With a bit of research, professional advice, and general legal savvy on the property and personal tax laws, you can realize your off-gridutopia. Read on and discover how \u2018knowing your onions\u2019 regarding off-grid tax obligations will mitigate your off-grid financial risk by making you fully IRS-compliant.<\/p>\n\n\n\n
Property Tax Laws for Off-Gridders<\/h2>\n\n\n\n
Legalese isn\u2019t everyone\u2019s bag, but if you\u2019re going to live the maverick life of an intrepid off-gridder, it\u2019s wise to learn all you can about Property and Personal Tax Law as it applies to your specific location and vocation<\/strong>.<\/p>\n\n\n\n Here are the most important facts to know to keep you IRS-compliant and debt-free:<\/p>\n\n\n\n If it sounds complicated, it is. But plow on, forewarned is forearmed.<\/p>\n\n\n\n Take note of this:<\/strong><\/p>\n\n\n\n Fortunately, Off-Grid<\/strong> living generally steers clear of \u2018capital intensive\u2019 endeavors, but it\u2019s prudent to know what fixed assets on your land are taxable.<\/p>\n\n\n\n The rate of Property Tax you will pay the local tax authority will depend on where your land is located, so do your land-scouting, bearing this in mind.<\/p>\n\n\n\n For aspirant off-grid buyers looking for cheap land in the middle of nowhere, there is a provision in US Property Tax Law that effectively reduces the taxable rate on a property located in an area where no recent sales of adjoining properties have occurred.<\/p>\n\n\n\n Because no \u2018real time\u2019 value of property in the area can be established, a ‘cost-based’ calculation is used where depreciation of the asset (crumbling buildings, soil erosion, etc.) is taken into consideration and its value reduced, along with its taxable amount.<\/p>\n\n\n\n As mentioned, Property Tax is a complex business fraught with red tape. After doing your own research into Tax rates governing your desired plot of land, seek professional advice from a tax lawyer before you sign the title deed.<\/p>\n\n\n\n Choose your state wisely<\/strong><\/p>\n\n\n\n A quick Google search will show you which states in the USA have the lowest Property Tax rates.<\/p>\n\n\n\n Note:<\/strong> If you are a \u2018qualified homeowner,\u2019 you may, in certain states, be eligible for reduced property tax rates via tax exemptions and credits.<\/p>\n\n\n\n Tip:<\/strong> Once you\u2019ve chosen a potential site for your off-grid homestead, buff up on all the critical survival and success factors<\/strong>, including what the county ordinances and codes are concerning your off-grid utilities<\/strong> action plan.<\/p>\n\n\n\n Arguably the biggest consideration for wannabe off-gridders is earning an income<\/strong> in the middle of nowhere. Naturally, farming is the most obvious route to self-sufficiency and revenue generation<\/strong> to purchase whatever can\u2019t be grown or manufactured on the off-grid homestead.<\/p>\n\n\n\n All income from the sale of farm produce is taxable by the IRS<\/strong>, so choose wisely how you register your business (Sole Proprietorship, Close Corporation, Limited Liability Company, or Business Corporation) because each classification has its own tax rate and set of governing statutes.<\/p>\n\n\n\n Sole Proprietorship is the most popular class of registration for farm businesses in the USA because farmers are taxed at an individual level rather than at a corporate level, effectively paying a lower tax rate.<\/p>\n\n\n\n The good news for budding<\/em><\/strong> micro-farmers<\/strong>:<\/p>\n\n\n\n Remember<\/strong> \u2013 Avoid over-capitalization on buildings and fixed farming infrastructure. If you are going to farm, use the natural resources carefully and take advantage of tax rebates and grants for \u2018conservational\u2019 farming available from the government.<\/p>\n\n\n\n Again, consult a Personal Tax<\/strong> lawyer to get advice relevant to your chosen off-grid vocation, be it farming or otherwise.<\/strong><\/p>\n\n\n\n Important Note!<\/strong><\/p>\n\n\n\n A life far away from the city makes perfect sense, especially today with technologies like solar power and hi-tech composting toilets readily available and within the budget of the average city worker.<\/p>\n\n\n\n A YouTube search will show hundreds of off-grid success stories with tips and insights on how to avoid pain and establish a sustainable life without a horrible utility bill every month or a hefty chit from the taxman.<\/p>\n\n\n\n Most importantly<\/strong>, research thoroughly all aspects of property taxation governing your chosen piece of paradise. Get answers to all your questions from local counselors and real estate agents. Email the IRS if you have to.<\/p>\n\n\n\n It\u2019s your money on the line<\/strong> so protect yourself before<\/em> you commit financially – get a tax lawyer in your stable!<\/p>\n\n\n\n Wild open spaces, clean air and water, solar power, organic food, a self-built homestead, and no utility bill! \u2013 This is the off-grid dream of a growing number of people seeking freedom from the burdens of city life. If you\u2019re planning to purchase land to live off-grid as cost-efficiently as possible, there are Property and […]<\/p>\n","protected":false},"author":4,"featured_media":2628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"yoast_head":"\nPay Lower Property Taxes<\/h2>\n\n\n\n
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<\/figure>\n\n\n\nPersonal Tax for Off-Gridders<\/h2>\n\n\n\n
Conclusion<\/h2>\n\n\n\n
Sources<\/h2>\n\n\n\n