Tax Incentives, Abatement, and Exemptions Practice Services
A multitude of tax incentives, property tax abatements and exemptions are available to many taxpayers throughout the United States. Taxpayers who make commitments to improve existing industrial and commercial facilities or construct entirely new facilities for their operations are often unaware of the availability of these favorable tax incentives. In addition, taxpayers who improve or construct industrial or commercial properties often increase the local workforce, which, in turn, may make available additional tax savings. The attorneys at Stavitsky & Associates are able to identify these unique opportunities for their clients, negotiate agreements and represent their clients before the authorities empowered with granting such abatements, approvals and exemptions. These tax incentives can result in significant tax savings as well as job credits.
Tax Incentives In New York And New Jersey
Tax incentives are government measures designed to stimulate the economy by reducing the tax burden that individuals and businesses have to pay. Tax incentives attorneys are available in both New Jersey and New York to help maximize the number of tax incentives you can take advantage of.
What Is A Property Tax Abatement?
Certain cities have created property tax abatement programs, which can eliminate, or at least significantly reduce, the property tax payments on a home. An abatement can remain active for years or even for decades. These programs’ intentions are to attract buyers to areas in need of revitalization. Property tax abatements may be offered citywide or only in specified areas. Some abatement programs are income-based, while others do not consider income. One option is to buy a property that already has an abatement. You may also purchase a property that is eligible, make the improvements that are required, and then apply for an abatement. A tax incentives attorney can be of great help when applying for an abatement in Fairfield, NJ.
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What Are Tax Exemptions?
Tax exemptions come in many forms but the purpose of all exemptions is to either reduce or entirely eliminate the obligation to pay taxes. Nearly all taxpayers are entitled to at least one exemption on their tax return. Your tax incentives attorney can help utilize them. Beyond personal exemptions, the federal and state governments also often exempt organizations from all income tax completely when the organization serves the public as a charity or some type of religious organization.
In order for an organization to receive a tax-exempt status, it is required to satisfy all the necessary IRS requirements. Generally, tax-exempt organizations do not operate for profit. They exist to provide valuable services to their local communities. If an organization meets all the requirements to receive a tax-exempt status, it is no longer required to pay federal income taxes. All tax-exempt organizations must keep accurate long-term records in order to keep that status. Organizations should work with a tax incentives attorney who provides exemption services.
In addition to personal and dependent exemptions, state, county, and city governments also provide tax exemptions to businesses with the goal of stimulating the local economy. For instance, a business might be able to become exempt from paying local property taxes, if it moves to a certain geographic location. Certain industries that provide public services may receive an exemption from sales tax in some states or cities.
