Are you looking to get the most out of your property tax reductions but aren’t sure how to start? Here, we will lay out different strategies on how to optimize your taxes and how a professional can help.
The Law Offices of Michael J. Zimprich, located in El Paso, has been serving this region for over 20 years and can guarantee you’ll get the amount you want in your taxes. When looking into property tax reductions, we’re the offices to work with. Give us a call at (915) 201-4944 or contact us online today for more information.
Strategize to Optimize
Property tax reductions are any expenses that can reduce your taxable income, which in turn means you’ll owe less money. These expenses could be property management fees, depreciation, repairs, or a home office; you could also include the fees associated with buying and selling real estate assets.
If you own any residential properties in El Paso, then there’s a chance you’re paying too much in property taxes. Our attorneys will not only show you the benefits of a property tax reduction but also help you achieve them. Read below for a handful of strategies you can use to achieve your property tax reduction in El Paso.
- Maximize Your Mortgage Interest- After calculating your total costs from the year, including your mortgage interest, and you notice your deductible costs are higher than the standard deduction, consider itemizing.
- Deduct Investment Property Expenses- Making a note of all expenses is the best way to reduce your property taxes. Be sure to double-check your bank statements.
- Keep Detailed Records of Expenses- The IRS requires documentation of all deductions. Keeping a record of all expenses will help you stay accurate.
- Keep Track of Depreciation- The IRS allows investors to deduct depreciation from their assets.
- Plan When to Buy and Sell- Holding onto assets for at least a year can help you avoid being taxed on multiple sales.
- Lease-to-Buy Programs- Offering a lease-to-buy program can help you avoid falling into a higher tax bracket.
- Structure Your Ownership- Structuring your assets into an LLC allows you to take personal itemized deductions.
Property Tax Reduction in El Paso
The Law Offices of Michael J. Zimprich, located in El Paso, can offer expert assistance in getting the most out of your property tax reduction. By following any of the strategies listed above, we can guarantee you a good break. Call (915) 201-4944 to find out more.