#income tax planning for real estate in Houston

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Income tax planning for real estate in Houston

The real estate sector plays a pivotal role in the financial growth of a country, with property transactions influencing various tax implications such as capital gains tax, depreciation, and passive activity loss. For comprehensive tax planning and guidance, turning to the experts at Mitchell Tax Law is crucial. Our knowledgeable tax advisors ensure compliance and help individuals maximize tax benefits.

In the realm of real estate in Houston, effective income tax planning for real estate in Houston is particularly crucial, and depreciation stands out as a powerful tool. Property owners are permitted by the IRS to deduct a portion of property costs, making depreciation a key element in tax planning strategies. The attorneys stay informed on state regulations that may impact clients in their income tax planning endeavors.

The range of services offered by Mitchell Tax Law extends to assisting clients with compliance and negotiation related to property taxes. With a wealth of knowledge, our tax attorneys provide advice on various tax issues. Whether it's navigating capital gains tax, leveraging depreciation benefits, or addressing passive activity losses, Mitchell Tax Law stands ready to help. Discover how our experts can support you in navigating the intricate landscape of real estate tax planning. For personalized assistance and expert guidance in all matters related to tax compliance, reaching out to our team is just a call away.

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How to Save Money on Your Next Project with a Design Build Company in Houston

According to recent data, home prices in Houston rose by 6.5% from the previous year, and that’s for all the good reasons. Texas has no state income tax, and the mild winters and rarely freezing temperatures along with the low cost of living make Houston a thriving real estate market. However, is construction that easy in Houston’s dynamic market range? Well, the answer is no it’s not. Real estate projects are some of the most complex and expensive investments that anyone can undertake. That’s why it’s essential to save as much money as you can with a design-build company. Wondering what a design-build is, how it works, and how can it help you save money in the long run? Here you go!

Source: https://www.houstonproperties.com/houston-relocation/houston-growth-statistics

A Brief Overview

Remember those old days when you were making a home, or renovating your old space, and you had to buy tiles from one company, faucets from another, and fixtures from somewhere else. Well, gone are those days and the time, effort, and money you had to spend with them because now the design-build approach is there. Here, one firm is responsible for everything from start to end. The architect, contractor, or engineer is in charge of all the project phases, and they handle everything from conceptualization and planning to engineering, design, and construction management.

You don’t have to lift a finger because design-build contractors oversee all aspects of the final product, including mechanical systems, electrical plumbing, layouts, etc. So, in case something goes wrong, you have a single point of contact to get these issues resolved. In addition, the contractors following the design-build approach also provide a detailed Scope of Work (SOW), which outlines every aspect, including the materials, estimated cost, timeline, or any other relevant information.

How Can Design Build Construction Help to Save Money?

Instead of hiring multiple vendors or workers, when you hire a single team to oversee the entire project, you benefit from a more accurate scope and timeline. In addition to having a defined budget for the work, you also get the liberty to track expenses and maintain a comprehensive understanding of all the costs during the entire project.

Besides, when working with a design-build company, you don’t have to run to a new entity every time you have a problem. With a single source of accountability throughout your project, you can avoid cost-intensive change orders that often come from bouncing back and forth between engineering teams and design. A professional design-build firm has existing connections with subcontractors and industry professionals. So, while keeping all your construction needs under one roof, you also save the trouble of vetting and negotiating to complete the work needed for your project on time and within budget.

Need more information on how you can save money by hiring design-build contractors in Houston, or want a personalized estimate? Our team of seasoned contractors at Marwood Construction is just a call away! 

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The Dos and Don'ts I Learned From Online Real Estate Auctions in Houston

The Dos and Don'ts I Learned From Online Real Estate Auctions in Houston

When I purchased my first property through an online auction in Houston, I picked up some valuable insights about the real estate market. I discovered that knowing a property inside and out before making a bid is key. Your aim should be to make a smart bid, not just the highest one. It's about good timing, a grasp of market trends, and having a clear financial plan.

I want to share the bidding strategies that worked for me. For instance, I once set my maximum bid based on the current rental rates in the neighborhood, ensuring that I could cover my mortgage payments with rental income. This approach helped me bid with confidence.

After winning an auction, it's important to act promptly to complete all the necessary paperwork and consider how you'll handle property management. For those looking to invest or just starting to look into online real estate auctions, there are certain practices to follow and pitfalls to avoid based on my experiences.

One practical step I took was using HousingAuctionsUSA.net to find local foreclosure auction listings. This site was a starting point for me to identify potential properties and understand the auction process better.

Remember, a successful online auction purchase isn't just about winning the bid; it's about strategic planning and understanding the full scope of what you're getting into, from initial bid to property management.

Mastering Due Diligence

When I got into online real estate auctions in Houston, I quickly realized how vital it's to know every detail about the properties I was interested in. I remember one of the first auctions I participated in. There was this property that looked perfect in the photos, but when I dug deeper, I found out it had unpaid taxes that were almost as high as my bid! That's when I made it a point to always check the property's history for past sales, taxes, and any legal issues that mightn't be immediately obvious.

I also pay close attention to zoning laws and restrictions. Once, I was eyeing a property for a small bakery I wanted to open, but upon checking the local regulations, I discovered it was zoned for residential use only. That saved me from a bad investment. Now, I always make sure the property fits my plans before I get attached to it.

Learning the rules of each auction is another thing I focus on. I recall bidding on a property without realizing there was a 10% buyer's premium, which added a significant amount to my bid. Now, I always look for extra fees before I decide on my maximum bid. I examine where the property is and the local market. I look at the neighborhood, check out how businesses are doing nearby, and compare property prices in the area. This helps me figure out a realistic value online real estate auction websites for the property. Doing this homework paid off when I bought a property below market value in an up-and-coming neighborhood, which turned out to be a great investment as the area developed.

Strategic Bidding Tactics

As someone who regularly participates in online real estate auctions, I've developed specific tactics to win bids without spending too much. They help me stay competitive and careful with my spending. Here are the details of my approach:

Decide on a Top Bid: I always figure out the most I'm willing to spend based on the property's worth, condition, and how much I might

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Unlocking Opportunities Buying Commercial Mortgage Notes in Texas

In the dynamic landscape of real estate investment, one avenue that savvy investors are increasingly exploring is the purchase of commercial mortgage notes. Texas, with its vibrant economy and diverse real estate market, presents a promising arena for those looking to capitalize on this unique investment strategy.

Understanding Commercial Mortgage Notes:

A commercial mortgage note is essentially a financial agreement that represents a debt owed by a borrower to a lender. When a commercial property is financed, the lender issues a mortgage note outlining the terms of the loan, including the principal amount, interest rate, and repayment schedule. Investors have the opportunity to buy these mortgage notes from the original lender, essentially stepping into the shoes of the lender and assuming the rights to receive payments from the borrower.

Why Texas?

Texas boasts a robust and diversified economy, making it an attractive destination for real estate investment. Cities like Houston, Dallas, and Austin have witnessed significant population and job growth, driving demand for commercial spaces. The state's business-friendly environment, low taxes, and pro-growth policies further contribute to the appeal of investing in Texas.

Benefits of Buying Commercial Mortgage Notes in Texas:

Steady Cash Flow: Investing in commercial mortgage notes provides a steady and predictable cash flow. As the note holder, you receive regular payments of principal and interest from the borrower, offering a reliable income stream.

Risk Mitigation: Unlike traditional property ownership, buying mortgage notes allows investors to mitigate some of the risks associated with property management. The investor is not responsible for property maintenance, repairs, or tenant issues, as these responsibilities fall on the borrower.

Flexibility and Control: Purchasing commercial mortgage notes provides investors with greater flexibility and control over their investment. They can negotiate favorable terms with the borrower, modify the loan if necessary, or even foreclose on the property in case of default.

Potential for High Returns: Successful management of commercial mortgage notes can yield high returns, especially when the property appreciates in value. Additionally, the ability to negotiate favorable terms during the purchase of the note can enhance the overall return on investment.

Diversification: Including commercial mortgage notes in a diversified investment portfolio can serve as a hedge against market volatility. The performance of mortgage notes is often less correlated with traditional investments like stocks and bonds, providing a level of diversification.

Key Considerations When Buying Commercial Mortgage Notes:

Due Diligence: Thoroughly research the property securing the mortgage note. Understand its current market value, condition, and potential for appreciation. Additionally, assess the financial stability of the borrower.

Legal Expertise: Given the legal complexities associated with mortgage notes, it's crucial to seek professional legal advice. Understanding state-specific regulations and ensuring that all documents are legally sound is imperative.

Risk Management: Evaluate the risk profile of the investment. Assess the borrower's creditworthiness, the property's condition, and the overall economic trends in the local market.

Exit Strategies: Have a clear plan for potential exit strategies. Whether it's holding the note for steady cash flow, selling it to another investor, or pursuing foreclosure in case of default, having a well-thought-out exit strategy is vital.

In conclusion, buying commercial mortgage notes in Texas represents a compelling investment opportunity for those looking to diversify their portfolio and capitalize on the state's thriving real estate market. However, thorough research, legal expertise, and a strategic approach are essential to navigating the complexities of this investment avenue successfully. With the right diligence and understanding, investors can unlock the potential for attractive returns while contributing to the dynamic landscape of Texas real estate.

For more info:-

buy commercial mortgage note in texas

buy my residential mortgage note in texas

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Buyer's Ways To Get House Under Market Value

Looking for a residence or some other kind of house available today will make you feel as if you're at the conclusion of your rope. If you want some assistance available in the market and need some guidance concerning how to purchase real-estate, check out these ideas and explore your many choices. A significant hint for potential purchasers of real estate would be to workout fantastic treatment when picking realtors and property assessment specialists. Ensure to seek testimonials from individuals you have confidence in, and take time to confirm credentials and references. Getting a house is amongst the most significant monetary outlays in anyone's daily life, and it is therefore essential to enlist the aid only of these in whose skills is thoroughly recognized. When contemplating purchasing real estate found on or around a body water, research your options and view with all the county zoning place of work to ascertain if the house is in a zoned deluge simple. Flood insurance plan may add a fantastic expense to your house-buying finances and may even not make that house around the stream or maybe the one inside walking length on the seaside the best offer for your investment in addition to challenging to sell while you are prepared to shift. Even though it is very easy to find real-estate entries on the web, it is nonetheless in your best interest to use a real estate agent to do business with you. The broker will be able to respond to many inquiries that you have, deal with the documentation and evaluate info that you simply would have no idea necessary to by assessed. A single essential tip when it comes to real estate is comfort of traveling. This is important as you want to be sure that you do not stress your self having a very long or challenging travel to operate or perhaps to nearby retailers as this may lead to be sorry for gradually. Also make an effort to anticipate the neighborhood highways in most climate conditions for the area. An important tip to not forget with getting real-estate is to look for the house taxes in the community that you want to are living. This is significant since it may result in a make or break for your personal budget. Your property income tax price may range in thousands of dollars in either course based on the community costs. Ask you parents for money for an advance payment to acquire property. They may be able to provide it with for your needs straight up as being a gift item and get a taxation benefit for doing it, or they might be ready to really make it financing or co-indicator the mortgage for yourself. In either case, you can get the amount of money you need to get that home now, as an alternative to several years down the road. Just whenever you consider you're not having enough rope, you can utilize these pointers to provide some a lot-essential slack. Never allow the market place and its particular sporadic and capricious character to goad you in to a terrible deal. Use what you've just analyzed on this page to remain a stride ahead of the market place and to make the smart buyers' choice. houston realtor

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Discover About Real Estate Property Buys In this article

Investing in a new house or some other type of real estate initially could be alarming, but it doesn't must be. Fill more than this information, like the numerous ideas, to assist you understand the approach and what to take into consideration when coming up with your real-estate obtain, and you'll be described as a pro quickly. Conduct a sexual activity offender research in your community of your home you are thinking about buying. Real estate professionals are not necessary to make known these details willingly, although many should answer truthfully if straight asked. Mothers and fathers especially should know about this information well before transferring to an alternative location. Be sure you examine the offense at length, as its not all offenders are actually risky. Be realistic in your determination to purchase property. The fee associated with real estate ownership should go beyond mortgage repayments. You must element in insurance plan, income taxes along with the upkeep of your home by itself if you compute the affect on your earnings. Once you know whatever you can pay for with a yearly basis, you are able to budget your money appropriately. Should you rely on the real estate agent you may have chosen for your real-estate purchase, it might be within your attention to inquire about about agencies for other aspects of the investment. Real estate agents work with home loan creditors and others on a regular basis and will suggest these they may have a specialist connection with. By doing so, a great deal of the guesswork can be removed from the procedure. To get a harmless real-estate financial transaction, you need to look for a trustworthy organization. Should you be selling or buying your house yourself, you should indicator a contract with the particular person you will be acquiring it from or selling it to, looking at a notary. It will help you protect against scams and make sure you are paid out. Purchasers must pay a visit to open residences whenever they can. These functions are fantastic to trip the homes out there, understand more about near by schools, recreational areas and shopping centers. Itemizing agents web hosting service these occasions are accessible to explore the special features of the qualities and they can be a excellent assets to learn how inspired the dealers are. Consult with low-revenue businesses and local community places for downpayment guidance applications. These applications may be able to give the cash, or offer you a grant (cost-free dollars) to be able to bought a property. They might in addition provide loans schooling. Undertaking some analysis and looking into could truly repay. When you are buying a house, take a seat and determine your priorities. Find out when the home's dimension and amenities are most essential or if the area issues much more to you personally. You could possibly not be able to discover or manage anything you want, so make plans to make sure you at least make the most important matters. Now that you learn how the procedure operates, you are able to methodically and carefully prepare the initial property buy. Whether you hurriedly go home hunting this saturday and sunday, look for flat structures to control or search for retail industry-organization structures, your recently found self confidence will assist you to create the proper purchasing choices. houston realtor

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Saturday, August 21, 2021

Landlords look for an exit amid federal eviction moratorium (AP) When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years. But then the pandemic hit and federal and state authorities imposed moratoriums on evictions. The unpaid rent began to mount. Then, just when he thought the worst was over, the Centers for Disease Control and Prevention announced a new moratorium, lasting until Oct. 3. David, the father of a 2 1/2-year-old who is expecting another child, fears the $2,000 he’s owed in back rent will quickly climb to thousands more. The latest moratorium “was the final gut punch,” said the 39-year-old, adding that he now plans to sell the apartments. Most evictions for unpaid rent have been halted since the early days of the pandemic and there are now more than 15 million people living in households that owe as much as $20 billion in back rent, according to the Aspen Institute. A majority of single-family rental home owners have been impacted, according to a survey from the National Rental Home Council, and 50% say they have tenants who have missed rent during the pandemic. Landlords, big and small, are most angry about the moratoriums, which they consider illegal. Many believe some tenants could have paid rent, if not for the moratorium. And the $47 billion in federal rental assistance that was supposed to make landlords whole has been slow to materialize. By July, only $3 billion of the first tranche of $25 billion had been distributed.

Student loans (WSJ) The Biden administration announced it will wipe out $5.8 billion in student loans held by 323,000 people who are permanently disabled. This means the Education Department will discharge loans for borrowers with total and permanent disabilities per Social Security Administration records. Currently there is $1.6 trillion held in student loan debt, much of which could be eliminated through executive action.

New England preps for 1st hurricane in 30 years with Henri (AP) New Englanders bracing for their first direct hit by a hurricane in 30 years began hauling boats out of the water and taking other precautions Friday as Tropical Storm Henri barreled toward the Northeast coast. Henri was expected to intensify into a hurricane by Saturday, the U.S. National Hurricane Center said. Impacts could be felt in New England states by Sunday, including on Cape Cod, which is teeming with tens of thousands of summer tourists. “This storm is extremely worrisome,” said Michael Finkelstein, police chief and emergency management director in East Lyme, Connecticut. “We haven’t been down this road in quite a while and there’s no doubt that we and the rest of New England would have some real difficulties with a direct hit from a hurricane.”

Booming Colo. town asks, ‘Where will water come from?’ (AP) “Go West, young man,″ Horace Greeley famously urged. The problem for the northern Colorado town that bears the 19th-century newspaper editor’s name: Too many people have heeded his advice. By the tens of thousands newcomers have been streaming into Greeley—so much so that the city and surrounding Weld County grew by more than 30% from 2010 to 2020, according to the U.S. Census Bureau, making it one of the fastest-growing regions in the country. And it’s not just Greeley. Figures released this month show that population growth continues unabated in the South and West, even as temperatures rise and droughts become more common. That in turn has set off a scramble of growing intensity in places like Greeley to find water for the current population, let alone those expected to arrive in coming years. “Everybody looks at the population growth and says, ‘Where is the water going to come from?’” [one local professor] said.

Everything’s Getting Bigger In Texas (AP, CNBC, Forbes) Texas has long been a popular destination for newcomers, thanks to cheaper land and housing, more job opportunities, lower taxes, and fewer regulations. There’s also the great weather, food, schools, and medical facilities, the abundant resources and year-round recreation and outdoor activities, artistic and cultural events, fairs, festivals, music venues, and the diverse and friendly people—you know, just to name a few. Texas has always been a business-friendly environment, which has certainly not been lost on tech and financial companies headquartered in strictly-regulated and high-priced states like California and New York. There are 237 corporate relocation and expansion projects in the works in Texas just since the pandemic hit. Tech giant Oracle moved its headquarters to Austin in late 2020; Tesla is building its new Gigafactory there, and Apple will have its second-largest campus there as well. Both Google and Facebook have satellite offices in Austin, and the file hosting services company Dropbox will be leaving San Francisco for Austin. Recently, the global real estate services firm CBRE and multinational financial services behemoth Charles Schwab moved their headquarters from California to the Dallas area. Hewlett Packard’s cofounders were two of the original grandfathers of Silicon Valley, who started their company in a Palo Alto garage in 1939. Now, the corporation is moving its headquarters from San Jose to Houston. And the number of mega-wealthy individuals who’ve moved to Texas are too numerous to mention. It’s not just big cities like Dallas, Houston, Austin, and San Antonio that are seeing an influx of people—bedroom communities are growing by leaps and bounds as well—places like New Braunfels, located in the Texas Hill Country, Conroe, 40 miles north of Houston, and McKinney, just 30 minutes up U.S. 75 from Dallas.

‘Bracing for the worst’ in Florida’s COVID-19 hot zone (AP) As quickly as one COVID patient is discharged, another waits for a bed in northeast Florida, the hot zone of the state’s latest surge. But the patients at Baptist Health’s five hospitals across Jacksonville are younger and getting sick from the virus faster than people did last summer. Baptist has over 500 COVID patients, more than twice the number they had at the peak of Florida’s July 2020 surge, and the onslaught isn’t letting up. Hospital officials are anxiously monitoring 10 forecast models, converting empty spaces, adding over 100 beds and “bracing for the worst,” said Dr. Timothy Groover, the hospitals’ interim chief medical officer.

Grace heads for a second hurricane hit on Mexican coast (AP) Hurricane Grace—temporarily knocked back to tropical storm force—headed Friday for a second landfall in Mexico, this time taking aim at the mainland’s Gulf coast after crashing through the country’s main tourist strip. The storm lost punch as it zipped across the Yucatan Peninsula, but it emerged late Thursday over the relatively warm Gulf of Mexico and was gaining energy. The U.S. National Hurricane Center said Grace’s winds were back up to 70 mph (110 kph) early Friday and were expected to soon regain hurricane force. It was centered about 265 miles (425 kilometers) east of Tuxpan and was heading west at 16 mph (26 kph). The forecast track would take it toward a coastal region of small fishing towns and beach resorts between Tuxpan and Veracruz, likely Friday night or early Saturday, then over a mountain range toward the heart of the country and the greater Mexico City region. Forecasters said it could drop 6 to 12 inches (15 to 30 centimeters) of rain, with more in a few isolated areas—bringing the threat of flash floods, mudslide and urban flooding.

“Self-determination 1, Human Rights 0” (Foreign Policy) Most Latin American governments offered little official support to the U.S. War in Afghanistan when it began in 2001. At the time, Venezuela put forward a blistering critique of meeting “terror with more terror,” and then-Cuban leader Fidel Castro said U.S. opponents’ irregular warfare abilities could draw out the conflict for 20 years. Over the weekend, as the Afghan government collapsed and chaos engulfed Kabul’s airport, today’s leaders of Cuba and Venezuela echoed their critiques while foreign ministers of other Latin American countries diplomatically issued statements of concern about Afghanistan’s humanitarian needs. Chile and Mexico made plans to accept Afghan refugees, and several countries signed on to a joint international statement protecting Afghan women’s rights. To many in Latin America’s diplomatic and foreign-policy communities, the dark events in Afghanistan confirmed the importance of the principle of non-interference in other countries’ internal affairs. The extended U.S. presence in Afghanistan was “the same mistake as always: trying to build democratic states through the use of force,” Colombian political scientist Sandra Guzmán wrote in El Tiempo. Many Latin Americans stressed that methods other than military interventions should be used to work toward human rights, even as they acknowledged how challenging it can be to make progress. “Self-determination 1, human rights 0 #Afghanistan,” tweeted Uruguayan political scientist Andrés Malamud after Kabul fell.

Afghanistan war unpopular amid chaotic pullout (AP) A significant majority of Americans doubt that the war in Afghanistan was worthwhile, even as the United States is more divided over President Joe Biden’s handling of foreign policy and national security, according to a poll from The Associated Press-NORC Center for Public Affairs Research. Roughly two-thirds said they did not think America’s longest war was worth fighting, the poll shows. Meanwhile, 47% approve of Biden’s management of international affairs, while 52% approve of Biden on national security. The poll was conducted Aug. 12-16 as the two-decade war in Afghanistan ended with the Taliban returning to power and capturing the capital of Kabul. Biden has faced bipartisan condemnation in Washington for sparking a humanitarian crisis by being ill-prepared for the speed of the Taliban’s advance.

The U.S. Blew Billions in Afghanistan (Bloomberg) The rapid collapse of Afghanistan’s government to the Taliban fueled fears of a humanitarian disaster, sparked a political crisis for President Joe Biden and caused scenes of desperation at Kabul’s airport. It’s also raised questions about what happened to more than $1 trillion the U.S. spent trying to bring peace and stability to a country wracked by decades of war. While most of that money went to the U.S. military, billions of dollars got wasted along the way, in some cases aggravating efforts to build ties with the Afghan people Americans meant to be helping. A special watchdog set up by Congress spent the past 13 years documenting the successes and failures of America’s efforts in Afghanistan. While wars are always wasteful, the misspent American funds stand out because the U.S. had 20 years to shift course.

Western groups desperate to save Afghan workers left behind (AP) The Italian charity Pangea helped tens of thousands of Afghan women become self-supporting in the last 20 years. Now, dozens of its staff in Afghanistan are in hiding with their families amid reports that Taliban are going door-to-door in search of citizens who worked with Westerners. Pangea founder Luca Lo Presti has asked that 30 Afghan charity workers and their families be included on Italian flights that have carried 500 people to safety this week, but the requests were flatly refused. On Thursday, the military coordinator told him: “Not today.” Dozens of flights already have brought hundreds of Western nationals and Afghan workers to safety in Europe since the Taliban captured the capital of Kabul. Those lucky enough to be rescued from feared reprisals have mostly been Afghans who worked directly with foreign missions, along with their families. European countries also have pledged to evacuate people at special risk from the Taliban—feminists, political activists and journalists—but it is unclear exactly where the line is being drawn and how many Afghan nationals Western nations will be able to evacuate.

[houstontexaslawinfo]

Why are Retirement Funds Important in a Texas Divorce?

If you want to related guideline confidentiality Texas Child Law experience, So you can better suggestions in Why are Retirement Funds Important in a Texas Divorce?

When parties enter into divorce proceedings in Texas it is not only the children, the house and their bank accounts that are issue- it’s also their retirement accounts.

The Houston divorce attorneys with the Law Office of Bryan Fagan, PLLC are well versed in the laws of Texas and how they can impact your finances- now and in the future- as a divorce is getting underway. This blog post will detail the ins and outs of how the Texas Family Code handles retirement benefits for people going through a divorce.

Community Property and Retirement Accounts

Texas law holds that equity that has been accumulated and contributed to during a marriage in a pension fund, IRA, 401K savings account or any other type of retirement account is considered to be community property.

This means that at the end of a divorce, absent any extenuating circumstances, your soon to be ex-spouse has a right under State law to a portion of what was accumulated and contributed to during the course of your marriage.

In this way, retirement accounts are viewed similarly to income by Courts and will be treated as such. It does not matter whose name is on the retirement account(s), who is listed as the beneficiary, etc. Regardless of whose name is on the account, they are subject to being divided up by a Court.

Subject to Division

Houston Divorce Lawyer: As previously mentioned, the amount in those accounts that are subject to division depends in large part upon when they were started. If they were in existence before the date of marriage then those amounts contributed and any equity therein is off limits for the Court to consider as community property.

The real work for you and your attorney will be figuring out how much is at issue and, if there is any disagreement between the parties on this number, being able to prove how you arrived at the figures that you have.

The reason the law in Texas considers the retirement contributions during a marriage to be community property is straightforward. It is assumed that the money contributed to these accounts is from the income a spouse earns from their job. This income is considered community property and therefore the contributions made to retirement accounts is also considered to be community property.

Military Retirement

Divorce Lawyer in Houston: If you or your spouse served in the United States military, your situation will be handled a differently. Reason being is that military personnel’s retirement is based on a points system. The same law that applies generally to all retirement accounts in the divorce context apply to military retirement accounts.

However, those points accumulated prior to the marriage are considered off limits and are not part of the community estate subject to division by a Court. It is only those points accumulated during a marriage that are subject to being split between the parties upon the termination of the marriage.

Different Rules Apply to Certain Professions

Other fields of employment that have specific rules associated with retirement benefits include many jobs that are in public interest- teachers, firefighters, police officers, etc.

Currently a bill has just passed through the Texas State House of Representatives which makes changes to the pension plan for many City of Houston employees including firemen and police officers.

Qualified Domestic Relations Orders

Divorce Attorney Houston: At the conclusion of a divorce in Texas, one of the parties will draft what is called a Qualified Domestic Relations Order or QDRO. This Order basically re-states the specifics of the Court’s order in a format that will be reviewed by the plan administrator for whichever plan or plans are to be divided.

The plan administrator’s job is to review the QDRO and ensure that it satisfies the requirements set forth in the rules for the retirement plan itself and also federal laws that deal in retirement plans. Once reviewed and approved, a Texas family law attorney can assist you in having those funds wired into the bank account that you have selected. A QDRO will help the parties avoid tax penalties for early disbursement of funds, as well.

If you’re curious if there is some way to avoid having to divide up a retirement plan, the answer is yes. It is not always simple but negotiating with your soon to be ex-spouse on the issues at hand is always something that the attorneys with the Law Office of Bryan Fagan, PLLC recommend.

If both spouses have retirement plans, it is not uncommon for them to be left alone and not divided up. Even if this is not the case and only one party has a retirement account, the account holding spouse may be able to give up another asset that they ordinarily would not have had to in order to keep control of their retirement account.

To be sure, retirement accounts are a critical aspect of any Texas divorce case. These accounts represent a great deal of effort, diligence and discipline and are not easily parted with, nor should they be. If you have any questions about what you are entitled to in a divorce or simply don’t know what your spouse has in terms of retirement funds, the attorneys with the Law Office of Bryan Fagan, PLLC are ready and able to assist you with your questions or concerns.

Our legal team understands the difficulties that divorce can bring to a family. Partnering with advocates who are trustworthy and effective is the best advantage a person can give themselves as they begin walking down the road towards a divorce. The Law Office of Bryan Fagan, PLLC has attorneys available to take your call and meet with you in person- free of charge- to discuss your particular situation and how the law in Texas would apply ... Continue Reading

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A guide to know more about income tax planning for real estate in Houston

Whether you are a residential builder, commercial land developer or a property dealer, understanding the real estate tax law of the US (Houston) makes it easy to lessen the burden. Taxes are considered an effective means in real estate. Income tax planning refers to the process of analysing the financial status of an individual or business regarding tax efficiency. We at Mitchell Tax Law - a tax law firm in Houston evaluate potential land and property acquisition and disposition and assist you in the implication of various methods of financing. You can reduce the payable tax by optimizing the investment deduction. Income tax planning for real estate in Houston highlights the case with real estate rules. Right planning with expert guidance helps you in steady cash flow, great returns, and long-term security. The real estate income tax law enables the development of innovative tax planning strategies. Our experts have helped many real estate professionals thrive. Fill out the contact form and discuss your case with our real estate tax planners.

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Purchasing a home after divorce and a Primer on saving for retirement

If you have need a best suitable service your Child Law experience, Purchasing a home after divorce and a Primer on saving for retirement with the great process!

Family Lawyer Houston: In our world today we are bombarded with encouragement from people to purchase a home if we have not already done so. It’s the ticket to the American Dream, some say. You’re a fool for throwing your money away paying rent, say others. Why pay someone else’s mortgage when you can pay your own? The spirit of these phrases is probably a good one, but the effect can be negative if you are not in a solid financial position to be able to afford the home that you are purchasing.

If you are coming out of a divorce then you know your financial state may not be as strong as it once was. Not only is your household a one income operation instead of two, but you have just spent money paying for the costs associated with a divorce case. Some combination of putting items of credit cards, paying out of your savings and asking family members for loans/gifts probably helped you get through your divorce. Now that you have come out on the other side people are encouraging you to buy a home. How should you react?

Watch your bank account before you watch the real estate market

Divorce Lawyers Houston: Buying a home too soon after your divorce can be a terrible decision. I understand you wanting to do so especially if you are a parent. After all, if your kids live with you during the week or if you have weekend visitation you want them to be able to enjoy the benefits of living in a single family home versus an apartment. Nobody will argue with you that there is something about playing catch in the backyard or setting out a tent to “camp” in the cooler times of the year that is just wholesome and fun. I don’t think there are many people who would try to argue that living in an apartment was superior to living in a single family home.

With all of that said, if you purchase a home too early in your post-divorce life you may be making a mistake. My reasoning is that while a home is almost assuredly going to increase in value, you cannot judge the transaction just off of this one factor. In the immediate sense, you are more likely to run into costs associated with your home once you buy than when you are renting. While living in an apartment has its limitations, it does not have much overhead. Once you buy a home there is overhead aplenty to worry about. When your air conditioner goes out or a bathroom faucet needs replacing it is you who is responsible for doing so.

If you have money saved for not only a down payment, but also for an “emergency fund” over and above that down payment you are ready to buy a home. Otherwise, you are asking for trouble in the form of anything and everything that could go wrong when it comes to your new home. It’s one thing to struggle to pay your rent. The risk to you there is relatively low in terms of future debt and credit issues. It’s an entirely different proposition altogether to take out a home loan worth hundreds of thousands of dollars and not be able to pay that back.

Give yourself some time to unwind after the divorce before making any decisions

Family Attorney Houston: Whether you feel great now that your divorce is over or you feel crummy that your divorce is over, you should take some time to sort out your emotions before you make any important decisions. I mean this even if you are someone who does not consider him/herself to be very emotional. Believe me, you will feel something at the conclusion of your divorce. I would never advise someone coming up an emotional process to immediately make a decision on something as big as deciding to buy a home.

First of all you will likely be living by yourself as a single adult for the first time in a long time. If your spouse has primary conservatorship of your children you will go from a home with multiple people in it, to just you. Before you start to consider getting back into the dating world, you ought to consider where you actually want to live. If you would prefer to live close to your children then you should learn the area of town where they live. The worst thing you can do is to buy a house and then realize a few months later that you do not like the location or the home itself.

Secondly, you need to continue living on a budget. I advise clients to think and plan out their monthly budget. It may be the last thing you actually want to think about in a divorce but it can help you live a lot more comfortably knowing where each dollar of your income is going before the month even begins. Now that your divorce is done you can continue living on a budget and planning to see how far your single income can go as you start to pay child support, spousal maintenance and any other cost that is associated with divorce.

Once you have returned to your normal processes in terms of your thoughts and you have learned how far your dollar can stretch in your post divorce world you are better equipped to buy a home. One last thing that I will point out is that you should not make a rash decision to purchase a home just because you think your children will enjoy living in a house more than an apartment. That may very well be true, but it should not be your guiding principle in your house hunt. Remember- you make a lot of decisions for your children because you know what is best for them. Your over reaching and buying a house you cannot afford because you think your children will enjoy it will come back to haunt you.

Introducing the topic of Retirement Savings

An entire life’s work (literally) of saving for retirement could be destroyed in whole or in part because of a divorce. I don’t make this statement to scare you or intimidate you in any way. I bring it up as a reality of divorce and a consideration for you to make as you approach this process. Divorce will impact your retirement savings in some way, shape or form. The extent that it will be effected differs on a case by case basis. Our hope is that by learning as much as you can above retirement savings before your divorce you can be better prepared to make decisions on this subject during your divorce.

It is pretty straightforward that the money you save for retirement now is intended to grow over the course of the years between today’s date and the date that you retire. Any benefits that you acquire over the course of your marriage are likely to be considered community property and will be subject to division in your divorce. The government offers you tax benefits for saving money but will also penalize you if you take your retirement savings before a certain age in some circumstances.

Your divorce will be impacted also by the type of retirement accounts that you and your spouse have. In tomorrow’s blog post from the attorneys with the Law Office of Bryan Fagan, PLLC we will discuss some basic concepts in retirement as we introduce this topic to you all.

Questions about divorce, real estate, retirement savings or anything in between? Contact the Law Office of Bryan Fagan, PLLC

Divorce Attorneys in Houston: If you would like to meet with one of our licensed family law attorneys please do not hesitate to contact the Law Office of Bryan Fagan, PLLC. One of our licensed family law attorneys would be honored to meet with you in our office to discuss your situation and to provide you with advice. We represent people in our community just like you and would be honored to speak to you about the services that we can provide you and your family as a client of ours ... Continue Reading

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Birding Texas: Even More Sparrows Of Houston

The advantages imagine, some Houston townhomes offer more amenities other people. Visit this link for about buying tickets. Keep in mind, these people know a person and are requesting as well as effort. This is often a trip you have planned to put together a long time - touring Europe and experiencing the scenery and sites at your leisure. To be able to to implement it this step requires economical transportation and none a lot more cost efficient than a bicycle. The issue is getting the motorcycle came from here to certainly there. That's where international shipping in Houston, TX can help. A 20ft shipping container is designed to store and carry all things. It is an excellent option for short or long-term range of storage units for building supplies, commercial use, and home work with. A 40-ft shipping container does not have spaces. All containers' bottoms walls have u-shaped horizontal beams found midway near the length on the wall and extending downwards. It's easy to make motorcycle riding sound a bit romantic. However, when it's time to ship the motorcycle, you actually get practical. Unlike a car, a motorcycle needs regarding support backyard it upright during shipping and advance preparation to eliminate Houston Texas the chances of damage like possible. Motorcycles must be carefully crated and packed so that it arrives complete. First thing you in order to do have too for the ideal air conditioning contractor is get contacts. You obviously can do this buy asking your friends, family or even your next door neighbors. We were free to identify three air conditioning companies that all of us would invite to our family. Authentic Greek food, fun, music shopping and presents Houston TX . Features: Greek food made by parishioners, Balkava, Loukoumades (hot honey puffs), Greek wines, Gyro's and Souvlai (shishkabobs), jewelry, clothing, icons, paintings with a Greek grocery store. Admission is $5.00 for adults, children 12 and under are free and free admission Friday before 5 pm. click over here When I seemed to be barely 17 I relocated to Toronto, 3000 miles east, and one of the most multicultural city in entire world according for the United Nations. I was running out of the Rocky Mountain town of my childhood in Calgary, Alberta, Canada and my first "puppy love" who was the only safe person in my adolescent peer community. He was kind, accepting, and somebody who seem to want help make me feel better. https://en.wikipedia.org/wiki/Houston I was also so vulnerable that I felt a reinforced romantic inferiority as he dated Miss Teen Calgary and every other Stampede Princess around. He was handsome, athletic, intelligent, popular, and came with a good wife and children. He loved blondes but dated the occasional redhead and brunette. If in order to looking a great additional regarding income an individual also have some capital to invest, rental real estate is certainly one area to away. In accessory for the added income each month, is decided of power should be increasing this next few years, increasing your total return. In which is acquiring your property taxes. There are many primary advantages of buying a townhouse instead of single-family residential home. There exists a sufficient supply of homes for your buyers to consider.

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By 2030, Dubai is set to be one of the world's wealthiest cities

When we talk about Dubai, a visual rich of impossibly high skyscrapers, oil, and Sheikhs comes to mind. A theme that is prevalent in all these thoughts is wealth. As a recent report by Henley and Partners suggests, it will attain that title by 2030. 

The report claims that Dubai, Mumbai and Shenzhen will be breaking into the list of the World’s top 20 wealthiest cities by the year 2030. Dubai is already home to 67,900 millionaires, 202 centi-millionaires (people with net assets of $100 million or more), and 13 billionaires. 

The rapidly growing industries of real estate, transportation, oil, gas, tourism and financial services are conspiring to boost the emirate's wealth. While the real estate property developers in Dubai are adding to the list of attractive tourist and housing architectural marvels, the mega structures such as Burj Khalifa, Burj Al Arab, Palm Jumeriah, and the Museum of future draw the attention of the world to the region.

The Dubai International Financial Centre (DIFC) acts as a hub that assists family businesses and ultra-high net worth individuals (HNWI) in legacy and succession plans, it is promised to help Dubai climb higher on the ladder from its 23rd rank on the list of globally wealthiest countries.

Richest Cities set to be rivalled by Dubai.

A report published in June this year by New World Wealth claimed that the UAE is expected to overtake the wealthiest countries, such as the US and UK. These destinations attracted the most significant inflows globally in 2022.

The emirate of Dubai has been strategically marketed as an international hub with a high-income economy, free trade, low tax rate, and zero income tax acting as the catalyst driving start-ups and small international businesses to move to Dubai.

Easy regulations, renowned with lavish lifestyles, and luxury residential projects in Dubai have helped the city to bag its position on the list. 

Dubai to become the Richest City.

As it stands, the USA dominates the list with five cities: San Francisco, Los Angeles, Chicago, Houston, and Dallas, all under the top 10. It’s 345,600 total millionaires is also larger than that of Dubai.

It is worth reminding you that we are comparing a city vs a country. But it goes on to show the stiff competition Dubai has lying ahead.

A similar report by Henley and Partners also claims that if Dubai continues accelerating its growth, the city might even break into the top 20 by 2030. This goes on proves that the emirate of wonders is ready to compete with the big players.

FAQ

1) Is Dubai the wealthiest city in the world?

Ans: Dubai is the richest city in the MEA (Middle East and Africa), and according to the New World Wealth, it is the 29th wealthiest city in the world.

2) What's the richest city in the world?

Ans: According to Henley & Partners, New York City is home to 345,600 millionaires, including 737 centi- millionaires (with a wealth of USD 00 million or more) and 59 billionaires, top the list with the most millionaires per city worldwide.

3) Where does Dubai rank as the richest city in the world?

Ans: When it comes to the wealthiest cities in the world, Dubai ranks at 23rd position as the most popular city in the world for extremely wealthy inhabitants, according to a recent survey by Henley & Partners.

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This would be a completely unprecedented move in Georgia—taking chunks of one municipality to produce another municipality—and one that would help further calcify the steep levels of segregation seen across the region. This would be extreme even for metro Atlanta, where nearly a dozen other neighborhoods have formed new municipalities since 2005, in a trend referred to as the “cityhood movement.” But unlike Eagle’s Landing’s proposal, all of those new cities formed from unincorporated territories.

The Eagle’s Landing plan seeks to merge into its boundaries the primest real estate and wealthiest households from the city of Stockbridge, leaving behind a smaller, mostly African American population with fewer resources to pay for Stockbridge city services. The Eagle’s Landing city proposal will be voted on via ballot referendum on November 6, but Stockbridge residents who live outside the Eagle’s Landing footprint—the people who will be most hampered by the division—are not eligible to vote on it. Meanwhile, neither lawsuits nor letters from global finance agencies warning that the proposal could wreck economies across Georgia have been able to stop it.

And the reason for tearing Stockbridge apart to start this new city? It has something to do with cheesecake. Or at least cheesecake is what was emphasized in a conversation with Vicki Consiglio, the chair of the Committee for the City of Eagle’s Landing, held at the Eagle’s Landing Country Club.

“I serve on the Henry County zoning board,” said Consiglio, “and so I kept seeing all of these places like Bojangle’s, Waffle Houses, dollar stores, and all this going up in our county. And I was like, why can’t we get a Cheesecake Factory, or a P.F. Chang’s or a Houston’s? We have areas that have high incomes, so what’s the deal?”

Later in the article they discuss how it’s a neat way to reduce africa-american representation and leave the poor half of the city with the bills so they don’t have to be taxed.

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Homes For Sale San Antonio Tx

Plus take advantage ofspecial incentivesthat you have to use towards closing prices. We're right here to help guide you each step of the finest way, from first cellphone name to opening the door to your new home. Located close to Loop 1604 and Highway 151, you'll find homes for sale san antonio a way to take pleasure in some of San Antonio’s hottest attractions together with Six Flags Fiesta Texas, Sea World and the famous San Antonio Riverwalk. Nearby colleges, purchasing, parks and healthcare services make your new neighborhood really feel like home.

A popular actual estate listing website performed a survey that shows thousands of individuals are wanting to doubtlessly move to San Antonio. Roughly an hour north of downtown San Antonio the 2,270-acre Less Ranch recently hit the market. A 705-acre ranch is currently homes for sale san antonio available on the market in Uvalde County and it comes with a unique opportunity to own crystal clear Texas water. An eight,440-acre property known as Nineteen Mile Ranch is currently for sale in Uvalde County.

The city’s regular growth is due partially to its incredible economic system. Diverse job alternatives across industries like aerospace, expertise, healthcare, and energy homes for sale san antonio make the world a world leader in innovation. There is also a robust navy presence in San Antonio as a outcome of its joint Air Force base.

Move into your dream home, lease it month-to-month with built-in financial savings that accumulate towards an eventual down fee. Buy when you're ready -- in 30 days, in 3 years, or any time in between. This article, and the Roofstock Blog generally, is meant for informational and educational purposes only, and is not funding, tax, monetary planning, authorized, or real property advice. Please seek the advice of your individual experts for advice in these areas. Although Roofstock offers info it believes to be accurate, Roofstock makes no representations or warranties concerning the accuracy or completeness of the information contained on this blog.

The San Antonio real estate market is predicted to outperform different Texas cities in 2022, with home prices predicted to rise by 3.5% by year-end. A couple of years in the past, Curbed listed San Antonio as one of the prime 5 cities the place homes might make an excellent funding in 2020. The fact is that the Alamo City has been booming for fairly a while. As native news station KENS 5 reported again in 2020, individuals from all over the country are moving to San Antonio, attracted by the area’s low tax charges and low cost of dwelling. In fact, an average of 66 people are transferring to the metropolitan space every day, which is why San Antonio is doubtless considered one of the fastest-growing cities in the us The El Paso actual estate market is one other hot market to invest in.El Paso real estate market was ranked 4th in Trulia’s hottest actual estate markets to watch in 2018.

Median itemizing worth of homes in San Antonio are $295,000, in accordance with the November 2021 data from Realtor.com. San Antonio is ranked by the National Association of Realtors as one of many prime 10 “hidden gem” housing markets for 2022. The Houston metro space offers nice alternatives for investors who are looking for a secure market that offers both cash flow and equity growth at a value that is STILL well under their substitute worth.

The most recent HAI for the San Antonio-New Braunfels MSA is one hundred thirty five as of July 2021. This means that the families available in the market buying a house have somewhat more than 1.3X the median income wanted to buy a median priced, single-family resale home in the San Antonio metro space. Investors can choose to look for a tough money lender in San Antonio too. San Antonio is called some of the steady markets for rental activity in the us, based on the San Antonio Business Journal.

San Antonio is not significantly suitable for walking since finishing up daily needs is occasionally tough. Provident has been pursing the 96.5-acre website for almost 15 years and bought it in a deal introduced in August. The nation membership struggled to maintain members and to compete with a lot larger and extra elaborate golf equipment in newer components of Tarrant County, based on land-use consultant Masterplan’s web site.

They often supply low investment fees, helping you maximize your revenue. When visiting downtown San Antonio for Bexar County workplaces we suggest the Bexar County Parking Garage. Jurors parking on the garage will obtain a reduced rate, please deliver your parking ticket for validation at Jury Services. Invitation Homes is planning to drag back on acquisitions, citing excessive property taxes and unpaid lease. The biotech actual estate investment belief paid a $38 million impairment cost to pull out of the project in South San Francisco, California.

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Reasons To Engage a CPA Firm in Houston, TX

Finances are a tricky subject that cannot be handled without the required expertise. Sure, most business offices have an entire Department to look after such matters with small business enterprises making do with a competent professional. Even a single individual may feel the need to hire the services of an experienced CPA firm in Houston, TX, for various reasons. It helps to know that CPA is an acronym for a certified public accountant who can be entrusted to make financial decisions. They uphold the professional standards with a CPA signed document being held in high regard. ​ Some of the excellent reasons for having a CPA firm assist an employed or non-employed individual include: Knowledge of Updated Tax Laws- The IRS is known to change the existing laws frequently. This makes it difficult for ordinary citizens to keep track of the alterations closely. Being ignorant of the recent changes may inconvenience a taxpayer greatly, especially when the newly introduced benefits get overlooked. Seeking the help of an experienced individual can be satisfying as the professional will be aware of the existing regulations and provide advice to maximize the benefits. Improvement in Credit Rating- The credit scores matter today. A low credit rating will affect applying for loans and other financial benefits adversely. While the rule of the thumb of keeping the credit rating high is to pay one’s bills and taxes properly with no outstanding being reflected in the records, there are multiple tips and tricks to boost the rating too. A CPA will have the required information handy and help the client maintain a good credit rating constantly. Decreasing Debts- Not every individual can live on the income every time. It is not surprising to find many persons being bogged down by debts. Trying to ease the burden is not a simple task either. An export public accountant will be able to provide valuable advice about lessening one’s debts slowly and steadily without paying off the entire loan amount at one time. Formulating Investment Strategies- It is not enough to depend on one’s savings today. A CPA would show how to make profitable investments, thus making it easier to augment one’s earnings. The additional money can go a long way in refining one’s lifestyle. Hiring a CPA to devise the right investment strategies can ensure profitability in the future. From buying shares of big companies to investing in real estate and playing the stock market, a CPA firm would be able to advise the client about the associated gains and risks before giving the ‘go-ahead.’ An employed individual can file the tax returns without help today, thanks to the online assistance provided by IRS. However, a complicated tax situation requires proper tax accounting in Houston, TX, by experienced taxation professionals. Apart from filing the yearly returns, the pro will devise plans to keep the tax liabilities restricted. Using the tax accounting services can enable one to avoid wastage of time and IRS Audits.

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WHAT IS A TAX DEBT LEVY?

A levy is a legal seizure of a taxpayer’s property to satisfy a tax debt. When a levy is issued against a taxpayer —typically due to failure to collect on unpaid debt— the IRS is legally allowed to seize assets including individual wages, bank accounts, social security benefits, retirement income, and personal property like cars, boats, and real estate. Levies typically represent one of the last steps available to the IRS to collect a debt, and multiple checkpoints must be passed before a levy can be issued.

How long does it take for the IRS to issue a tax levy?

Issuing a levy is a very serious event and never occurs as a first step of the collection process. The IRS will only issue a levy after these three requirements are met in full:

The IRS assessed the tax and sent the taxpayer a Notice and Demand for Payment (a tax bill)

The taxpayer neglected or refused to pay the tax

The IRS sent the taxpayer a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. The IRS may give this notice in person, leave it at the taxpayer’s home or business, or send it to their last known address by certified or registered mail, return receipt requested. If a taxpayer has moved and neglected to notify the IRS about a change of address, they are considered to have correctly sent the 30 days notice if it is sent to the last address.

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In cases where the IRS levies a taxpayer’s state tax refund, they may receive a Notice of Levy on a State Tax Refund (Notice of Your Right to Hearing after the levy.) In addition to property directly owned by the taxpayer, the IRS also has access to property held by others in which the taxpayer may have a partial ownership stake. This potentially includes businesses, life insurance, bank accounts, rental income, and much more.

What does it take for an IRS tax levy to be released?

The quickest and most effective way for an IRS levy to be released (for good) is to pay the amount owed in full. However, most people dealing with an IRS levy are either unable or uninterested in paying the amount in full. Short of full payment options for partial relief exist. However, the release of a levy is not the equivalent of the dismissal of the debt. Even after a levy is released, the taxpayer is still responsible for the total amount owed. If that debt is not paid in full, a new levy may be issued at a future date. The IRS is only required to release a levy if the following requirements are met:

The total amount owed is paid

The period for collection ended prior to the levy being issued

Releasing the levy will help the taxpayer pay their taxes

An Installment Agreement is accepted and the terms of the agreement don’t allow for the levy to continue

The levy creates an economic hardship, meaning the IRS has determined the levy prevents the taxpayer from meeting basic, reasonable living expenses

The value of the property is more than the amount owed and releasing the levy will not hinder the IRS’ ability to collect the amount owed

4 ways to stop an IRS tax levy

The IRS has a 10-year statute of limitations from the date a debt is assessed to collect it. Unless the debt is suspended, extended, or a payment plan is enacted, once the statute of limitations expires the debt can no longer be collected. If the taxpayer is within the statutory period and is unable to pay the debt, other options exist to help manage the unpaid debt and potentially remove the levy. These include the following:

Appeal the Levy: Appealing the levy stops the process for 30 days while an appeal is considered. This solution is temporary and may not end in the taxpayer’s favor, however, it does provide additional time to get documents and representation in place. To file an appeal, the IRS requires that Form 9423 be completed. Advance Tax Relief Debt Specialists are familiar with this process and ready to assist in filing and potentially winning the appeal.

Request a Payment Plan: A payment plan is an agreement to pay the debt back over a specific period of time. The IRS has both short-term and long-term payment plans that taxpayers can apply for. The short-term plan is complete in 120 days or less and the long-term plan covers up to 60 months (five years). Each plan has separate requirements and approval is not guaranteed.

Prove That the Levy is Causing Economic Hardship: The purpose of an IRS Levy is to secure valuable assets that can be sold to cover a taxpayer’s unpaid debt. If a taxpayer can show that their assets have little to no value, such as a home with no equity, the IRS may consider releasing the levy on these items. This is especially true if the levy creates severe economic hardship for a household, as the IRS is legally required to leave taxpayers with enough money to cover immediate household expenses.

Offer in Compromise (OIC): An OIC allows debt to be settled for less than the amount owed. After assessing a taxpayer’s income, expenses, asset equity, and ability to pay, the IRS may accept or reject an OIC offer. An OIC will be rejected if Form 433-A/B is not filed before the offer is submitted. Additionally, an open bankruptcy proceeding is also an automatic disqualifier. To learn more about the OIC process and its requirements, see IRS Form 656.

If any of these options seems too complicated to execute, or the idea of dealing with the IRS and outstanding debt presents difficulty, Advance Tax Relief Tax Resolution Services provides a full suite of options to effectively manage IRS issues.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2014, 2015, 2016, 2017, 2018, 2019 & 2020 Form 1040 tax returns or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

 Advance Tax Relief is headquartered in Houston, TX. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

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