Taxes continue to be a highly controversial topic. What do your tax documents say about you? How can you better handle your taxes in the future?
In spite of the fact that tax rebate checks were supposed to be mailed out by last February, the New York State Department of Taxation and Finance has announced via its website that many of last year’s rebates may not be sent out until fall 2016. They will also be combined with property tax freeze credits for those due less than $50.
While some are getting more money back after challenging their NY property taxes this year, others like presidential candidate Donald Trump are ponying up to pay more, after potentially receiving a credit he may not have been due. According to the press that means he will pay an additional $1,046.41 on his Fifth Avenue Trump Tower condo. However, what more find intriguing about Trump’s taxes is wanting to know what his tax returns look like. Why? Because your tax returns say a LOT about you.
Your tax documents are not only inquired of when you run for political office, but when applying for a mortgage loan, and they may be reviewed when you apply for others things like jobs or a passport, or to move into a prestigious NY co-op. Your tax paperwork shows people how much you give to charity, what types of things you invest in, what you spend money on, how much you earn and your net worth. Tax returns and property tax records show your approach to real estate, how prudent you are with your money, and collectively how easy we are to be taken advantage of or not. Looking at the big data the government and taxing authorities know how likely it is that tax payers will make the effort to claim breaks and challenge incorrect bills, or if they will just let them slide and end up overpaying.
What do your taxes say about you? Are you challenging your annual property tax bills? Do you show diligence in not being taken advantage of and in making sure your dollars are best used? Or are you unconsciously supporting more tax abuses?