Hartford County, CT Real Estate News

Market Statistics for Southington CT March 2021   Search for Homes in Southington CT Currently in Southington CT there are 41 active residential listings for sale, with 15 new listings being added in March 2021. The homes for sale in Southington CT range from a 1,196 square ft, 3-bedroom ranch style home listed at $189,700 to a 3,526 square ft, 3-bedroom, ranch listed at $1,750,000. The average list price of the homes currently available for sale in Southington CT is $434,614. The average days on market for these homes are 89 days. In addition, there are currently 84 homes under contract in Southington CT, with 28 having gone under contract in March.   In March 2021, 46 homes closed in Southington CT. They ranged from a 924 square ft, 2-bedroom mobile home, which sold for $80,000 to a 7... 04/30/2021

Market Statistics for Southington CT February 2021    Search for Homes in Southington CT Currently in Southington CT there are 84 active residential listings for sale, with 22 new listings being added in February 2021. The homes for sale in Southington CT range from a 700 square ft, 2-bedroom mobile home listed at $58,900 to a 4,478 square ft, 4-bedroom, colonial listed at $819,888. The average list price of the homes currently available for sale in Southington CT is $348,089. The average days on market for these homes are 73 days. In addition, there are currently 76 homes under contract in Southington CT, with 13 having gone under contract in February.  In February 2021, 37 homes closed in Southington CT. They ranged from a 800 square ft, 2-bedroom half-duplex, which sold for $120,000 ... 03/29/2021

If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference. Most Americans voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. There are times when normally law-abiding citizens fail to file. Why? IRS research shows that sometimes people don’t file in years their filing status changes, such as due to t... 03/11/2021

Tax returns can often be filed with incomplete or incorrect information, leading you to more tax trouble than you bargained for. If you filed early, you might have overlooked income from a temporary job or a side gig, only to get a 1099 or late W2 for the income earned.  Other filers may eventually realize that they were entitled to an extra deduction or exemption. The Internal Revenue Service routinely processes a significant number of amended returns each year and provides a specific form for changing the status of an earlier tax return. Individual income tax returns filed with the IRS can be amended up to three years after the due date of the original return by filing IRS Form 1040X. However, we strongly suggest consulting a tax resolution professional to help with your amended retur... 03/02/2021

Senior Living Condos in Southington CT  Spring Lake VillageSpring Lake Village in Southington CT is a complex of 640 condos designed for adults that want the comforts of a home but without the added maintenance.This 55+ community has 6 Homeowner's Associations. The condos at Spring Lake Village are have been built up in phases over 30 years so there are a variety of styles, all built with quality and comfort in mind . There is central air conditioning and economical gas heat. The condos at Spring Lake Village are have been built up in phases over 30 years so there are a variety of styles, all built with quality and comfort in mind. Almost all have first floor master bedroom suites with walk-in closets and spacious full baths. There are 1, 2 and 3 bedroom units, with a second full bath, ... 02/25/2021

Market Statistics for Southington CT January 2021    Search for Homes in Southington CT Currently in Southington CT there are 82 active residential listings for sale, with 35 new listings being added in January 2021. The homes for sale in Southington CT range from a 700 square ft, 2-bedroom mobile home listed at $58,900 to a 5,754 square ft, 5-bedroom, colonial listed at $725,000. The average list price of the homes currently available for sale in Southington CT is $355,062. The average days on market for these homes are 101 days. In addition, there are currently 53 homes under contract in Southington CT, with 18 having gone under contract in January.   In January 2021, 31 homes closed in Southington CT. They ranged from a 1,044 square ft, 3-bedroom cape, which sold for $188,500 to a 5,... 02/18/2021

Southington CT 2020 Year End Real Estate Market AnalysisThe year 2020 was an unusual year for so many reasons.  With the pronouncement of the pandemic back in mid February of the year, the world watched in disbelief as the virus spread at an incredibly fast pace and affected all ages all over the  world.As business ground to a slow halt, it was a matter of where could one go and how safe would we be.  In the world of real estate, the exuberance of the business that had started in 2019 started to slow the enthusiasm as people became wary of venturing into homes not knowing who was there or their health. Likewise, sellers were wary of having people come into their homes and possibly bringing in a bacterial issue that would infect their families.In spite of this, after a brief pause the ma... 01/28/2021

Market Statistics for Southington CT December 2020   Search for Homes in Southington CT Currently in Southington CT there are 101 active residential listings for sale, with 28 new listings being added in December. The homes for sale in Southington CT range from a 805 square ft, 2-bedroom mobile home listed at $58,900 to a 5,754 square ft, 5-bedroom, colonial listed at $725,000. The average list price of the homes currently available for sale in Southington CT is $349,056. The average days on market for these homes are 98 days. In addition, there are currently 44 homes under contract in Southington CT, with 9 having gone under contract in December.   In December 2020, 46 homes closed in Southington CT. They ranged from a 962 square ft, 3-bedroom ranch, which sold for $129,900 to a 2,904 ... 01/28/2021

Biden appoints new Director to CFPB - Rohit ChopraSo - how does this affect use . . .Chopra was formerly the student loan Ombudsman, so he has extensive experience with student loans. In November, he issued a statement advocating for more co-operation between the CFPB and the FTC citing that join efforts would reduce duplicative efforts and thereby lead to efficiencies which would translate to bigger recoveries for consumers. Additionally "we must stop ignoring Congress and recalibrate priorities and strategies in the financial services arena. Maybe they will give more credence to the Congressional letter asking them to stop enforcing the TSR on Credit Repair Companies! See attached letter from Congress.   MattToll Free: 888-NCFIXER (623-4937)Toll Free Fax: 888-FAX-4020 (329-4020)Local:... 01/21/2021

Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year. Consumer advocates believe that since Social Security numbers are so readily available on the dark web, a majority of Americans are at risk. Unfortunately, most tax identity fraud victims don't realize that they have fallen victim until they try to file their return. Luckily, there are some important tips that you can follow to reduce your chances of falling victim to tax identity theft.Keep reading for tips on how to protect yourself against identity theft.Vector Tax & Accounting speciali... 01/20/2021

The IRS released their formal guidance yesterday on tax deductions from expenses paid for with Paycheck Protection Program finds. In April 2020, the IRS made their position known; they would not allow any deductions for expenses paid with forgiven PPP funds.  During the year I’ve written about, and been on the radio to talk about, how the IRS is wrong about this.  In December, the IRS issued another statement where they dug in their heels, saying that the expenses are not deductible and if you expect to have the loan forgiven in 2021 then you shouldn’t include the deduction on your 2020 tax returns.  I, and many other tax practitioners, and professional organizations like the American Bar Association and AICPA all disagreed with this for several reasons.  With the new stimulus provision... 01/07/2021

If you’ve been at all following the news, you’ve likely heard that Congress has finally agreed to a new COVID relief package that was signed by President Trump.As we have been following the news this past week I have written, deleted, and rewritten this blog at least 4 times, trying to keep up with all the changes. Now that Trump has signed the bill I am posting this blog with the items that are most likely to affect you in 2021. Stimulus Checks: The main thing that everyone has been waiting to hear about.The eligibility guidelines appear the same, but the dollar amounts have changed. Instead of $1200 for an individual or $2400 for a married couple the stimulus will be $600 per person. The per person amount also covers children. So, while the $1200 people got initially has been cut in h... 12/28/2020

November 2020 Real Estate Sales Report for Southington CT   Search for Homes in Southington CT Currently in Southington CT there are 105 active residential listings for sale, with 45 new listings being added in November. The homes for sale in Southington CT range from a 805 square ft, 2-bedroom mobile home listed at $52,900 to a 0,318 square ft, 5-bedroom, colonial listed at $1,390,000. The average list price of the homes currently available for sale in Southington CT is $371,635. The average days on market for these homes are 95 days. In addition, there are currently 47 homes under contract in Southington CT, with 9 having gone under contract in November.  In November 2020, 52 homes closed in Southington CT. They ranged from a 1,140 square ft, 3-bedroom mobile home, which sold for $107... 12/16/2020

  As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes. In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.  Note: If you already have tax troubles or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed www.VectorTax.com  Report All Your IncomeOne of the biggest reasons people get in trouble with the IRS is their failure to report income. Oftentimes it’s an honest mistake and they simply forget about income they’ve made... 12/16/2020

 If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing.  When you owe the IRS back taxes, it’s best to have the right tax relief firm representing you so you can get the best result possible. Don’t try to face the most brutal collection agency on the planet alone. You’ll be sorry you did. In this article we talk about some of the differences between a tax attorney and someone who specializes in tax relief and IRS negotiation. Note: If you already have a tax problem and owe more than $10k to the IRS or state but can’t pay in full, contact our firm... 12/02/2020

 For early adopters of Bitcoin, Ethereum and other popular cryptocurrencies, the profit potential has been simply stunning. While there have been some heart stopping moments and frightening ups and downs, the clear long-term trajectory has been upward. If you are one of those early adopters who profited from the rise in cryptocurrency values, you are probably feeling pretty good about your decision. But your good fortune could soon take a dark turn, one that could leave you in hot water with the IRS. After many years of taking a hands-off approach to cryptocurrency investments, the IRS is now making up for lost time. At first, the tax agency seemed unsure how to calculate virtual profits or tax cryptocurrency gains, but now the rules are largely in place, and it is time for those who pr... 11/23/2020

 When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.  The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on. If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up owing penalties and interest and over time, that could be just as big of a hassle as your original debt.  Note: If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed. ... 11/19/2020

 Working from home can be a dream come true, especially if you also work for yourself. Opportunities for freelancers, gig workers and other self-employed men and women have exploded in recent years, giving people the freedom they crave without sacrificing the income they need. This is far more evident with the current COVID situation where millions of Americans are now commuting from their bedroom to the dining room table for a Zoom call. That freedom and flexibility can be intoxicating, but there is an unwelcome hangover as well. Tax issues can make working from home less attractive, and more expensive, leaving many gig workers, new freelancers, and small business owners frustrated. But if you plan carefully and know what to do, you can reduce the tax headache and enjoy the perks of wo... 11/16/2020

If you don't have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering money they think is theirs.  When you owe the IRS money, they can garnish your wages, levy your bank accounts, put a lien on your home and seize other assets.  Here's what you can do if you find yourself not being able to pay your taxes. Note, we always recommend getting in touch with a specialized tax resolution professional to help avoid the harsh penalties and interest that accrued on your back taxes. It’s far easier to navigate towards tax resolution, if you have a professional working with you. If you’d like to schedule a no-cos... 11/12/2020

 Filing for bankruptcy is a difficult and draining process. People often feel ashamed, scared, or confused. If you find yourself with no other options, bankruptcy can be a good way to clear out old debts, change financial patterns, and most importantly get a fresh start. Here is everything you need to know about filing for bankruptcy. Note: Depending on what type of taxes you owe, you might not be able to wipe out your back taxes in bankruptcy proceedings. Our firm specializes in tax resolution and back tax debt settlements with the IRS. So if you’re considering bankruptcy in part because of your back tax burdens, reach out to us today for more information on how you can get tax relief.  Who Should File for Bankruptcy? If you owe money to a creditor and cannot repay it, you can file for... 11/09/2020