Chesapeake City County, 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)
Over the years I've prepared nearly a thousand Realtor tax returns, and have helped many others fix IRS tax problems. I've learned there are five goofy mistakes agents that can get them in trouble with the IRS and cause them to pay thousands in taxes they don't have to be paying.  Spit-balling on expense deductions. Agents generate commissions when they serve and sell. Chasing record-keeping and tax details isn't profitable - but necessary if you're going to avoid spit-balling on the 1040 you file with the IRS. I know a taxpayers records have holes in them when they give me nice round numbers for miles ("10,000"), Dues and Memberships ($2500), Telephone ($1200). I know their guessing, and the IRS knows it too. You're raising an audit flag.   Playing "Where is Waldo" when it comes to aut...
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By Jim Flauaus, Your Tax Problem Solver
(Anchor Tax Relief LLC)
I've prepared hundreds of Realtor tax returns, and have provided IRS Representation to help many agents and brokers sleep better at night. Most could avoid overpaying on their taxes if they simply structure their business correctly.  I'd estimate that 50 % of agents are operate as sole proprietors.  They do this by defaut; they simply haven't set up a proper entity structure.Another 30% of agents - somewhere in the first year or second year in busienss - set up an LLC after a closing attorney or broker encourage them to do so. You're Paying Taxes You Shouldn't Have to Be PayingEither way -- as a sole proprietor or an LLC -- you're overpaying on taxes. EIther way, you're paying two taxes:(a.) you pay income tax at whatever your income tax rate is (20%?)PLUS (b.) you pay self employment t...
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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've worked with many good Realtors over the years who find themselves in trouble with the IRS. They receive a notice of Federal Tax Lien or notice of Intent to Levy, and don't know what to do about it.Fortunately, taxpayers have powerful appeal rights.The IRS Collection Division cannot simply levy a taxpayer's bank account, or put a lien on their property, or seize assets whenever it wants to!Congress stepped in years ago and created Collection Due Process (CDP) rights for taxpayers.When you - or your real estate client - exercise CDP rights, a number of good things happen: Collection activity ceases immediately The case if forwarded to the Appeals Division (and out of Collections) You ensure you have a right to ultimately take your case up to Tax Court  And yet less than 3% of taxpaye...
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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 Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
1421 Rodgers St, Chesapeake, VA 23324 - Exclusively Listed by VA, MD & DC Top Real Estate Agent Shawn Derrick - 12:45 Team 540-585-1245 Just Listed!  You have to see this home in person.  Historic South Norfolk, 4bed/ 3bath, Single Family Home, $215,000, MLS #VACK100042 Special incentives for buyer - call/text 540-585-1245 or email Shawn@1245team.com to check on buyer incentives and schedule your private showing! 1421 Rodgers St, Chesapeake, VA 23324 Beautifully Restored Historical Home. Do you love charm? Restored Heart of Pine floors? Large Moldings? BUT with the benefits of MOVE IN READY? This is your home. Come see the LARGE Kitchen w/ ample cabinet space with new appliances. Downstairs has family room, dining room, living room or can be used as bedroom. Upstairs enjoy your LARGE ma...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
1421 Rodgers St, Chesapeake, VA 23324 Exclusively Listed by VA, MD & DC Top Real Estate Agent Shawn Derrick - 12:45 Team 540-585-1245 Coming Soon! - You are the first to see this home. 4bed/3bath, Single Family Home, $215,000 To see more photos of this home email Shawn@1245team.com Special incentives for buyer - call/text 540-585-1245 or email Shawn@1245team.com to check on buyer incentives and schedule your private showing before it goes live! SPECIAL - Want to have the inside scoop on all coming soon properties before anyone else?  We have the list free for you.  Click here for Coming Soon Properties 1421 Rodgers St, Chesapeake, VA 23324 See the true value of your home Click Here Need to sell your home? Contact us for special seller incentives and buy this home with us and we will sel...
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By Robin Gauthier, I have the Key to your NextHome
(NextHome Tidewater Realty)
The home at 1206 Madeline Ryan Way has sold.  This home is only 1 year young with 4 bedrooms and 2.5 bathrooms at nearly 2,300 square feet.  It has a bright open floorplan with wood laminate floors throughout the downstairs.  The dining room and living room are open to each other.  The kitchen has a huge center island open to the family room perfect for entertaining.  Off of the kitchen is a walk in pantry and half bathroom.  All of the bedrooms are upstairs.  The master bedroom is spacious with a tray ceiling.  The master bathroom has a 2 sink vanity, jacuzzi tub and stand up shower.  The walk in closet is located off of the bathroom.  This neighborhood is still under construction but this home is available now.  One can access major highways and shopping in minutes.  It sold for $359,...
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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)
If you haven’t been shopping for a new home lately, like in maybe over 5 years or so, you might be surprised in some of the hot, new trends that homebuyers are finding in a brand new home today. As the old saying goes, if the homebuilder is building the same old floor plan for at least five years, then it’s time for a change. At several of our East West Communities like Founders Pointe, you can tour a dozen new homes under construction, six are already under contract, and six are being built for sale. You’ll see some of the recent changes in new home design that reflect the changing needs and wants in today’s homebuilding industry. 1. Kitchens with larger center islands, more emphasis on more granite counter space, more energy efficient appliances. More floor plans are featuring a float...
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