Pronto Income Tax
West Los Angeles
Come by and visit our new office in West Los Angeles
4501 Centinela Ave.
Los Angeles, CA 90066
Today seems like a good day to buy real estate, does it not? Think about it. Everyone is down on the idea, but rents are strong, there is a lot of demand for rental properties where people can live.
Remember how many people were living in a home before and have now been foreclosed upon, so these people are not likely to want to go back to renting an apartment. This trend, when combined with declining prices generally and low interest rates IF you can get financing, and the outlook for buying a single family home as a rental property looks pretty strong overall.
When you combine the potential tax benefits, buying real estate looks even stronger (albeit not perfect by any means).
-- When you purchase a rental property, you can "depreciate" the value of the building, meaning take a deduction for the "asset's" declining each year. Over 27.5 years, then, you can take a deduction of the value of the house. This can create tax free income if, for example, you find a good renter and they keep the house nice, so that far from depreciating, the asset appreciates in value. Meanwhile the depreciation deduction is "canceling out" the rental income that you are enjoying tax free.
-- At some point, if the rents appreciate along with the value of the property, you will be able to borrow more money against the rental property, so long as your "rent rolls" are legitimate and the property is easily rentable, that is actually a pretty good asset for a bank to make a loan upon.
-- When thinking about tax benefits of owning real estate, you have to consider, too, the benefit of having more money to pay your taxes. Remember that a penny saved is a penny earned, so if you can get an extra $3,000-$5,000 of tax free rental income per year, that will go a long way towards paying your tax bill, no?
Be careful of course with buying
We will further explore these ideas in the upcoming Pronto seminar about the tax benefits of owning real estate. That event is scheduled for April 23, please email firstname.lastname@example.org for details.
You might think that just because we do taxes for a living, we get upset if someone goes and does their own taxes for free, or has a friend do their taxes for free.
No way! If you don't see value in our tax preparation service, we don't want you to pay for it.
But what IS value in a tax preparation service? That really is the more pertinent question.
Some people are always going to choose to do their taxes for "free" (don't forget though that this "free" claim is often a gimmick, because they charge you for a state tax return, e-file, or some other way).
But there are also many millions of people who prefer to pay for tax preparation because they see value in having their taxes professionally prepared.
As the marketplace for tax prep service has gotten more competitive, we as a tax prep company--along with all the other thousands of companies competing for your business--have had to think long and hard about why our service is worth paying for...in an age where someone will always do it for free or dirt cheap, and someone else will always tell you for "free" and then find a sneaky way to charge you.
Here are our conclusions about what you should pay for, if in fact you are going to pay to have your taxes professionally prepared:
1. Expertise. Taxes are one of those things where the more you know, the more advantage you can have about how you work within the system to maximize your tax situation. As much as possible, you will want to work with a tax consultant who has a good level of expertise so that you can work within the tax system to your maximum advantage, after all that is the American way.
2. Affordable pricing. Number two would be affordable pricing. These days we are all looking for ways to save money and paying less for tax preparation is often an easy way to save money, especially if you have a very consistent tax return from year to year. We have picked up hundreds of clients this year who leave behind an overpriced tax service looking for a more affordable price. Affordable prices is a must!
3. A "we got your back" mentality. Especially if you are self-employed and/or make income of over $100,000 per year, perhaps the most "valuable" part of the tax preparation value equation is the "we got your back" mentality. That is to say, can you get ahold of your tax pro in, say, August, if you get a letter from the IRS saying that you're being audited? Will that tax pro take the time--in August, when it's not tax season--to help you with your IRS audit, to stand behind his or her work and stand behind YOU. Or what if you just have a question, in August? Can you call your tax professional and get an answer? If you can't find your tax pro in August, maybe you shouldn't pay your tax pro in March. Just saying!
Expertise, affordability, and year-round accessibility, then, are three MAJOR reasons we see why some professional tax preparation services have a lot of value, and some have very little value and you should go do TurboTax right now because you may get something wrong, but at least it will be cheap.
Is it a coincidence that Pronto Income Tax seeks to provide, every single day of the year, expertise, affordable pricing, and year-round service to all Pronto clients?
No, it's not a coincidence at all. Trust us, we are thinking YEAR ROUND about how we can provide the #1 BEST VALUE IN TAX PREPARATION.
In this new tax preparation marketplace of TurboTax does free taxes, H&R Block saying they do free taxes, your cousin does taxes for free, etc., any tax preparation company that is not providing great value is going to go out of business sooner rather than later. Pronto ain't tryin' to hear that!
But we are trying to hear YOU. What do YOU look for when you're comparing your options for tax preparation? Are you most concerned with expertise, price, year-round service, what? What is YOUR motivation for choosing a tax preparation service?
Email email@example.com. Tell us how we--and all the other individuals and companies that want your tax preparation business--can do a better job for you.
Wow, the last few days have been a revelation over here at Pronto. I always knew we had relatively low prices, but lately, we have been making it a point to ask how much our new Pronto clients paid for tax preparation last year...
The results have been quite stunning!
Just within the past two days, we have had two separate clients who saved more than $200 EACH on tax preparation by choosing Pronto over their old tax place.
One gentlemen, a part-time college professor, he paid HR Block $416 last year--yikes!!
His price this year at Pronto? $99. That's a cold hard savings of $317.
Another gentleman, he was unemployed so we gave him an even BETTER DEAL on tax preparation, but wow, he paid $300 last year to his old tax place.
His price this year at Pronto? $80.
No this is not a typo. His price used to be $300, then he came to Pronto, then he paid $80. For an unemployed person, does every $220 count? You bet it does.
I'm not saying we're the only or best place for tax preparation in Los Angeles, all I'm saying is that whenever you think low price tax preparation in Los Angeles, you really should be thinking about giving Pronto a try.
Hopefully we can save you $100 or more, AND give you great service in the process. It happens every day!