Category Archives: Tax

Mar
31
2023

Filing Income Taxes – Important Facts People Fail To Consider

Majority of the people are not well aware of the details concerning filing of taxes. The first thing to considering in filing for taxes is the person’s salary. He/she must have a minimum income to able to file for taxes. The marital status is not considered in this case, either you’re married or not, you’re income should be able to meet the minimum so to be able to file. The government has created this system for filing of taxes.

For those who have not reached the minimum amount of income, you don’t have to be worried about filing your own taxes. Although there are cases like this, there are still some who choose to pay the taxes considering that they could possibly get a refund for it. However there are people who qualified who don’t go and file for the reason that they know little when it comes to filing for taxes. But the government has found their way in making sure that people with minimum incomes would pay the necessary taxes.

In any tax imposed for payment, the minimum income set for the qualification of payers is different for every state. Even though the income is different in every state, the minimum amount is almost the same with only minimal differences. In this case, the amount could also be subjected to change from time to time for example every year or for a span of years this also could be due to a change in the of the person’s status. Individuals could fall into five filing status: single, married filing jointly, married filing separately, head of household, and widow or widower with a qualifying child. Changes in requirements could occur with special considerations to senior citizens filing for tax or those people with disabilities. The amount of income to be filed for taxes may also vary depending on the amount of income that person makes.

Nov
06
2022

Where to Find Tax Lien Auction

There are times when a property owner is unable to pay the obligation in property tax. When this happen, a property owner becomes a delinquent taxpayer and a governing authority is in charge of collecting the taxes. However, if the authority is not able to collect the required property taxes, they will opt to take the final step to collect the taxes. The public auction is the final step that will take the delinquent properties to be sold. Auction is an auction ordered by the court depending on the nature of sales in the form of tax lien certificates or tax deed sales. Auction in the form of tax lien certificate entails selling of certificates to assert the total sum of taxes as well as the administrative interests and charges.

The required property tax will be achieved through a auction and the delinquent properties are offered in the amount due for the taxes, interests and fees. Tax lien auction is an open sale that is why participants may tender their bids over and under the amount required for the tax of delinquent properties. The drawback is that the buyer will not be able to recover or refund the overbid.

Purchasing a tax lien certificate to pay against the required property taxes incurred by the delinquent taxpayer.

However, the delinquent taxpayer along with the interest charges will pay the amount back to you that are about 16-18%. This kind of auction allows the buyer the possibility to acquire the property in case of fail to repay by the delinquent taxpayer. In addition, the buyer can also obtain higher percentage of interest when repayment is made.

A referee appointed by the court conducts the tax lien auction. As the auction starts the referee announces the terms of sale and the required amount of bidder’s deposit. Just like any procurement bidding process, the prospective buyer or bidder is required to pay 10 percent of the bid amount in form of certified check payable to the referee. The delinquent properties sold in a auction are sold where is and as is. This means that a bidder has no right to investigate the property prior to the auction schedule as well as inspect the interior of the property. Although the property is deemed foreclosure, it is not allowed to enter the property and do some inspection. This may seem that your bid is in uncertainty because whatever the condition of the property you are not allowed to investigate and inspect.

There are many listings offered by different websites that allows the prohibition of keying the data for the buyer or bidder. This will also let the buyer to choose the right lists that qualifies to the criteria.