What’s The Best Time Of Year To Consult A Real Estate Tax Adviser?

Real estate taxes can be quite a maze of rules and deadlines, but the timing of your consultation with a tax adviser can make the process much smoother and more beneficial. There is no one-size-fits-all answer, but some times of the year are particularly advantageous. Here's when to book that meeting.

1)     Early in the year: get a head start

It's best to create your real estate tax strategy during the start of the year. There's ample time to prepare for tax season, without the pressure of last-minute preparations, from January to February. If you have rental income or sold a property within the previous year, now's the time to tackle those numbers with a trusted real estate tax adviser.

2)     Before big move

Are you selling, buying or investing in property this year? It is wise to consult a tax adviser before doing so. Whether you are upgrading your home or entering the world of real estate investments, an adviser can save you money by structuring deals tax-efficiently.

3)     Mid-year: a check-in point

Summer is a good time to touch base with real estate tax adviser. You will have a good idea of your financial position for the year by June or July. If you believe your property is over-assessed, your adviser from JD Jones Tax & Advisory can help you appeal the assessment and perhaps reduce your tax liability.

4)     Tax season: crunch time

March and April are the busiest months for tax advisers because everyone rushes to file their returns. It's not the best time to begin a relationship with a new adviser, but it is ideal for continuing clients who need assistance finalizing paperwork.

5)     End of the year: last-minute planning

It is possible to take advantage of year-end tax-saving opportunities by meeting with a trusted real estate tax adviser in November or December, such as prepaying property taxes or making home improvements that qualify for deductions.