Herman Thordsen is a very knowledgable attorney with a specialization in real estate issues. He provides information to us on a regular basis. His contact info is available at the end of this article
IF YOU OWN FIVE UNITS OR MORE HAVE A RECYCLING RETAINER FOR YOUR TENANTS
Owners of “multifamily dwellings” (residential dwelling of five or more units) mjust arrange for eht providing of recycling containers if there is adequate space for t hem unless a solid waste enterprise providing recycling services is not available to serve the property. (a.b.818,Pub. Res. C. section 42913
If you own the units get the containers or the city may get you with a fine. On the other hand if you are the consumer and you are mad at your landlord and no recycle bins, the city might be interested.
CALIFORNIA FRANCHISE TAX BOARD GETTING MORE DIFFICULT ON PROPERTY TAX DEDUCTIONS
The California Franchise Tax Board is leaning on taxpayers and tax preparers to start complying with a LAW THAT PREVENTS PROPERTY OWNERS FROM DEDUCTING CERTAIN REAL ESTATE TAXES ON THEIR INCOME TAX RETURNS. Many tax preparers are telling clients about the law and asking to see their property tax bills for the first time this year so they can determine which charges can and cannot be deducted.
Federal and state laws generally LIMIT THE REAL ESTATE DEDUCTION TO AD VALOREM TAXES, WHICH ARE CALCULATED AS A PERCENTAGE OF THE PROPERTY’S ASSESSED VALUE. Any tax that is a flat amount per property or benefits a specific property is generally not deductible. There are some minor exceptions, however, and property tax statements do not spell out which charges are not deductible.
UNTIL THIS YEAR, almost everyone, including tax preparers, ignored this law and deducted 100 percent of property taxes.
Once uncommon, nondeductible charges began creeping on toCaliforniaproperty tax bills after Proposition 13 in 1978 sharply limited general property tax increases. Since then, many local governments and school districts have been raising money with voter-approved parcel taxes and other charges that are not deductible.
THE TAX BOARD HAD PLANNED TO ENFORCE COMPLIANCE BY ADDING THREE LINES TO 2011 STATE-TAX RETURNS THAT WOULD REQUIRE PROPERTY OWNERS TO SHOW THEIR PARCEL NUMBER, TOTAL PROPERTY TAX BILL AND THE DEDUCTIBLE AMOUNT. But IT POSTPONED THOSE CHANGES UNTIL 2012 RETURNS. This year, it is hoping to educate the public and tax preparers. It estimates that voluntary compliance could generate about $20 million in additional tax revenue this year.
The FTB has published information on how to comply with this law at www.ftb.ca.gov/individuals/Real_Estate_Tax_Deduction/index.shtml. This page includes a link where most people can look up their tax bill online not all counties offer online lookup and find a sample tax bill for their county. The sample bill attempts to show which charges are and are not deductible. But most people have taxes that are specific to their city, neighborhood or school district that do not show up on the sample bill. (SFCHRON2512)
We have dealt with the IRS on behalf of clients before and have found them to be very reasonable. However, I cannot say the same for the Franchise Tax Board. It is best to have a CPA or professionally responsible tax preparer do your tax returns.
THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE.
AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.
SEMINAR AND SPEAKING ENGAGEMENT SCHEDULE
Contact Herman Thordsen at 888-667-8529 to Register
|DATE:||SATURDAY-MARCH 10, 2011|
|TIME:||9:30 P.M. -1:30 P.M.|
|LOCATION:||5 Hutton Centre DriveSuite 100Santa Ana, CA 92707|
|COST:||FREE AS LONG AS YOU PREREGISTER.|
|SUBJECT:||LOAN MODIFICATIONS- HOW THEY WORK AND ARE SUBMITTED TO OBTAIN A BETTER CHANCE OF BEING GRANTED.FORECLOSURES-HOW THEY WORK, HOW LONG THEY TAKE AND HOW TO AVOID DEFICIENCIES|
|SPONSOR:||LAW OFFICES OF HERMAN THORDSEN|
|COMMENT:||You will learn what the bureau examiners are looking act and in turn what them may find. By doing this now you can make sure your house is in order before the examination.|
We do have attorneys available for those that need assistance in the following areas:
Employment law including unpaid wages and overtime.
Estate Planning, Probate and Trusts
Mortgages and Foreclosures, your rights and remedies
If you are considering dissolving your marriage or modifying an existing decree or order inCalifornia, please consult your attorney first. Otherwise you may find problems long after the marriage is over.
TOO MANY CREDITORS BOTHERING YOU?
IF YOU ARE SUED OR THE DEBT IS TOO HIGH WITH CREDITORS BANKRUPTCY CAN BE AN OPTION and IS A LOT LESS EXPENSIVE THAN DEFENDING A LAWSUIT:
Bankruptcy can potentially avoid a fraud judgment against the defendant thus reducing the risk of losing a professional license.
If a foreclosure occurred the lenders on the junior mortgages have the right to sue when it is a non purchase money mortgage. The lenders can sue on the junior mortgages as unsecured promissory notes and they are doing just that. The bankruptcy can remove this lawsuit.
Bankruptcy is a form of asset protection believe it or not. It can in certain circumstances protect OVER $175,000 and more.
A Chapter 13 bankruptcy may be able to remove that second and even third mortgage by stripping it down as an unsecured lien and paying a percentage of the amount potentially allowing you to save the home.
Past due Income Taxes under certain circumstances can be discharged in bankruptcy.
Under certain circumstances you may be able to legally keep one or more of your credit cards after the bankruptcy so you have something to reestablish credit and to use when traveling.
The services or benefits with respect to bankruptcy relief are under Title 11 of the United States Code. In doing this: “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code” within the meaning of Title 11 United States Code Section 528.
NON PAYMENT OF WAGES OR OVERTIME WAGES?
If anyone you know has not been paid proper wages or overtime we have capable attorneys available that can assist them. There is no charge for the consultation and we only get paid if we win. Call 888-667-8529 for a free consultation.
We do have super lawyers available for you in the event of serious injury. The consultation is free and we will come to you.
Our trial lawyer for personal injury cases is Alan Brown, a member of the National Trial Lawyers Association. It is by invitation only to the 100 top trial lawyers in each state.
The National Trial Lawyers is an organization composed of The Top 100 Trial Lawyers from each state. Membership is obtained through special invitation and is extended only to those attorneys who exemplify superior qualifications of leadership, reputation, influence, stature, and profile as civil plaintiff or criminal defense trial lawyers. It is the mission of The National Trial Lawyers to promote excellence in the legal profession through practical educational programs, networking opportunities, and legal publications that deal with current issues facing The National Trial Lawyers.
Our firm has been practicing law for over 39 years, the last 20 of which are at the exact same location in Hutton Centre, Santa Ana California where the 405 and 55 freeways meet. The firm attorneys represent numerous clients in many areas of law in California and nationally. Mr. Thordsen is a panel attorney with the Los Angeles Police Protective League and the firm is counsel to several trade associations. Mr. Thordsen has been a member of the Advisory Board of the Mortgage Banking and Real Estate Appraisal Programs at California State University, Fullerton. Mr. Thordsen has been a member of the California Department of Real Estate Solicitation Task Force Committee and the California Department of Motor Vehicles Anti-Fraud Task Force.
Mr. Thordsen is an invited guest speaker before trade groups and other organizations on real estate, mortgages, consumer protection, bankruptcy issues and asset protection.
The firm has represented people in minimum wage and overtime issues and protecting consumers from overzealous creditors and in two cases has assisted in the personal injury recovery of over one million dollars for persons seriously injured in automobile collision cases.
He has spoken and written on the misclassification of employees as independent contractors to avoid paying minimum wage and overtime.
ATTORNEYS IN OUR FIRM are able to represent you in negotiations and litigation of lender buyback demands, deficiency payments on mortgages, foreclosures as well as white-collar crimes.
We have been successful in representing clients in wage and overtime violation cases and personal injury cases on a contingency fee basis. Wage disputes include minimum wage, overtime and unemployment compensation issues.
If we may be of service in these areas or estate planning and asset protection, please contact us, and one of our attorneys will discuss the matter with you.