Newport Beach, CA Real Estate News

By Sharon Paxson, Newport Beach Real Estate
(Compass)
As we are continuing with our new norm, Real Estate bloggers continue to share relevant real estate information. We have all experienced changes in how we are conducting "life" and along those lines, there have been changes with how real estate is practiced. There are new forms and policies that must be adhered to when showing homes. On a positive note, Realtors are adapting and are embracing the virtual world.Check out the May 2020 edition of the Best Real estate articles. You will find relevant information about COVID-19 and much more.Condos versus Townhomes | What is the Difference?Condominiums are a type of real estate ownership. When purchasing a condo, you are buying the air space inside the unit along with co-ownership of any common areas. In a townhouse, you own the land your to...
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
Over 64% of Americans own a home. Owning a home can be both stressful and rewarding. There may come a time when your existing home doesn’t meet your needs anymore. Instead of staying in a home you are not completely happy with, you need to think about selling it. Trying to sell a home without the help of an experienced real estate agent can be difficult.This is why you need to take the time to research the various real estate agents in your area. Doing this will allow you to figure out which one is the right fit for your needs. Selling your home in a hurry is a lot harder than you may realize. Read below for some tips on how to speed up the home selling process.Ensure it is Priced CorrectlyOne of the main things you need to consider when trying to sell your home in a hurry is the price....
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
As a new month begins and social distancing continues, I’m trying to focus on all the silver linings in my life. I hope you are all focused on your silver linings, whatever they may be. April 2020 has continued with the shelter in place orders. We are all experiencing the new normal including Zoom (or equivalent meetings), wearing masks in public, constant hand washing, disinfecting every door handle, and yet top Real Estate bloggers are continuing to share relevant real estate information. There have been changes with how real estate is practiced, and it is an adjustment for not only Real Estate agents, but it has also changed for buying and selling a home across the country.Check out the April 2020 edition of the Best Real estate articles. You will find relevant information about COVI...
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
We are well into the first quarter of 2020, and Real Estate bloggers are continuing to write and share excellent real estate blog posts.  This real estate information provides education on home selling and buying for the consumer and for real estate professionals. Check out the blog posts below and let us know what you liked best. Let us know what you would like to see covered in future posts!Smart Home Staging Tips to Sell Your Home QuicklyAnita Clark has written an excellent article for any seller who may be considering selling their home Smart Home Staging Tips. In the article, Anita shares the importance of making your home to make your home outstanding in order to attract buyers and get your asking price. She discusses adding unique lighting fixtures, adding eco-inspired design ide...
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
As we have entered the new year, Real Estate bloggers are continuing to share relevant real estate information. This information is to provide education on home buying and selling for the consumer and for real estate professionals. Check out the articles below and let us know what you liked best. Also, please let us know what you would like to see covered.FHA Loan with No CreditEric Jeanette has shared an excellent post about how to obtain an FHA Loan with No Credit. He discusses ways to obtain an FHA Loan if you do not have a credit score and they include submitting a letter from your landlord documenting the on-time rent payments,  payment history for your utility companies (gas, electric, water, etc), payment history for your cell phone or internet provider. There are standard guidel...
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The IRS Offer in Compromise is the name of a tax settlement. These sound like a gimmick when you hear them on the radio/tv, but they actually work. You have to qualify, and know what you are doing when you file the offer. With experience in having many of these offers accepted by the IRS for our clients at EA Tax Resolutions in Orange County, CA we know how to file the Offer in Compromise.In this blog I am going to explain how to determine your “offer” or “reasonable collection potential” (RCP).The IRS reasonable collection potential (RCP) or offer is based off your net equity assets and future income. The IRS will accept an offer so long that it meets or exceeds their financial guidelines to calculate the net equity assets and future income. Getting this calculation is the reason why s...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
An IRS installment agreement is a monthly payment plan with the IRS when you have tax debt and can’t pay in full. You need to keep in mind that even though you set up an IRS installment agreement, penalties and interest will continue to accrue on any outstanding tax debt, just like a credit card. Also, once an installment agreement is set up, if you subsequently file a tax return with tax debt, and do not pay by the due date, your installment agreement will go into default. An IRS installment agreement can not be set up until all required tax returns have been filed. There are several types of IRS installment agreements and the following are the qualifications, fees and methods to set each of them up.Automatic Installment Agreement          Taxpayer owes less than $10,000          Taxpa...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
The #1 way to save taxes as a business owner or independent contractor. The #1 question I get from business owners or independent contractors who my office in Orange County, CA is how do I save on taxes. Well the answer is quite simple, track your expenses! The process is not difficult once set up, but can be a tedious task that might just need to be delegated to a bookkeeper or accountant. How to track your expenses, properly?  Need a Tax ID for Your Business. If you don’t have one already you can apply for online on the IRS website fairly easily.  Separate Business Bank Account. As a business you do not want to be commingling your personal and business expenses, which is the reason you will need a business bank account.  Use a bookkeeping app or Hire an Accountant. We recommend using ...
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
Are you having an open house this weekend? If you are hosting an open house this weekend, you need to make sure you keep your most precious items safe. That includes your pets. Many homeowners are not aware of the risk of crime at open houses, but inviting people you don't know well into your home, should always be considered a risk. Even your precious Labrador or Havanese may end up being dognapped! There are many items that should never be left out at an open house.An open house can be very risky for both the homeowner and the real estate agent and there are many drawbacks of an open house. Unscrupulous types do attend open houses. They come to the home to educate themselves about the doors and windows, and they may even unlock them. Additionally, they may be there to educate themselv...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
IRS First Time Penalty Abatement. The IRS has a little-known secret called the First Time Penalty Abatement. There is no need to explain the reasons why you either filed late or didn’t pay the taxes on time, all you need to do is call and request the abatement. If you qualify for the IRS First Time Penalty Abatement the IRS will simply remove it with the phone request and you will get a letter showing the penalty has been removed.Requirements to Qualify for the IRS First Time Penalty Abatement:         No penalties assessed for the prior 3 years to the year you are requesting the abatement.        All required returns have been filed.        You have paid or arranged to pay any tax due. What IRS Penalties qualify for the First Time Penalty Abatement        Failure to File Penalty       ...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
The IRS Offer in Compromise ProcessAt our office in Orange County, CA we help clients with their back taxes, and understanding the IRS offer in compromise process to ensure a successful offer. As you can imagine, the process to settle your tax debt with the IRS for less than you owe through the IRS offer in compromise takes time and there are certain steps you have to take. The following is the process to obtain an IRS offer in compromise: Making current tax payments - The IRS will never settle back taxes, knowing that you are going to continue to owe after the settlement is done. Therefore, the IRS wants you to be making payments toward your current years taxes before they would even consider a tax settlement. Getting Tax Compliant – This means you have to file all necessary missing ta...
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By Sharon Paxson, Newport Beach Real Estate
(Compass)
Buying a property to fix up, or a fixer-upper as it is known is now popular than ever before. Many homeowners are buying a second property hoping to make some extra money. For instance, you can buy a fixer-upper and rent it out to make extra income. Alternatively, you can flip it once you have finished fixing it up.Choosing the Right Fixer-Upper For YouWhen it comes to buying a home that is in need of repair, there are many things to bear in mind. However, there are some simple rules that you should follow.Should you purchase any property? No, you should be as selective as to when it comes to buying a home with deferred maintenance as you are when you buy a turn-key property. It is easy to take on too much when it comes to buying a fixer-upper.When you first look at a property, you shou...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
IRS Offer in Compromise has finally been accepted after about a year and a half ! Client's original tax debt of $131,894 was just settled with IRS for $3,638! The IRS offer in compromise may sound to good to be true, but it isn't, this program works to settle tax debt. To see if you or someone you know qualifies for the IRS Offer in Compromise, feel free to give our office a call or check out our Youtube video explaining exactly how the IRS will settle tax debt.  Anthony Fontana EA800-245-0596www.eataxresolutions.com4630 Campus Dr #203Newport Beach, CA 92660
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At our tax office in Orange County, CA we represent clients before the IRS to help them with tax compliance and to resolve their back tax debts. One of those options is the uncollectible status or the Currently Non-Collectible Status, CNC. What is the Currently Non-Collectible Status, CNC?The CNC is a status the IRS will code taxpayers accounts’ when the taxpayer can prove that they have no equity in available assets and their income is lower than their IRS allowable expenses. Once taxpayers have been placed in the currently non-collectible status, the IRS will no longer take any levy actions. This means the IRS will not take money from your bank accounts or from your wages.Keys things to know is that the CNC status does not actually resolve the back tax issue once the CNC status has be...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
Tax Debt Options – Currently Non-Collectible, Offer in Comprmise, or Installment Agreement. When clients come to our office in Orange County, CA for with tax debt, we first make sure they are tax compliant, then discuss options to resolve their tax debt. We start this process by learning about the client’s current financial situation. This will tell us what the best route to take to resolve their tax debt. We can then teach our clients why a certain tax debt relief option would be more beneficial than another and everything involved in that relief option. The 3 options the IRS has to resolve your tax debt are:       Currently Non-Collectible Status        Offer in Compromise        Installment Agreement   Currently Non-Collectible Status:In simple terms the Currently Non-Collectible Sta...
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Can’t tell you how many times, clients come by our office in Orange County, CA in need of tax help and have no idea where all their documents are. This should not stop you to settle your taxes. Copies of the tax forms like W-2 or 1099 Misc. and others are filed with the IRS, and you have access to them! Not only are these available, these are important to obtain when trying to settle your back taxes. It reminds us what income you have made throughout the years and serves as a guide on where to obtain additional information, if need be.What are IRS Transcripts?IRS Transcripts are records of information that is being recorded at the IRS on your account. They obtain information like any tax balances, tax payments made, income that has been reported by third parties, and any collection acti...
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 At EA Tax Resolutions we teach our clients in Orange County, CA about the IRS 10-year collection statute and the importance it has on our strategy to resolve their back taxes.The IRS has 10 years to collect on your tax debt after the tax has been assessed. Once that 10-year mark runs up, you are clear and free of that tax debt. Now, many people might think they can run from the IRS until the 10-year mark, however this is not easy to do, and not something we recommend. However, the 10-year collection statute, or as the IRS like to call it the Collection statute expiration date (CSED), has a very important role in the process of resolving our tax debt.The reason we always have the CSED in mind when planning a strategy to resolve back taxes is because the IRS uses this date when figuring ...
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The first step we take when a client comes to us in Orange County with tax debt, is to find out from the IRS if they are tax compliant. The reason we need to find out if our client is tax compliant, first, is because the IRS will not accept any offers to resolve your back taxes until you are in full compliance with the tax law, and not accruing new tax debt.So, what is tax compliance?Tax Compliance in the eyes of the IRS is: All tax returns for the prior 6 years have been filed Taxpayer is making sufficient payments toward current tax year through either paycheck withholdings or estimated tax payments Once you are tax compliant with the IRS, we can then work on resolving your back taxes. We have the options of either settling for less than you owe with the IRS through what called an Off...
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By Anthony Fontana, Tax
(EA Tax Resolutions)
Once you have received the IRS notices CP 501/503/504 as discussed in my previous blog, the next, and Final IRS notice or letter you will receive if you have not done anything is the IRS Letter 11 or Letter 1058. The final IRS notice of intent to levy on letter 11 or letter 1058 will come certified mail, and should not go ignored. We highly recommend that you contact a tax professional if you receive an IRS letter 11 or 1058. If the final notice of intent to levy does not get responded to within 30 days on the date of the notice, the IRS can start coming after you bank accounts, or wages. The IRS final notice of intent to levy letter 11 or 1058 will come with you rights for a “Collection Due Process Hearing” or CDP. In order to request the hearing, the IRS Form 12153 (which comes with y...
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By CA COASTAL ESTATES Lauren Selinsky Perez CRS, "Your Real Estate Broker" #oclauren
(California Coastal Estates)
Newport Beach Farmers Market Sundays | Lauren SelinskyOur Newport Beach Farmers' Market is an ultimate Southern California experience, located right next to the beach on the Newport Beach Pier. Just steps away from the famous Dory fish market and beachfront shops and restaurants, this market is a staple for locals and a reason to make Newport Beach a Sunday destination!Hours: 9-1 PM every Sunday rain or shine! (SUNDAYS ONLY)Want to live in Newport Beach? Search for homes and then call Lauren Selinskyhome search now Newport Beach area specialist, Lauren SelinskyNewport Beach Realtor, Lauren SelinskyNewport Beach real estate broker, Lauren Selinsky
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