Hartford County, CT Real Estate News

By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Being an adult has its perks, from being able to rent a car and book a hotel room to the chance to earn a living and rent an apartment. But life as an adult also comes with some challenges, including the burden of filing and paying taxes. If this year is the first time you will be filing a tax return, it is important to plan ahead. Mistakes are common among first-time filers, and those blunders could delay a much-anticipated refund or even trigger an audit from the IRS.  Here are 9 of the mistakes first-time filers are likely to make - and how you can avoid them.  Note: If you or someone you know owes back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today. Our tax resolution specialists can navigate the IRS maze so that you have nothing ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Update  June 2021 Active Adult 55+ Condos in Southington CT  Spring Lake VillageSpring Lake Village in Southington CT is a complex of 640 condos designed for adults that want the comforts of a home but without the added maintenance.The condos at Spring Lake Village have been built up in phases over 30 years so there are a variety of styles, all built with quality and comfort in mind. Almost all have first floor master bedroom suites with walk-in closets and spacious full baths. There are 1, 2 and 3 bedroom units, with a second full bath, and many with attached garages for weather convenience. Full basements for extra storage and first floor laundry are common.As the condos were all built in phases, there are 6 separate associations and management companies that oversee the separa...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
If you are working as a freelancer or gig worker, you are certainly not alone. Millions of men and women are earning extra income driving for ride sharing services, designing websites for online entrepreneurs and writing for local businesses.  Some freelancers and gig workers have even said goodbye to their traditional careers, trading the security of a steady paycheck for the freedom and flexibility of gig work and freelance clients. But whether you are freelancing full time or just for extra cash, you need to keep careful records so come tax time, you can stay out of tax trouble.  Note: If you fall behind on filing your taxes, you’re not alone and we can help. Reach out to our tax resolution firm and we’ll help you file late tax returns and negotiate with the IRS if you owe back taxes...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly difficult to get every number and detail right.  Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the IRS sends you a letter telling you something is off. So, is there anything that you can do after your return is in? Actually, there's a lot that you can do. But if you don’t know where to start, it’s best to leave it to a professional. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about. We help people who owe back taxes or have back tax debt. Call us today for a free consultation. 3 Major Types Of MistakesThere are many red flags the IRS loo...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT April 2021   Search for Homes in Southington CT Currently in Southington CT there are 45 active residential listings for sale, with 8 new listings being added in April 2021. The homes for sale in Southington CT range from a 924 square ft, 2-bedroom mobile home listed at $139,900 to a 1,807 square ft, 3-bedroom, ranch listed at $1,750,000. The average list price of the homes currently available for sale in Southington CT is $395,717. The average days on market for these homes are 35 days. In addition, there are currently 95 homes under contract in Southington CT, with 24 having gone under contract in April.   In April 2021, 55 homes closed in Southington CT. They ranged from a 805 square ft, 2-bedroom mobile home, which sold for $60,000 to a 2,828 squ...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
            A lot of our clients that come to us with back tax problems are self-employed. For one reason or another, they fall behind on their taxes. With COVID-19, small businesses have been hit the hardest and despite the government stimulus bills, there are still millions of businesses teetering on the border of failure. It’s understandable that a few of them fell behind on their taxes and we’re here to help.   Our firm specializes in tax problem resolution. We can represent you before the IRS. We serve clients virtually so don’t hesitate to reach out. If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax proble...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT March 2021   Search for Homes in Southington CT Currently in Southington CT there are 41 active residential listings for sale, with 15 new listings being added in March 2021. The homes for sale in Southington CT range from a 1,196 square ft, 3-bedroom ranch style home listed at $189,700 to a 3,526 square ft, 3-bedroom, ranch listed at $1,750,000. The average list price of the homes currently available for sale in Southington CT is $434,614. The average days on market for these homes are 89 days. In addition, there are currently 84 homes under contract in Southington CT, with 28 having gone under contract in March.   In March 2021, 46 homes closed in Southington CT. They ranged from a 924 square ft, 2-bedroom mobile home, which sold for $80,000 to a 7...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT February 2021    Search for Homes in Southington CT Currently in Southington CT there are 84 active residential listings for sale, with 22 new listings being added in February 2021. The homes for sale in Southington CT range from a 700 square ft, 2-bedroom mobile home listed at $58,900 to a 4,478 square ft, 4-bedroom, colonial listed at $819,888. The average list price of the homes currently available for sale in Southington CT is $348,089. The average days on market for these homes are 73 days. In addition, there are currently 76 homes under contract in Southington CT, with 13 having gone under contract in February.  In February 2021, 37 homes closed in Southington CT. They ranged from a 800 square ft, 2-bedroom half-duplex, which sold for $120,000 ...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference. Most Americans voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. There are times when normally law-abiding citizens fail to file. Why? IRS research shows that sometimes people don’t file in years their filing status changes, such as due to t...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax returns can often be filed with incomplete or incorrect information, leading you to more tax trouble than you bargained for. If you filed early, you might have overlooked income from a temporary job or a side gig, only to get a 1099 or late W2 for the income earned.  Other filers may eventually realize that they were entitled to an extra deduction or exemption. The Internal Revenue Service routinely processes a significant number of amended returns each year and provides a specific form for changing the status of an earlier tax return. Individual income tax returns filed with the IRS can be amended up to three years after the due date of the original return by filing IRS Form 1040X. However, we strongly suggest consulting a tax resolution professional to help with your amended retur...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Senior Living Condos in Southington CT  Spring Lake VillageSpring Lake Village in Southington CT is a complex of 640 condos designed for adults that want the comforts of a home but without the added maintenance.This 55+ community has 6 Homeowner's Associations. The condos at Spring Lake Village are have been built up in phases over 30 years so there are a variety of styles, all built with quality and comfort in mind . There is central air conditioning and economical gas heat. The condos at Spring Lake Village are have been built up in phases over 30 years so there are a variety of styles, all built with quality and comfort in mind. Almost all have first floor master bedroom suites with walk-in closets and spacious full baths. There are 1, 2 and 3 bedroom units, with a second full bath, ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT January 2021    Search for Homes in Southington CT Currently in Southington CT there are 82 active residential listings for sale, with 35 new listings being added in January 2021. The homes for sale in Southington CT range from a 700 square ft, 2-bedroom mobile home listed at $58,900 to a 5,754 square ft, 5-bedroom, colonial listed at $725,000. The average list price of the homes currently available for sale in Southington CT is $355,062. The average days on market for these homes are 101 days. In addition, there are currently 53 homes under contract in Southington CT, with 18 having gone under contract in January.   In January 2021, 31 homes closed in Southington CT. They ranged from a 1,044 square ft, 3-bedroom cape, which sold for $188,500 to a 5,...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Southington CT 2020 Year End Real Estate Market AnalysisThe year 2020 was an unusual year for so many reasons.  With the pronouncement of the pandemic back in mid February of the year, the world watched in disbelief as the virus spread at an incredibly fast pace and affected all ages all over the  world.As business ground to a slow halt, it was a matter of where could one go and how safe would we be.  In the world of real estate, the exuberance of the business that had started in 2019 started to slow the enthusiasm as people became wary of venturing into homes not knowing who was there or their health. Likewise, sellers were wary of having people come into their homes and possibly bringing in a bacterial issue that would infect their families.In spite of this, after a brief pause the ma...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT December 2020   Search for Homes in Southington CT Currently in Southington CT there are 101 active residential listings for sale, with 28 new listings being added in December. The homes for sale in Southington CT range from a 805 square ft, 2-bedroom mobile home listed at $58,900 to a 5,754 square ft, 5-bedroom, colonial listed at $725,000. The average list price of the homes currently available for sale in Southington CT is $349,056. The average days on market for these homes are 98 days. In addition, there are currently 44 homes under contract in Southington CT, with 9 having gone under contract in December.   In December 2020, 46 homes closed in Southington CT. They ranged from a 962 square ft, 3-bedroom ranch, which sold for $129,900 to a 2,904 ...
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By Matt Listro, Your Credit Repair Expert
(National Credit Fixers - Matt Listro)
Biden appoints new Director to CFPB - Rohit ChopraSo - how does this affect use . . .Chopra was formerly the student loan Ombudsman, so he has extensive experience with student loans. In November, he issued a statement advocating for more co-operation between the CFPB and the FTC citing that join efforts would reduce duplicative efforts and thereby lead to efficiencies which would translate to bigger recoveries for consumers. Additionally "we must stop ignoring Congress and recalibrate priorities and strategies in the financial services arena. Maybe they will give more credence to the Congressional letter asking them to stop enforcing the TSR on Credit Repair Companies! See attached letter from Congress.   MattToll Free: 888-NCFIXER (623-4937)Toll Free Fax: 888-FAX-4020 (329-4020)Local:...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year. Consumer advocates believe that since Social Security numbers are so readily available on the dark web, a majority of Americans are at risk. Unfortunately, most tax identity fraud victims don't realize that they have fallen victim until they try to file their return. Luckily, there are some important tips that you can follow to reduce your chances of falling victim to tax identity theft.Keep reading for tips on how to protect yourself against identity theft.Vector Tax & Accounting speciali...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
The IRS released their formal guidance yesterday on tax deductions from expenses paid for with Paycheck Protection Program finds. In April 2020, the IRS made their position known; they would not allow any deductions for expenses paid with forgiven PPP funds.  During the year I’ve written about, and been on the radio to talk about, how the IRS is wrong about this.  In December, the IRS issued another statement where they dug in their heels, saying that the expenses are not deductible and if you expect to have the loan forgiven in 2021 then you shouldn’t include the deduction on your 2020 tax returns.  I, and many other tax practitioners, and professional organizations like the American Bar Association and AICPA all disagreed with this for several reasons.  With the new stimulus provision...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
If you’ve been at all following the news, you’ve likely heard that Congress has finally agreed to a new COVID relief package that was signed by President Trump.As we have been following the news this past week I have written, deleted, and rewritten this blog at least 4 times, trying to keep up with all the changes. Now that Trump has signed the bill I am posting this blog with the items that are most likely to affect you in 2021. Stimulus Checks: The main thing that everyone has been waiting to hear about.The eligibility guidelines appear the same, but the dollar amounts have changed. Instead of $1200 for an individual or $2400 for a married couple the stimulus will be $600 per person. The per person amount also covers children. So, while the $1200 people got initially has been cut in h...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
November 2020 Real Estate Sales Report for Southington CT   Search for Homes in Southington CT Currently in Southington CT there are 105 active residential listings for sale, with 45 new listings being added in November. The homes for sale in Southington CT range from a 805 square ft, 2-bedroom mobile home listed at $52,900 to a 0,318 square ft, 5-bedroom, colonial listed at $1,390,000. The average list price of the homes currently available for sale in Southington CT is $371,635. The average days on market for these homes are 95 days. In addition, there are currently 47 homes under contract in Southington CT, with 9 having gone under contract in November.  In November 2020, 52 homes closed in Southington CT. They ranged from a 1,140 square ft, 3-bedroom mobile home, which sold for $107...
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By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
  As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes. In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.  Note: If you already have tax troubles or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed www.VectorTax.com  Report All Your IncomeOne of the biggest reasons people get in trouble with the IRS is their failure to report income. Oftentimes it’s an honest mistake and they simply forget about income they’ve made...
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