Hartford County, CT Real Estate News

By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
  Opening the mailbox and finding a letter from the IRS is frightening, but what happens next can be even scarier. The tax agency wields incredible power, and if they claim you owe additional taxes they have many different options for forcing you to pay.   When the IRS claims you owe additional money, they will act quickly, and that could leave you reeling, and trying hard to preserve the money you need to pay your bills, feed your family and keep a roof over your head. If you are employed, the IRS can reach into your paycheck, forcing the company you work for to withhold part of what you are owed until the tax debt has been satisfied.   The IRS can also hold onto any refunds and government payments you would otherwise be due. If you have been waiting for that big fat refund check to a...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
It is hard to beat the freedom and flexibility of freelancing and gig work. When you work for yourself, you can set your own hours, turn your home into an office and even ditch the daily commute. As a small business owner, I understand the desire to be your own boss.All that is great, but there is one thing about freelancing that is much less pleasant. Compared to their corporate counterparts, self-employed individuals face an additional tax burden, an expense that takes many of them by surprise.Note: If you end up falling behind on your taxes and the IRS or state claim you owe $10,000 or more, reach out to our tax resolution firm and we’ll schedule a free, no-obligation confidential consultation.If you love the freedom of gig work but not the big tax bill, you need to think ahead. A li...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax season can be a stressful time, especially for freelancers who might owe taxes at the end of the year. It can be overwhelming to look at the tax debt you owe from the profits you have made. Our firm specializes in tax resolution and helping people who owe the IRS or state $10,000 or more. We’ve seen small business owners and freelancers get blindsided every year by a huge tax bill and often falling behind on their taxes for years on end. If that’s you, we can help. Contact us to discuss your tax debt settlement options.  So, if you're worried about how you're going to pay your tax bill this year, try to relax. There are a wide variety of legitimate deductions you can utilize as a freelancer to bring your tax liability down. We encourage you to talk to a tax professional to see if an...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
  The holidays are here. Not to be a grinch but right around the corner is a less fondly anticipated time of year. Before you know it, you will be taking down the Christmas tree, pulling down the holiday lights and getting ready for the tax season to come. Just like the holidays, tax season requires lots of preparation and planning, and if you want to be ready, you need to start early.   Why am I writing this article? It's not to spoil your holiday cheer, it's because we've seen what it's like when you're not prepared. We help people who fall behind on their taxes and owe the IRS tens of thousands of dollars in back taxes, and it's often because they simply failed to prepare and they procrastinate on their taxes.   If you do get in trouble with the IRS and they claim you owe $10,000 or...
Comments 1
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT October 2021    Search for Homes in Southington CT Currently in Southington CT there are 30 active residential listings for sale, with 3 new listings being added in October 2021. The homes for sale in Southington CT range from a 1,056 square ft, 2-bedroom mobile home listed at $63,000 to a 1,807 square ft, 3-bedroom, ranch listed at $1,650,000. The average list price of the homes currently available for sale in Southington CT is $439,707. The average days on market for these homes are 47 days. In addition, there are currently 34 homes under contingency contract and 57 homes under hard deposit.   In October 2021, 45 homes closed in Southington CT. They ranged from a 858 square ft, 2-bedroom mobile home, which sold for $60,000 to a 2,933 square ft, 4-b...
Comments 11
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Operation Hidden Treasure: Cryptocurrency and the IRS Cryptocurrency has become an incredibly popular way to invest, but the tax side of this virtual coin can be difficult to navigate. The IRS vacillated its stance on cryptocurrency, throughout the years, making it confusing even for the most diligent investors.In March of 2021, the IRS announced Operation Hidden Treasure, this initiative is “focused on taxpayers who omit cryptocurrency income from their tax returns” (Forbes). If you've bought and/or sold cryptocurrency recently, it's important to declare your crypto correctly on your tax forms to avoid fraud and evasion charges. Before we jump into it, if you know you owe IRS back taxes on your crypto gains, it's important to reach out to a tax resolution firm like ours who is skilled ...
Comments 0
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT September 2021    Search for Homes in Southington CT Currently in Southington CT there are 36 active residential listings for sale, with 11 new listings being added in September 2021. The homes for sale in Southington CT range from a 1,056 square ft, 2-bedroom mobile home listed at $63,000 to a 1,807 square ft, 3-bedroom, ranch listed at $1,650,000. The average list price of the homes currently available for sale in Southington CT is $378,506. The average days on market for these homes are 53 days. In addition, there are currently 32 homes under contingency contract and 57 homes under hard deposit. In September 2021, 63 homes closed in Southington CT. They ranged from a 792 square ft, 2-bedroom mobile home, which sold for $66,000 to a 3,082 square ft...
Comments 4
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Each year, many taxpayers choose to prepare their own tax returns. This can be an easy way to save a few hundred dollars but, it’s important to watch out for common tax filing mistakes. Tax preparation software makes some errors like addition and subtraction blunders less likely, but even the best software cannot eliminate all potential problems and human error.  If you are getting ready to file your tax return, be sure to take a second (or third) look before you hit send. Keeping a close eye out for these common tax filing mistakes is the best way to ensure the IRS does not come knocking at your door. Note: If you do get in trouble with the IRS and they claim you owe $10,o00 or more, reach out to our tax resolution firm and we’ll schedule a free, no-obligation confidential consultation...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Which Tax Records to Keep and For How Long. Do This and Avoid Tax Problems Later. Whether you are expecting a nice tax refund or preparing to write a big scary check, you know that April 15 is the annual tax filing deadline. What you may not know, however, is that Tax Day is every day at the IRS, and the tax agency is always reviewing the information taxpayers and business owners have provided.  That means that keeping tax records is about more than just smart bookkeeping - it is an integral form of self-protection. You see, millions of Americans get letters from the IRS stating they owe back taxes or requesting more information about their tax returns. It may be disconcerting, but the IRS has the right to request additional information months, or even years, after the return you filed ...
Comments 0
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Spring Lake Village Adult Housing in Southington CTComfort and Affordability in Adult HousingThe condos at Spring Lake Village are designed with a majority of ranch style units with an interspersing of town home styles as well. There is the original set of buildings in a high-rise design with elevator service and a keyed secure lobby. Almost all the full ranch style models have first floor master bedroom suites with walk-in closets and spacious full baths. There are 2 or 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 in the full ranch units.The condos are laid out in clusters of homes with walking trails, and large landscaped grass areas to give the feel of privacy and...
Comments 12
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT August 2021    Search for Homes in Southington CT Currently in Southington CT there are 46 active residential listings for sale, with 20 new listings being added in August 2021. The homes for sale in Southington CT range from a 1,056 square ft, 2-bedroom mobile home listed at $70,000 to a 1,807 square ft, 3-bedroom, ranch listed at $1,650,000. The average list price of the homes currently available for sale in Southington CT is $411,366. The average days on market for these homes are 40 days. In addition, there are currently 40 homes under contingency contract and 71 homes under hard deposit.   In August 2021, 77 homes closed in Southington CT. They ranged from a 750 square ft, 2-bedroom mobile home, which sold for $86,900 to a 4,625 square ft, 5-bed...
Comments 9
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Open House 627 Pine St, Bristol CT   1-3 PM Sunday 8/29 A public Open House on this comfortable contemporary in the Forrestville section of Bristol CT.  Convenient to schools transportation, services and hghway.New reduced price of $198,000  an ideal starter home with open space.  MLS#170420923   A 3 bedroom property with new furnace, newer roof, upgraded windows.Open House Hosted by Ed Silva  203-206-0754  Open House 627 Pine St, Bristol CT   1-3 PM Sunday 8/29
Comments 10
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Few things are as frightening as opening the mailbox and finding a letter from the IRS, especially when you know you owe them money. The much feared tax agency does not contact taxpayers just to say hello; receiving communication from them is not likely to be good news.   When your heart stops pounding and you get the courage to open the letter, you get another shock - in the form of a large amount due, one you cannot possibly afford. So what do you do, and how do you react?   The steps you take next could make all the difference, and here are some immediate actions you need to complete right away.     Step #1 - Stop Panicking, Take Action If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today. Our tax resolution specialists ...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
No one wants to be on the bad side of the IRS, yet that is where millions of taxpayers find themselves each and every year. As enforcement efforts ramp up at the IRS, the number of letters landing in mailboxes is continuing to increase and one of them could be heading your way. If you do receive a notice from the IRS, it is important to act fast, especially if you cannot afford to pay what the IRS says you owe. You may be tempted to do nothing or ignore the situation, but every day  you wait will just make an already bad situation that much worse. The good news is you may not have to pay what the IRS says you owe! There are a number of programs designed to give taxpayers relief, in many cases allowing them to settle their tax debts for much less. But before you can enjoy that financial ...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
The rise of freelancing, self-employed and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend.  Working as a freelancer or gig worker can also open a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability to write off office supplies and other essentials, this class of workers enjoys some truly phenomenal tax breaks. Generous Deduction or Audit Trap?One of the most generous of those tax breaks is also one of the m...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
People often dream of quitting their jobs and going into business for themselves so that they can pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex that what you initially bargained for.  If you’re self-employed, it is important to understand how taxes work so you can avoid making a mistake and owing more than your fair share of taxes.  Note: If you owe back taxes and need tax relief, our firm can help! We specialize in resolving complicated self-employed and small business back tax problems. Contact our firm today!   Definition of Self-Employment The IRS considers you to be self-employed if you work as a contractor, freelancer, small business owner or are otherwise in busin...
Comments 0
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Market Statistics for Southington CT June 2021   Search for Homes in Southington CT Currently in Southington CT there are 44 active residential listings for sale, with 12 new listings being added in June 2021. The homes for sale in Southington CT range from a 1,022 square ft, 2-bedroom mobile home listed at $99,900 to a 1,807 square ft, 3-bedroom, ranch listed at $1,650,000.The average list price of the homes currently available for sale in Southington CT is $388,383. The average days on market for these homes are 38 days. In addition, there are currently 154 homes under contract in Southington CT, with 41 having gone under contract in June.  In June 2021, 71 homes closed in Southington CT. They ranged from a 700 square ft, 2-bedroom mobile home, which sold for $61,500 to a 4,582 square...
Comments 9
By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
3 Bedroom Contemporary for sale in Bristol CTMLS# 170420923 Priced at $205,000Located at 627 Pine St in Bristol CT This comfortable 3 bedroom is a great alternative to a condo. Ideal for a first time home buyer with ample space for entertaining. Private back yard, all fenced for privacy and safety. Ample sized bedrooms and plenty of room for entertaining in the living/dining room. This home also offers a large deck to grill or sit outside and enjoy the peaceful surroundings. It's fantastic location near dining, shopping, highways, ESPN, Lake Compounce, make it a great starter home or downsizer. Bristol CT Contemporary For Sale  627 Pine St
Comments 14
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
If you took on a side hustle last year to make ends meet and earn some extra cash, you may have found a surprise when you filed your taxes. If you did not prepare carefully, you probably ended up with a big tax bill for your troubles, possibly with penalties and interest added on. Given the unpleasant surprises of the past, you may be resigned to a life of higher taxes, all courtesy of the very side hustle you thought would help you gain financial freedom. But before you put away your driving gloves and give up on ride sharing and grocery delivery, you might want to take a second look at your situation. With the right planning and preparation, your side hustle could actually lower your tax bill, giving you an even bigger reason to keep driving, door dashing and doing whatever it takes t...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Proper tax planning is a year-round proposition. You cannot afford to wait until April to start planning your taxes and assessing your tax liability.   Knowing which factors can raise your taxes is one of the best ways to keep more money in your pocket. These five factors can unexpectedly raise your taxes owed at the end of the year.   Note: If you owe 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 to worry about.     #1 - Cashing in Your Retirement Plan There are many reasons not to cash in your retirement plan early, but the tax penalty is one of the biggest ones. If you take the proceeds from your 401(k) plan in cash instead of rolling it over ...
Comments 0