Tips for Homeowners at Tax Time

With tax season upon us, I wanted to share some helpful information regarding making payments and filing your taxes correctly as a homeowner. As you know, the second installment of the 2012-2013 taxes became due February 1^st and delinquent if payment is not received by April 10, 2012.You can always pay online by making a payment from your checking account or by using a credit card or Visa Debit card, at the accessor's site: http://ttc.lacounty.gov .

[info]Homeowners’ Exemption from the Assessor’s Website[/info]

If you own a home and it is your principal place of residence on January 1, you may apply for an exemption of $7,000 from your assessed value. New property owners will automatically receive a Claim For Homeowners' Property Tax Exemption. Homeowners’ Exemptions may also apply to a supplemental assessment if the prior owner did not claim the exemption. Further instructions are included with the claim form. Click the link above, or call (213) 974-3211 or (800) 807-2111 for forms and additional information.

Also make sure you deduct correctly by using the right dates, etc. The #1 mistake homeowners make when filing taxes is deducting the wrong year!

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2013 property taxes until 2014. 

Enter on your federal forms whatever amount you actually paid in 2013, no matter what the date is on your tax bill. Read more: http://www.houselogic.com/home-advice/taxes-incentives/common-tax-mistakes/#ixzz2K44cVuVv

More Common Tax Mistakes