Kanat Sultanbekov on Real Estate Taxes and More: A Discussion
Kanat Sultanbekov explains to everyone that taxes are very important and should be paid when due. This is true for almost every adult, not just in the United States but almost everywhere else in the world.
The Plain Reality of Taxes
The reality is that not paying taxes can have grave consequences not just for you but for many people as well.
Whether you're employed or have a business -- if you have properties or land in your name, then it's a no-brainer -- you need to pay the government the property tax.
The Consequences of Not Paying Taxes
That said, it's not enough to pay. Kanat Sultanbekov says that people should also be always up to date with the tax rules and regulations since these details change and evolve.
Paying the wrong amount or on the wrong date can incur huge penalties. These penalties, depending on the property, can range from hundreds of dollars to the high thousands.
If people have a business, Kanat Sultanbekov says that the US government can close it down. If you're in the middle of setting up a project such as a commercial building, the US government can halt it mid-development.
In fact, closing a project is just one of the more lenient consequences. There have been a few instances when even famous people ended up in prison for tax evasion. We've all seen in the news how well-known celebrities had to do time, and a lot of them never truly recovered.
Recommendations for Property Owners
With all this in mind, people with businesses and properties need to hire an accountant or someone who knows their way around taxes. They needn't even be a CPA, although those are preferable. Anyone well-versed in the pillars and principles of accounting will do, adds Kanat Sultanbekov.
An Overview of Commercial Real Estate Ownership
As Kanat Sultanbekov explains, any business signing a commercial office lease should do its due diligence. They should know all the rules and regulations. This would help them establish a favorable tenant-landlord relationship.
Signing a commercial lease is always a serious commitment. It should involve the right legal counsel and advice from business owners who have rented offices or warehouses.
The Importance of the Lease Rate
Kanat Sultanbekov says that checking any history of changes in lease rates will help your business avoid nasty surprises. You should also make sure the terms of any rate increases are clear. They should be explicitly spelled out in the contract.
The Need for "Out" Clauses
Kanat Sultanbekov mentions that as a tenant, you at least have to get an "option to sublease" as well as an "option to sell the business and sign." You should also have express written permission since the landlord may require it. Another is a shorter-term lease with options for renewal.
Why You Need to Review Standard Lease Agreements
Negotiating a standard lease agreement, and not just simply signing it, is always a wise move. According to Kanat Sultanbekov, this does not put the business's future in the hands of the landlord.
Having a Broker Present is a Wise Decision
It's best to hire a broker who will represent the tenant and work in their best interest. The professional services firm should have years of experience in the desired market. Because of this experience, the members of the firm closely understand one's office space needs.
In conclusion, real estate owners and commercial real estate tenants all have their work cut out for them. From paying taxes to reviewing leases, all these things have to be done with due diligence. According to Kanat Sultanbekov, by doing all these things, people will have a much smoother time with everything else they have to do.
Kanat Sultanbekov is a seasoned construction manager. Learn more about the real estate industry by reading his insights on this site.
