Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Property Taxes In Cook County
When you buy a home you have to pay property taxes every year. If you feel your property taxes are too high you can contact your local tax assessor's office to dispute the value of your property and potentially lower your taxes. Learn how the property tax process works in Cook County, IL, where Chicago is located.
Frequently Asked Consumer Questions
Where can consumers find their free annual credit report? How can consumers cut telemarketer calls? What do consumers need to know about estate planning? Here is consumer advice to answer common questions.
The Real Estate Investor’s Tax Guide, 4th Ed.
The Real Estate Investor's Guide by Vernon Hoven helps real estate professionals and property owners understand the complicated area of real estate in...
Capital Gains Tax Cut Could Help Sellers
Today, you can keep up to $250,000 in profits tax-free when you sell your home, as long as you've lived in the home for two of the last five years. If you're married, you and your spouse can keep up to $500,000 in profits tax-free. But what happens if you have profits that exceed those astonishing numbers? If you've owned your home for 30 or 40 years, it's entirely possible that your profits will exceed the tax-free limit.
It’s Tax Day
It's tax day, and if you haven't filed yet, you've still got about 12 hours to get your return i the mail. There are even faster ways to get your return to the IRS without going through the U.S. Postal Service. The IRS is pushing hard to get more Americans to file electronically.
Simplifying Tax Returns With Online Programs
Once you've got your deductions lined up, wouldn't it be nice to know where your W2 is? Especially now that it's tax time? A new online payroll service called Surepayroll allows you to access your pay information, 24/7 from any computer in the world with internet access. Other programs allow you to calculate the exact deduction value of your charitable donations and contributions.
Income Tax Filing Help Comes From City
You may want some help in filing your income taxes electronically and not know where to go. The City of Chicago offered free income tax filing help to residents including filing for the earned income tax credit. Mayor Daley encouraged income tax filers to sign up for bank accounts so they could have their income tax refunds direct deposited.
Taking Capital Gains Tax Free
A change in the tax code now permits you to take up to the first $250,000 in profits tax free when you sell your home. If you're married, you can take up to $500,000 in profits tax free. You must have lived in this home as a primary residence for 2 of the last 5 years. If you've lived in the home less than 2 years, you may take a proportionate share of the profits tax free.
Update On Tax Changes
In 1997, the laws that taxed the profits from the sale of your primary residence were changed. Out went the 24-month rollover replacement rule and the one-time exemption. However, many tax questions remained unanswered.
Tax Tips For The End Of The Year
At the end of the year you can take some steps to prepare for your taxes for the next year. You can prepare for taxes by saving money to your 401(k) account or prepaying your mortgage. What else can you to do prepare for filing your taxes?