Chesapeake, VA Real Estate News

By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
Since the tax filing deadline comes at the busiest time of year for Realtors, many agents and brokers opt to file for an automatic extension to file with the IRS.That will push the deadline for S Corp filers to Sept 15... even Oct 15 for many LLC and sole proprietors. The problem is, with the crazy busy real estate market this year, maybe a late summer vacation, and now kids back in school, many Realtors still aren't ready to file!So what happens if you file late?No, you can't ask for another extension. You already got one - a six month extension - and you don't get another. At least not without reasonable cause. What's reasonable cause? Think fire, natural disaster, serious illness and the like."I'm too busy" or "I don't have the money" don't qualify as legit excuses for avoiding IRS p...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
Can the IRS really levy your W2 paycheck or 1099 Real Estate Commission Check? They can - and will - if you've  been getting IRS notices asking you pay taxes owed, and you fail to comply.  I've also seen agents and brokers who haven't even filed tax returns get levied by the IRS or their state tax agency -- for 100% of their Commission Income. I can't think of any worse news than learining your paycheck is 100% frozen. The good news is theirs ways to stop an IRS levy, and I'm going to show you how. I provide IRS Representation for troubled taxpayers who fall behind filing their returns or paying their taxes due.  How a Wage Levy Works To stop a wage levy, you first need to understand how it works.  Your employer or broker is required to held a specific percentage of your pay, and send i...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
Did you know ...if you have employees working in your business, and you haven't paid payroll taxes, you can become personally responsible for those taxes? Even if the business itself ceases to exist, you can be assessed for the tax debt.How is this possible?Everyone knows that real estate sales is seasonal. Sales can be seasonal. Commission income and cash flow can be great some months, and not so great in other monthsUnfortuntely, one of the easiest sources of cash when money is tight is federal payroll taxes.It's been called the easiest loan to get, but the hardest to repay.You don't even have to apply for a "loan". The funds are sitting right there in your bank account!I'm referring to money withheld from employee checks this month, sitting in your bank account, and waiting to be pai...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
I've worked with many good Realtors over the years who haven't filed tax returns.An agent's  "busy season" (March - April - May) matches up perfectly with the IRS filing deadline. Which means Realtors can get so busy serving clients that they lose track of the tax timeline.  I'm excited about the information I'm about to share because it's helped so many put their tax problems behind them and get a fresh start! Let's Talk Compliance - 1040 ReturnsIf agents or brokers miss one deadline, it can have a snowball effect. They don't want to file the next year, in fear the IRS will find out about the first year missed. Or they just don't feel they can afford to pay the taxes.They key to fixing an IRS problem is to first get "Compliant". You can't pass go, you can't get a deal with the IRS, you...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
I work with many Realtors who fall behind on taxes, and then make mistakes trying to resolve things.Many jump into monthly payment plans they can't afford, thinking an Installment Agreement is their only option. To prevent the IRS from filing a Federal Tax Lien, levying their bank account or seizing their stuff, they accept a monthly agreement as their 'fate'. But then they can't afford the monthly payments, default on their agreement, and end up in worse shape with the IRS than before!An IRS Installment Agreement is not your only option. Other progams could be better suited to your financial situation, such as... Currently Not Collectible Status  CNC is an IRS program designed to help taxpayers in financial hardship The IRS agrees to put all enforcement actions "on hold" for up to 2 ye...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
I've worked with hundreds of Realtors over the years to reduce their IRS tax bite and gain control over their finances. Many find it hard to manage cash flow when closings and commission income fluctuate up and down. But COVID times aren't 'normal times';  financial challenges have intensified. Here's the good news:  late this week both the SBA and the IRS came out with guidance on the new Paycheck Protection Program. ("PPP 2.0")Do you want an infusion of tax-free cash, from a 'loan' that potentially will be 100% forgiven ?!!?Here's a quick overview of PPP 2.0: If you participated in PPP 1.0, you can now take a second ride with PPP 2.0 If you didn't take PPP 1.0, you have advantages as a first time borrower with PPP 2.0 It's easier for agents (most of whom are small businesses, sole pro...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
PORTSMOUTH, Va. (WAVY) – If you’re looking to upgrade your home, change the floor plan, or check out the latest home innovations, we have just the place for you.The 2016 Peninsula Housing & Builders Association’s Parade of Homes features 8 showcase model homes and it’s going on now on a lakefront cul de sac in Isle of Wight County.Chris Reckling recently stopped by Founders Pointe to talk with Mark Edwards. Mark gave Chis a mini tour and talked about what you can expect to see when you visit this year’s Parade of Homes.Parade of Homes open now through October 16.Daily hours are 11 am to 6 pm with extended hours until 8 pm on Tuesdays and Thursdays.Admission is $10, $8 for senior citizens & military. Children 16 and under are free.757-238-9009founderspointeonparade.comThis segment of The...
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By Marcus Rice, Your Richmond & Virginia Beach Area Realtor
(Equity First Realty )
We're a full-service Virginia real estate company dedicated to saving our United States Armed Services clients lots of money, as well as providing incredible professional representation for armed services military clients and veterans serving U.S. Coast Guard Finance Center. We can help you whether you're buying or selling a home. Basically, we give half our commission paycheck when you buy a home through us and we also protect our seller’s equity and profit margins by charging home sellers from 0% to 1.5% on the listing broker side no matter the price of their home.  WE JUST WANT TO SAY THANK YOU! This is what we say to all those who have provided valiant service to our nation in United States Armed Forces. Whether you are currently on active duty at U.S. Coast Guard Finance Center, a...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
What's unique about the best selling new home community in the Hampton Roads area in the last decade? The Riverfront at Harbour View, a master planned community developed by East West Communities, was recently awarded the Stanley Hall of Fame award from the Tidewater Builders Association for having the best quality community development and achieving unprecedented success in our region. The golf course waterfront community has received multiple "Community of the Year" awards and numerous other awards for its new homes and amenities.     What are some of the reasons the community has attracted over 1,000 families since it's grand opening in the spring of 2000? Seven of the unique reasons are listed below: 1. Location- Besides the natural beauty of the property, it has it all from a commu...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
5 Reasons to Relocate to FOUNDERS POINTE, a waterfront community in the Hampton Roads area of VirginiaIf you've been waiting on the sidelines the least couple of years, waiting for the right time to buy a new home, now might be that time. As various news report show an increase in sales nationally in the last couple of months, as interest rates continue to be at record lows, and as foreclosures are at the lowest point in years, many feel the worst of the housing recession is behind us. At Founders Pointe, near Smithfield, Virginia, many have chosen to move forward with their dream home and new home sales activity is on the rise.Many families realize that now is the best time in decades to buy a new home. The custom home builders are including more quality in their homes and buyers are r...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
Thinking about getting a new home but aren't sure where to start? Only looking to be stationed here for two or three years and not sure if you're going to rent or buy a home? Have you been in your current home a few years longer than you anticipated? There's a highly unique new home community in Hampton Roads that has attracted nearly 200 families in recent years and is no longer considered the "best kept secret"- Founders Pointe centrally located in Hampton Roads, inthe Carrollton area of Isle of Wight County. (Only 10 minutes to the Peninsula and just 15 minutes to the Western Branch area of Chesapeake). Here are 5 reasons why potential homebuyers should visit Founders Pointe this weekend... 1. Founders Pointe has 9 Brand New Homes under construction for sale, with prices ranging fro...
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By Marcus Rice, Your Richmond & Virginia Beach Area Realtor
(Equity First Realty )
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
Many in the real estate industry may say, “Now’s not a good time for real estate because no one wants to buy a home over the holidays”. Based on the attractive pricing, increasing rents, and low interest rates, there’s never been a better time to buy a home. Here’s 5 Reasons to Buy a Home Now instead of waiting until the spring: Rents are soaring to new levels and mortgage payments are still lower in most cases. Trulia and other agencies are predicting that rents will rise on average by 4% next year, after seeing a rise of over 5% last year. Stop throwing your money away on rent when you can be building equity and receiving that all important tax break each year.  If you haven’t noticed there’s a limited supply of new homes in the market today. The housing inventory shortage has occurre...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
  Founders Pointe is proud to welcome Stephen Alexander Homes to our waterfront community located in Isle of Wight County, near historic Smithfield. Two new models are underway on the new Batten Cove waterfront cul-de-sac - the WALNUT and BLACKSBURG models (the BLACKSBURG model is already sold).  Stephen Alexander Homes features quality homes with a unique Coastal Cottage feel . While their exteriors are  reminiscent of older homes from the past, their interior layouts are open and flowing, perfect for the way people live today. The model pictured above is 3600 square feet of living area and features a multi-generational suite on the first floor and a covered front and back porch. The home is currently listed for sale at $552,200 with East West Realty. HISTORY of STEPHEN ALEXANDER HOMES...
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By Mark Edwards, East West Realty
(East West Partners of VA, Hampton Roads, Virginia)
Why have planned communities become so popular in today's economy? Yes, people are building and buying new homes again in Virginia, and we're excited about what's going on in our four East West Communities in the Hampton Roads area of Virginia. Maybe the sales pace isn't what it was a few years ago, but that's okay. Builders have definitely stepped up and are taking great care of the customer, AND we're seeing outstanding new home values as a result. One of the drawbacks of the building boom a few years ago was the fact that builders couldn't meet their closing deadlines and sometimes customer service fell behind the wayside. Our buyers are finding out that it is a great time to build after comparing their options with the other possibilities in the marketplace. There's a definite resu...
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