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Plano, TX Real Estate News

By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
The benefits of a preapproval (not prequalification) for Plano Texas Home Loans. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Plano Texas Home Loans and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.  Education   The steps necessary to purchasing a home in Plano, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You should choose...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Special Government Home Renovation Loan Program using Plano Texas FHA 203k Renovation Loans.Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.This loa...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
Whether it is a global pandemic shutting the economy down for months on end, a stock market crash that leaves formerly giddy investors frightened and nervous or a housing crisis that makes real estate a risky bet, living through tough economic times is never easy.  Even so, how you handle yourself and your money during the crisis could make all the difference in the world, and if you do it right, you could emerge stronger, wiser and richer on the other side. Handling taxes can be especially difficult during times of crisis. With your income uncertain, it can be hard to predict how much you might owe the IRS or how you can make those payments. And if you are self-employed or a gig worker, this economic uncertainty can be even greater.  So what can you do about your taxes when the economy...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
The IRS is certainly amongst the most powerful creditors in the world. They have several tools at their disposal to collect delinquent taxes. The tool that gets the quickest attention of a taxpayer who owes taxes is the Levy. When taxpayers with an IRS levy come to our Richardson TX office, they are often incredibly stressed and want to immediately deal with their tax issue.    What is an IRS Tax Levy?An IRS levy permits the IRS to legally seize the taxpayer’s property, including garnishing wages, taking money from bank accounts or other financial accounts, as well as seizing real estate, vehicles and other personal property to satisfy a tax debt.  When does the IRS Levy a Taxpayer?The IRS doesn’t immediately Levy a Taxpayer who owes taxes. There is a process with delinquent tax debt th...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Plano TX VA loan benefits in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs, VA l...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
As we in previous blogs, a priority of helping taxpayers who come into our Richardson TX, tax office with business Payroll Tax Debt, is avoiding or minimizing the impact of the Trust Fund Recovery (TFRP). When the IRS makes a TFRP assessment against an individual, that individual becomes personally liable for the trust fund portion of the payroll taxes. Visit my previous blogs to learn more about the TFRP. One the TFRP has been assessed, one strategy to limit personal liability is to designate any payments made against the debt to the Trust Fund portion. If the business has assets that the IRS can seize and/or the business makes payroll tax payments, the IRS will apply those payments against the oldest debt first. It is possible to make voluntary payments against the Trust Fund portion....
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
In previous posts, we’ve covered the complexity and catastrophic harm that can be caused when a business incurs Payroll Tax Debt. In addition to putting the business at risk, the IRS can assess personal liability to Responsible Persons of the business for the trust or fiduciary portion of the payroll taxes. This is known as the Trust Fund Recovery Penalty or the TFRP.  An individual can be held responsible for the TFRP when they are considered responsible for withholding, accounting for, depositing or paying payroll taxes and they are deemed to have willfully failed to do so. Some business owners and/or employees believe that that only an owner is held responsible for the TFRP. That is not the case. Substance is the driver and not title. This means your key to not being held responsible...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 VA loan benefits in Plano Texas in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
As covered previously, Payroll Tax Debt issues are among the most complex and potentially the most damaging tax debt cases that we see in our Richardson, TX tax office. First, there are the potential penalties that can create a financial hole that’s almost impossible to dig out of. Then, there’s the personal liability under the Trust Fund Recovery Penalty (TFRP) which can create personal liability for both owner’s and other parties considered to be “Responsible Persons”. Finally, while not common, if the Taxpayer makes the wrong choices, a civil issue can become criminal.  Payroll Taxes are a high priority for the IRS and criminal prosecutions are up 300% over recent years. Remember that payroll taxes are not income taxes, where there is simply the failure to pay taxes. With Payroll Tax...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
When business owners come into our Richardson TX tax office with a payroll tax debt issue, it’s often more complex than a typical IRS 1040 tax debt problem.  Payroll Tax Debt not only may involve risk at the corporate or LLC level, but both owners and possibly other “responsible persons” can be held personally liable for taxes owed. In rare cases, the issue can become criminal.  Because of this, I often need to protect the client and resolve the debt at both the business and personal level.   How Does The Problem Occur?It typically starts out simple enough. The business owner has a cash flow problem.  This might a result of unprofitable operations for that business, or it can be due to a difficult economic environment, such as a recession.  When the business owner has the cash flow prob...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
In  the next few months, many small businesses will struggle to survive due to the economic impacct of COVID-19.  In order to survive in difficult times, business owners often have to make decisions on what they should and shouldn't pay, and often it comes down to making decisions that have no good answers.   For example, an employer may have enough cash to fund payroll checks to their employees but not pay the payroll taxes. If they don’t make payroll, their business may cease to exist, and/or their reputation may suffer. The urge is to make payroll and worry about the taxes later. My experience with entrepreneurs is that by nature, they are optimistic about the future and sometimes these business owners believe that they will get caught up next week.  I urge you to be careful when del...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
Yesterday (March 25th, 2020) the IRS announced a People First Initiative, where the IRS announced that their priority would be helping taxpayers through uncertain times versus collection actions. These would include providing various payments relief and postponing taking compliance actions.  What are some of these changes? Have an Installment Agreement? Required Payments from April 1st thru July 15th have been suspended. The IRS will not default on any installment agreements during this period. As required by law, Interest will continue to Accrue. Do you have an Offer In Compromise (OIC) in process? For Pending OIC Applications, the IRS will give taxpayers until July 15th to provided IRS requested information and the IS will not close any pending OIC before July 15th, 2020. If currently...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
If you’ve been listening to the news, you may have heard that the federal government has extended the due dates related to certain filing and tax payment due requirements for the 2019 tax year. I wanted to take a few moments to communicate the specifics of those changes.  On the Federal side, last week, the Treasury Department and the IRS announced some changes related to federal income taxes. The tax filing date has been automatically extended from April 15th, 2020 to July 15th, 2020. In addition, taxpayers can also defer federal income taxes due from April 15th, 2020 to July 15th, 2020, without any additional penalties and interest, regardless of the amount owed. This applies to all taxpayers including individuals, Corporations, and trusts and estates.  Both extensions are automatic. ...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Special Government Home Renovation Loan Program using Plano TX FHA 203k Rehab Loans.Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.This loan progra...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
The benefits of a preapproval (not prequalification) for Plano Texas Home Loans. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Plano Texas Home Loans and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.   Education    The steps necessary to purchasing a home in Plano, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You should choo...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
The benefits of a preapproval (not prequalification) for Home Loans in Plano TX. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Home Loans in Plano TX and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.   Education    The steps necessary to purchasing a home in Plano, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You should choo...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
Comments 0
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