value of a home and as a result, you will have to pay more taxes for your property. Such structures include garages, carports and outdoor shades. If you want to lower your taxes, you should, therefore, strive to limit the outdoor structures in your home or at least wait until after the next property assessment by the taxman.

4. Check with your neighbors.

If the homes in your neighborhood are the same, then you and your neighbors should be paying similar taxes for your property. You should, therefore, check with your neighbors to find out how much taxes they are paying for their homes. If you find any disparities, raise that issue with your local tax agency.

Conclusion.

Paying taxes is very important but if you find yourself experiencing difficulties in paying them and your other bills, you should consider filing for Bankruptcy in Toronto.

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July 26, 2017

Save Tax with Mutual Funds: 5 ELSS TO Help You in Tax Saving

save your taxEquity-linked saving schemes, or ELSS, are essentially close ended mutual fund schemes that offer tax benefits under the section 80C of the Income Tax Act, which means that you can reduce your tax liability. Such funds do not have any restriction on number of shares issued. They are diversified thereby allocating capital in a variety of assets in a way that reduces exposure to risk thereby mitigating loss schemes offered through mutual funds.

The unique feature of this scheme is that one can avail a maximum deduction of Rs. 1.5 lakh invested into these funds from his/her income during a financial year. This in turn, would help in saving tax of up to Rs. 46,350/- (if one falls in the highest income slab) during a financial year. ELSS also offers greater liquidity as the lock in period in these funds is only 3 years in comparison to PPF which has lock in period of 15 years. Further, by choosing for the ‘Dividend Payout’ option in the ELSS, investors can receive tax free dividends from their investment prior to the maturity of the scheme. Thus, these funds are efficient tax saving investments with the least lock in period and a superior performance track record.

This is a hugely underappreciated advantage of investing in an equity-linked saving schemes. Many prefer instruments such as Public Provident Fund, life insurance policies that are comparatively long term instruments where the primary goal of investing is either safeguarding your loved ones after you are no more or in the case of PPF whereby the idea to save for retirement.

While one can look at ELSS purely from a tax saving perspective of saving taxes, they can also serve as investments towards long term goals. The equity element in ELSS allows investors to systematically create wealth in the long run.

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May 6, 2017

Financial refreshment ideas which will bring you money this 2017

financial sourcesIf you are financially stable and successful in your life then you can go ahead and gamble some money away. Below are some ideas where can you wager your money on, as well as some top ways of earning more money. However, people always argue that these are not the right ways of obtaining more cash.

Different countries do have different tax structures for this income and your service charges will be more than your normal earnings taxes, so the deductions will take a higher portion of your total profit. The reason behind this taxation is that you have put less effort & thus got more money. But also here there is a high chance of losing everything. Means this is a game of no risk no gain.

Below I have listed 3 ways you can do this:

Earning money from lottery: If you are a huge fan of winning the lottery, that means you want to earn big. However, there is no assurance whether you will definitely get the money or not. Many people have lost their entire savings by investing in lottery tickets and yet they didn’t get anything.

Earning scope in casinos: Many night clubs do have casinos inside them & youngsters are very interested in clubbing, roulette and poker. This is nowadays one of the best & most popular mediums for refreshments. In casinos the winning stake can be huge if you know what are you doing, otherwise you might end as a big looser.

Earning by involving in sports betting: Many people in this world are into betting and there are many renowned betting sites like the ones listed on BettingTop10, where people can indulge in their favorite sports odds. Some are even earning few extra bucks but you have to be aware of the fact that there are many scammers all around, so you need to go for the correct one after doing your home research.

For me I am a simple family guy who doesn’t like clubbing a lot & I am always finding my refreshments in my family. I am not very rich, but yet I feel financially established. I have never tried the above mentioned ways of making money so I can’t be of much help if you would like to give them a go, but as a financial blogger I like to cover all sides of financing and all alternative ways of earning money.

I am very proud that you all are loving my blog & also sharing your valuable feedback. So, I’m looking forward to seeing your feedback for this post also. Finally, these money earning ideas in 2017 have included few nontraditional ways of earning money. But ultimately remember to work hard & then expect higher gains.

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April 14, 2017

Finance Your Travel Smartly

smart finance tripHoliday plans are often spontaneous and happen when you’re desperately in need of a break from the monotony of your life. Suppose you are planning a family vacation when your spouse or kids have holidays but your funds are a bit tied up. Should you postpone your vacation till you have the money? Absolutely not! Instead of being disheartened by thinking that you do not have sufficient funds at the moment, you can simply plan a vacation with a personal loan.

You can finance your travel smartly by availing a personal loan. Based on your credit history& income source, the eligibility and amount will be determined and accordingly the tenure and repayment conditions for the loan will be laid out. Salaried individuals find it easier to avail personal loans as compared to self-employed businessmen. However, if you have filed tax returns & all company documents are in place, even self-employed individuals can avail a personal loan without providing collateral.

An online personal loan is extremely easy to avail and rarely require any form of collateral. If you meet the eligibility criteria set by the lending institutions and have the necessary documentation in place, there is a definite chance your application will get an approval. In fact, these days online personal loans can be completely paperless with online submission of scanned id and residence proof.

How do personal loans compare with credit card EMIs? There are tax benefits for personal loans. You can claim income tax benefit under Section 24 on personal loan which offers an overall interest benefit of 1.5 lacs for tax exemption. In addition, extending your credit card to finance your travel is not a good idea as they have predefined credit limits that may not suffice the amount you need for your travel.

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February 7, 2017

How much travel insurance costs?

get insurance to travelYou have finally decided to take the vacation that you were planning since ages. Or perhaps,you have just got promoted and there is a business trip that needs to be undertaken as part of training. More often than not, such trips would entail traveling abroad. In either case, getting a travel insurance cover for your trip is a must. It will ensure that you are safeguarded against any accident or mishap that may occur during the trip.

When you undertake a trip through a travel company, often you would be given the option to buy travel insurance. In case you are traveling on your own, you would be presented with the option of travel insurance too while booking flight tickets. In both cases, you would be informed about the travel insurance premium that would be incurred. Ever wondered how this premium amount is calculated? What are the factors that come into play in finalizing the premium figure? Read on to find out how much your travel insurance cost.

There is a multitude of factors that determine the travel insurance premium. The thing here is, insurance cover cannot be generic. Every individual has unique needs that necessitate a customized insurance cover resulting in varying premiums. Generally speaking, the factors can be broadly classified into the following –

  • Level of coverage

The level of coverage determines the degree of protection you would be entitled to during your travel. This is something that needs to be decided by a careful examination of risks involved during your trip. First of all, you need to check the country you are visiting. You should check how safe it is. For instance, if you are traveling to a country that is not politically stable or is embroiled in a civil war, your travel premium is going to increase significantly. On the other hand, if you are traveling to a country that scores high in the security domain, you travel insurance will cost you less.

  • Nature and/or length of the trip

Next, the nature of the trip is also something that determines the travel premium. A business trip is likely to cost you less since the risk factor is low. On the contrary, if you are undertaking an adventure trip that involves activities like bungee jumping or skydiving, you would need to pay more. Additionally, the trip duration also needs to be given a thought. If you are going to travel to the same place, say thrice during the year. It will be a good idea to get an annual policy at a reduced travel premium.

  • Type of coverage i.e. Individual or Group

In case you are traveling alone, it’s pretty obvious that it will cost you less. In the case you are accompanied by yourfamily, you should opt for a group travel insurance rather than getting individual coverage to save money.

  • Age

Lastly, one of the most important factors is age. Your travel insurance premium will be significantly lower if you are younger. This is because you are less prone to health related risks. Typically, insurance providers have separate plans for senior citizens and require medical check-up.

With the understanding of these pointers, you should get a fair idea of the cost associated with your travel insurance.

For more information on travel insurance policy Click Here

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