Save by Challenging Your Property Tax Assessment

Here where I live in New Jersey, we have the highest real estate taxes in the United States (and probably the universe as well!) with a whopping average of $3,971 per year. Now that we’re closing in on a new fiscal year in my town, and my first quarterly tax payment is due on August 1st, I am reminded again that many of us simply accept the tax evaluations we receive from our local assessor and pay up without really knowing what can be done. In fact, if there has been some kind of error made or even if you just need a further explanation as to how the assessment was calculated, there’s a lot you can do.

Save by Challenging Your Property Tax Assessment

It matters not whether you pay your taxes through an escrow account (which I don’t recommend if you have that choice) or you do as I do and pay them directly to your local office, you still have the right to challenge your assessment and you may in fact have good reasons to do exactly that!Continue reading“Save by Challenging Your Property Tax Assessment”

10 and a Half Things to Do for Year End Tax Planning

Since saving money is my “mantra” as well as the purpose of this blog, let’s examine some ways you can increase your net income and save on your tax bill for 2014 and beyond. It’s really important to start now to review all the opportunities for saving money, since in most cases (for non-business), December 31st is the deadline for adjustments that you will report by tax day next April. If you itemize your deductions, many of these listed should be familiar.

Year End Tax Planning

 

Continue reading“10 and a Half Things to Do for Year End Tax Planning”