Individual Tax - XOATAX Site3

Wisconsin Property Tax Guide: Rates, Calculations, and County Insights

Business Tax, Business Tax Preparation, Individual Tax, Individual Tax Preparation, Tax PlanningFebruary 27, 20240Comments

Updated on October 4, 2024 If you're considering purchasing property in Wisconsin, there is bad news: the Badger State imposes some of the highest property taxes in the United States. With a property tax rate of 1.51%, Wisconsin ranks seventh highest nationwide. This rate is unlikely to rise significantly in the future years. Wisconsin enacted legislation…

New Mexico Property Tax Guide: Rates, Savings, and FAQs

Individual Tax Preparation, Business Tax, Business Tax Preparation, Tax PlanningFebruary 27, 20240Comments

If you're considering buying a home in New Mexico, popularly referred to as the Land of Enchantment, you're in luck: the state offers some of the lowest effective property taxes in the country. Homeowners in New Mexico pay a median annual property tax of $1,557, which is approximately $1,200 less than the US average. Similarly,…

Nevada Property Tax: Comprehensive Guide for 2024

Individual Tax, Business Tax, Business Tax Preparation, Individual Tax Preparation, Tax PlanningFebruary 25, 20240Comments

Are you a homeowner or considering purchasing property in Nevada? Understanding property taxes is crucial for making informed financial decisions. In this guide, we’ll delve into everything you need to know about Nevada property taxes in 2024, including rates, calculations, county comparisons, and expert tips to help you manage your tax obligations effectively. Key Takeaways…

Utah Property Tax: County’s tax rates

Business Tax Preparation, Individual Tax, Individual Tax PreparationFebruary 22, 20240Comments

Owning real estate in Utah comes with the responsibility of paying property taxes, a crucial source of funding for essential public services. These taxes are levied on land and buildings based on their assessed value. While property taxes are a significant expense for homeowners, it's important to remember that Utah has relatively low property tax…

Arizona Property Tax: Get to know your tax

Business Tax, Business Tax Preparation, Individual Tax, Individual Tax Preparation, Tax PlanningFebruary 22, 20240Comments

Updated on October 4, 2024 Any person who owns real estate in Arizona is also liable for Arizona property taxes in addition to state income taxes. Real property tax regimes impose financial obligations on land and building owners depending on the value of their properties. State real estate taxes vary across the U.S., with Arizona's generally being…

Is Your Family Prepared? The Estate Tax Exemption Is Decreasing in Late 2025

Tax Planning, Financial Planning, Individual Tax PreparationFebruary 20, 20240Comments

Act now to maximize estate tax exemption before it drops starting in 2026.

13 Homeowner Tax Credits And Deductions You Should Know

Tax Credit, Individual Tax, Tax DeductionFebruary 4, 20240Comments

Updated on October 7, 2024 Dealing with taxes as a homeowner can be a bit daunting, but it also opens the door to potential savings. It’s important to be aware of tax credits and deductions that can benefit you financially. This guide will walk you through 13 crucial homeowner tax credits and deductions that every…

Child and Dependent Care Credit: Definition, Eligibility, and FAQs for 2024

Individual Tax, Individual Tax Preparation, Tax CreditJanuary 16, 20240Comments

Are you making the most of your tax benefits as a parent or caregiver? The Child and Dependent Care Credit (CDCC) isn’t just a line item on your tax return – it’s a potential game-changer for your family’s finances. In this guide, we’ll uncover the benefits of this often-overlooked credit, explaining how it works and…

Understanding IRS Form 8821: Your Guide to Tax Information Authorization

Individual TaxDecember 27, 20230Comments

At XOA TAX, we believe in empowering our clients with the knowledge they need to navigate the complexities of tax season. One question we often hear is, "How can I securely share my tax information with others?" Whether it's a lender, financial advisor, or another tax professional, understanding IRS Form 8821 is key. This form,…

Decoding IRS Tax Topic 152: What It Means for Your Refund

Individual TaxDecember 27, 20233Comments

Waiting for your tax refund can feel like watching a pot of water boil – you know it's coming, but when? The IRS uses Tax Topic 152 to keep you informed about your refund's journey. At XOA TAX, we understand that navigating the tax world can be confusing, so let's break down what this topic…