Raguragavan Sreetharan | Ethics in Income Act

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Ragavan Sreetharan | Rental Income and Taxes

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Ragavan Sreetharan | Have you been thinking of acquiring a rental property or renting part of your house for income? This article will go through the basics of renting property. For more information, visit the CRA web site and search for rental income.   Rental Income is when you rent property for someone else to use. Property is usually thought of as real estate, but it can be anything that can be rented like a car, snowmobile, power tools, computer and so on. The expectation is that there will be profit because if there is no money being made, there would not be any taxes owing. There would still be a requirement to report activity in most cases, but renting something generally assumes that money will be made over time. Rental Income Versus Business Income If you are renting a property only, this would be considered rental income. If you are providing a service that goes along with the property and charging for it, then this would be considered a business. The classic ex...
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Ragavan Sreetharan | Methods to Lower Property Taxes

  Ragavan Sreetharan | Owning a home is expensive as property taxes can be extremely burdensome. Annual property tax bills tend to rise steadily over time. Even if you pay off your mortgage, the taxes keep coming. Most homeowners do not realize that they need to pay less and do not understand how their taxes are calculated. Most households take their tax assessments at face value, and, most of the time, their property is over-assessed. Here, we provide a few tips that you can follow to challenge your assessment and save money. 1) Understand the process Local governments send assessment notices in the first few months of the year, although the schedules may vary. The notice provides the details of the contact you need to contact in case you disagree with the assessment. It also provides the details related to making an appeal, and a specific time frame is given during which you can challenge or file a case. The time frame varies in different areas. In some places, it is two w...
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Ragavan Sreetharan | How to Appeal A Property Tax Assessment

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Ragavan Sreetharan | If you believe your home's assessed value is greater than what you can sell your house for, then it is in your best interest to contest the value. The first thing you have to understand is that property taxes are one of the largest sources of revenue for your municipality, county, and state government. Tax assessments are made up of two components, they include: the value of your land and also your dwelling.    The Ohio revised code and Ohio administrative code mandate the appraisal department to conduct a re-appraisal of each parcel every six years, or an update every three years if improvements were made to the dwelling based upon building permits pulled on your property. Understanding how to contest your home's assessed value is critical to winning your appeal. You will need to consider many factors to determine the fair value of your home. The auditor will look at acreage, age of your home, square footage, recent improvements, outbuildings, decks or...
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