King County, WA Real Estate News

By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
The individual tax filing deadline for 2020 is this Monday, May 17, 2021.  What can you do if after preparing your tax return, you realize you cannot pay your taxes?  Should you even file a tax return if you cannot pay? SHOULD YOU FILE IF YOU CANNOT PAY YOUR TAXES?Let’s address the second question first.  YES, to minimize penalties and interest that accrue after the filing and payment due date, it will be beneficial to file the tax return even when you are currently not in a position to pay the amount due.   As we have written about previously, the failure to file penalty gets ugly in a hurry. OPTIONS WHEN YOU CANNOT PAY YOUR TAXESThe IRS collection process can be very intimidating for people who find themselves unable to pay their taxes.  The late-night television and news radio advert...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Exceptionally Renovated Snoqualmie Rambler OverviewMapsPhotosFeaturesMarket Stats *Pending* List Price $895,000 Single Family Home - Rambler Main Features 3 Bedrooms2.5 BathroomsInterior: 2,270 sqftLot: 50,094 sqftYear Built: 1990MLS #: 1773788 Location 9610 353rd Place SESnoqualmie, WA 98065 Description Sited near the pristine foothills of the Cascades, this classically styled home is all about pursuing your passions. Stroll the uncommonly expansive lot - more than an acre in size - and imagine the possibilities of covered boat and/or RV storage, a detached 3-car garage/workshop, the huge covered grilling station and plenty more room for whatever fulfills you. Raise animals, treat your dogs to the ultimate upgrade, or give the kids or grandkids room to roam. All this on the edge of in...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Beautiful Bridlewood Home in Bothell OverviewMapsPhotosFeaturesMarket Stats Sale Price $1,450,000 Single Family Home Main Features 5 Bedrooms2.75 BathroomsInterior: 3,440 sqftLot: 9,690 sqftYear Built: 1992MLS #: 1770375 Location 9914 NE 157th StreetBothell, WA 98012 Description This gorgeous, gracious and spacious home stands tall in the picturesque Bridlewood neighborhood, close to so many Eastside amenities. Don’t rush in; enjoy the manicured landscaping and architecture of the grand entrance, including stunning brick accents. Inside, gaze upward at the soaring ceiling of the main living space. The open and airy feel features so many windows, yet the home still exudes warmth with two stately fireplaces, classically beautiful millwork, richly finished oak hardwoods and utterly charmi...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Just Sold! Charming Condo in Maplewood Sale Price $340,000 Condominium Main Features 3 Bedrooms2 BathroomsInterior: 1,150 sqftYear Built: 2000MLS #: 1748004 Location 15150 140th Way SEUnit H101Renton, WA 98058 Description Rare spacious 3/2 condo on one level! Enjoy open floor plan. Patio off dining room for outdoor entertaining. 2 full bathrooms feature ADA bars. New Laminate hardwood flooring and carpet in 2019. Golf Course across the way and nearby riverside trails. Easy access to freeways and shopping/restaurants. Club House with pool and playground on site. Unit features detached private single car garage. HOA fee $540/mo covers water, sewer, garbage, landscaping, earthquake insurance, amenities.      View All Available Issaquah Area Properties View Available Homes By Surrounding N...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Just Sold! Stunning, Private Retreat with Puget Sound Views OverviewMapsFeaturesMarket Stats Sale Price $2,650,000 Single Family Home Main Features 3 Bedrooms1.75 BathroomsInterior: 2,570 sqftLot: 1.92 acre(s)Year Built: 2011MLS #: 1740234 Location 5308 Gold Court SWSeattle, WA 98136 Description *SOLD* The Kevin Meyer Group represented the Happy Buyer's of this beautiful home, winning out in a multiple offer situation! Gated shy 2 ACRE parcel overlooking Puget Sound Sweeping 180 unobstructable views ( you control trees ) Private retreat estate setting in the heart of West Seattle above Beach Drive. first time on market in 75 years, 10 year old custom rambler, 1000+ sq ft of sweeping view decks, huge 1000+ sq ft "rock star "detached garage with studio office, shop. Walking trails on bot...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
We view the annual tax return as a summary of previously made efforts and decisions.  After you implement proactive tax planning strategies, instead of getting shocked with the balance due presented on your tax return, you have the opportunity to reflect on the changes you made to control how much tax you did not overpay by using the legal opportunities presented to you through planning.  Does this feat deserve celebrating?  Of course, it does, especially when we are all seeking opportunities for positivity coming out of a pandemic!I am sure you are well aware by now that the individual federal tax filing due date has been moved from the dreaded April 15th filing deadline until May 17, 2021 for your 2020 federal income tax return.  Don’t let this rain on your parade or go canceling the ...
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By Lisa Archdale, Leveling Up Your Seattle Real Estate Dreams
(Keller Williams North Seattle )
There are so many things to do to prepare your home for sale. It seems like many of us make the decision to sell our property and then wonder, when prepping my home for sale, what should I focus on? My partner Ahmed and I have a team, at Keller Williams North Seattle, Seattle Level Up. We help sellers get organized to prep your home for sale and what to focus on.North Seattle has experienced very high demand for housing the past few years and this past year during the pandemic the greater Seattle area is in a serious drought for inventory.The job market here in Seattle remains steady and strong due to many of the local industries which are global companies. That has even more people moving into the area hoping to become buyers and take advantage of the amazing historically low mortgage ...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Delightfully Updated Wilderness Rim Home OverviewMapsPhotosFeaturesMarket Stats Pending Well Over List Price $579,000 Single Family Rambler Main Features 3 Bedrooms1.5 BathsInterior: 1,360 sqftLot: 9,600 sqftYear Built: 1978MLS #: 1751217 Location 43201 SE 176th StreetNorth Bend, WA 98045 Description This delightfully updated and cozy single level, Wilderness Rim home is tucked away on a peaceful cul-de-sac just a stone’s throw from the breathtaking beauty of rugged Rattlesnake Ridge. Refined renovations are plentiful and sure to level-up your daily living: lovely modern vanities and charming tilework in the bathrooms, richly finished flooring, a lovely gas fireplace surrounded by superb built-ins – it all feels so fresh and new. The kitchen update is particularly impressive; on-trend ...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Turnkey Home in the Heart of Issaquah Sale Price $360,000!  List Price $335,000 2 Story Condominium Main Features 2 Bedrooms1.5 BathInterior: 1,015 sqftYear Built: 1986MLS #: 1744494 Location 290 Newport Way NWUnit A-5Issaquah, WA 98027 Description *Sold Well Over Ask Price* Updated, turnkey 2 bed, 1.5 bath townhome in the Heart of Issaquah! This wonderfully cozy home offers an updated kitchen with stainless steel appliances, a wood burning fireplace in the living room, and a slider to a patio and backyard area. Upstairs provides a charming master bed with bath as well as an additional bedroom and laundry. Brand New flooring throughout: new carpet, new vinyl in the bathrooms and engineered hardwoods. Just blocks from Downtown Issaquah! Walk to dining, schools, and parks. Quick access t...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
There are some lessons learned in life that ring true frequently enough that they may just become a cliché.  “Just because you can do something does not mean you should” qualifies as a cliché, especially when considered within the context of taxes.Here are a couple opportunities for you to step back and consider the tax benefits of not taking everything you are eligible for: Penalty abatement – When you receive a notice from the IRS, claiming something went awry, did not get submitted correctly or on time, they have a responsibility to assess and collect penalties and interest.  Depending on your specific circumstances, there are a few ways to reduce or remove the balance owed for penalties, including reasonable cause and administrative practices.  The first-time penalty abatement is an...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
Primarily serving real estate professionals and construction industry business owners, I meet a lot of “Type A” personalities.  One thing they have in common is that they like to remain in control.  I appreciate their spirited ambitions and encourage them to regain control of the boxes on their tax returns.  From my perspective, you earned it, you should decide how to spend it.  If you want to overpay your taxes, that’s your choice too.This time of year, many real estate professionals and other self-employed individuals are paying someone else to prepare and file their income tax returns.  The paid preparer will likely ask some follow-up questions after reviewing your information and placing your numbers in the correct boxes on government forms.  When the next contact is made, there is ...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
How do you set yourself apart from the industry in extremely competitive markets?  Leaving a business card, creative cold marketing direct mail and social media advertising can help with name recognition; however, if your client base is like ours, referrals represent the single greatest source of new opportunities.  Give your client base a reason to refer you by anticipating the need. One of the successful real estate professionals I work closely with sends a copy of their client’s closing statement to them at the end of the year for each transaction closed during the year.  They include a simple reminder message that says something like, we want to make sure you have everything you need to be ready for preparing your tax return.  Thank you again for the opportunity.  When you and those...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
As a Gonzaga University alum (class of 2000), I find it quite fitting and timely to share a tax strategy we refer to as bracket management.  Yes, the NCAA tournament is approaching and my ten key cadence is a bit slower than normal due to having my fingers crossed that this year’s teams get the opportunity to share their talents and acumen with the spectating world at large…even if it will be viewed from our remote offices.The U.S. currently has seven, yes 7, federal income tax brackets to apply to an individual’s taxable income.  Until Congress revises the rates, they currently start at 10% and ratchet up to a top rate of 37% (this does not include the Additional Medicare Tax or other applicable taxes for gifts above the annual exclusion amount or those imposed by other jurisdictions, ...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Secluded Country Craftsman on Acreage OverviewMapsFeaturesMarket Stats Sale Price $985,000 Single Family Home Main Features 3 Bedrooms2.25 BathroomsInterior: 1,900 sqftLot: 2.25 acre(s)Year Built: 1990MLS #: 1698297 Location 35830 SE 27th PlaceFall City, WA 98024 Description Amazing 2.25 level acres showcasing country craftsman home with 30x40 garage, woodstove heat. Ladder to extra storage, 8&9-foot garage doors. Property has been used for horses & dirt biking. Close to miles of mtn bike trails. Many outdoor areas for entertaining, playing, or relaxing. Circular drive. Covered front & back porches are a must for NW living yr round. Great rm style LR w/free standing gas stove. Island kit w/seating, SS apps, & garden window. Main Floor Master BR & bath. Half bath & utility room accesses...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
There will undoubtedly be a lot of people who owe a tax balance due when they prepare their 2020 tax return.  For some, it may be expected, but for others, it will not only be an unwelcomed surprise, it could be terrifying.  Due the pandemic environment, did they pull from retirement accounts, sell appreciated property or claim unemployment benefits without accounting for tax withholding?  The next question becomes, should you even file a tax return when you know you cannot pay the amount due? The IRS charges penalties and interest when you cannot pay your taxes, currently 0.5% of the tax owed after the due date, plus daily compounding interest at the federal short-term rate plus 3%.  Half a percent penalty you say, that doesn’t sound so terrible; well, that is for each month or part of...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
As a kid playing competitive soccer and scoring well in school, I often heard “cheaters never win.” Apparently, those parents, teachers and coaches did not have the same business law professor that I had who made it a point to remind us to be very careful with absolutes.  As I recall, sometimes, the cheaters did win the match, score a bit higher on an assignment or even take something that wasn’t theirs.  I have spent over twenty years trying to follow the rules in a career that is focused on interpreting rules set by others and am very confident saying you do not have to cheat to pay less tax. Our practice focuses on helping business owners pay less tax and assisting people resolve their tax problems.  Sometimes, attempting to cheat the tax system to pay less tax, may end up with you h...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
Are you taking or laying odds for new tax increases?  The incoming administration released hints of their policies during the campaign leading up to the November election and again announced part of their recovery and relief plans, tonight, one week before the inauguration.  The pandemic has led to financial stress within households across the globe, but how do you believe the relief efforts and government investments will ultimately be repaid? My bet is going to be from multiple sources and without getting too deep into how governmental accounting is recorded through fund ledgers, one of the sources could be income taxes.  With the results of the Georgia run-off elections counted, it appears there is opportunity for new policies and tax changes to be made by Congress. Will the new chan...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
After supervising my children’s morning remote learning session, yesterday, we had the pleasure of delivering individual tax plans for two Seattle / Puget Sound business owners who could save over $100,000 each after implementing the strategies I included within their personal tax plans.  The strategies provide for evergreen, annual savings, not just one-hit wonders. You may be asking; how does one pay $100,000 more tax than they have to and not realize it?  Believe it or not, business owners who remain active in the day to day operations seldom take the time to address tax planning opportunities.  As years go by, time seems to move a little quicker and before you know it, the business activity has grown significantly, but the planning opportunities remain untouched or not fully impleme...
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By Kevin Meyer, Eastside and Greater Seattle Homes & Real Estate
(Kevin Meyer Group - John L Scott Real Estate)
Just Sold! Custom Modern Seattle Home OverviewMapsFeaturesMarket Stats $2,215,000 Custom Single Family Home Main Features 4 Bedrooms3.25 BathroomsInterior: 3,730 sqftLot: 4,409 sqftYear Built: 2018MLS #: 1664345 Location 1601 29th AvenueSeattle, WA 98122 Description Exquisite, custom built home showcasing contemporary styling, soaring ceilings, top of the line finishes and functionality. Chef’s kitchen features Jenn-Air Pro appliances, marble waterfall counters, expansive island, walk-in pantry and must-see wine room. Home is adorned with custom finishes including 6' oak flooring throughout, hand built barn doors, built-ins and an unparalleled owner's suite with dual walk-in closets and 5-piece bath. Top floor sanctuary features wet bar, walls of windows and 410SF deck.   View All Avai...
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By Tate Ensign, Helping brokers keep more of what they earn.
(T.S. Ensign, CPA & Company, Inc.)
As the calendar turns from the pandemic ridden year that shall not be named, it is common practice for people to make a list of resolutions and things they wish to accomplish during the next twelve months.  If you have endured a lingering tax problem, then there is no better time than now to address the problem.  Taking up an issue with the IRS is no small feat, even without a pandemic, but when you step back and take another look, the pathway to fixing your tax problem can be broken down into the following three steps: Know the issue – Getting your arms around what tax years and what issues the IRS claims you have a problem with is the first step.  It is very difficult to reach a solution, before knowing what problem you are trying to solve.  In our firm, we refer to this first phase a...
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King County, WA Real Estate Professionals