As a commercial property owner, it is important to always be prepared for tax season. With the new year approaching, now is the time to start planning and strategizing for your 2023 taxes and beyond.
Tax resolutions are an essential part of any business plan as they help you save money on your taxes and ensure that you comply with all federal and state regulations. Making sure you have all the necessary information can help reduce stress levels during tax season.
Keep Accurate Expense Records Year-Round
Credits and deductions are things that any commercial property owner can let pass them by. Between general operating expenses and repair costs, there are many ways you can reduce your commercial property taxes via deductions.
Failing to keep accurate records year-round can make property taxes difficult, cumbersome, and could leave you walking away with money on the table. This year, commit to recording every property expense you pay for.
We guarantee that while it won’t all lead to deductions, there will be something you’ve paid for that will pay off during property tax season.
Research Local Property Tax Laws
Understanding how local laws affect your property taxes can save money over time by avoiding costly penalties or interest payments due to late filings or incorrect information provided on returns.
If you are unsure of where to start researching local property tax law and changes, a Dallas property tax consultant will be happy to sit down with you today, review your local laws, survey your property, and help you find out where you can save.
Double-Check Your Assessment & Contest if Necessary
Even your local assessor makes mistakes when they assess the annual value of your commercial property.
As a commercial property owner, it is important to always double-check your assessment for mistakes. A mistake in the value of your property can mean thousands of dollars unaccounted for come tax season. To ensure you are getting an accurate assessment, review the information provided by your assessor and then compare it to similar properties in your area. You can also contact a Dallas property tax consultant who can help you survey your property and find out where any mistakes were made during the assessment.
If you find there are mistakes, we can even help you protest your property taxes. This is something that doesn’t count against you and that we encourage every commercial property owner to do.
Starting a protest for your commercial property taxes with a property tax consultant can be a great way to ensure you are getting the most out of your property’s true value. By consulting a professional, you can be confident that the process will be done correctly and efficiently, saving you both time and money in the long run.
Come Up With a Savings Plan for Paying On Time
Paying your property taxes on time and early is critical for any property owner in Texas. After all, once your property tax payment is late, the state can start foreclosure proceedings at any time.
Unfortunately, many property owners find themselves in shock when they’re shelling over thousands of dollars to the county every tax season. One resolution you can make for yourself is to save up money every month to get your finances more comfortable for the big payment.
Chances are high that your property taxes will increase every year. So, one way to prepare is to use last year’s property bill as a starting goal. As you put away a healthy amount every month, you’ll be less stressed when assessments roll out.
Need Help Making Property Tax Resolutions? The Hegwood Group is Here for You!
Our Dallas-based property tax consultants are here to help you navigate the complex world of local taxation. We have conducted in-depth research into rules and regulations, eager to provide expert advice on payment strategies that best fit your needs. Take advantage of a complimentary consultation today! Contact us now!
