Boston real estate for sale and Tax Season 2024

Boston Condos for Sale and Apartments for Rent

Boston real estate for sale and Tax Season 2024

Yes, today I’m working on my taxes. Few things in life cause as much stress as income tax compliance. There may be a penalty if the filing deadline isn’t met and there are underpayment penalties too.

Most American workers have taxes withheld from every paycheck. The IRS knows exactly how much W2 workers make.

National Tax Payers Union taxpayers

According to the National Tax Payers Union taxpayers spend $104 billion a year on out-of-pocket expenses associated with preparing and submitting tax forms. Some entail basic costs such as making copies of financial statements, receipts, or forms.

The Office of Information and Regulatory Affairs (OIRA), found that complying with the tax code in 2022 consumed 6.55 billion hours for recordkeeping, learning about the law, filling out the required forms and schedules, and submitting information to the IRS.

Boston Real Estate Brokers

For those of us who are self-employed, record-keeping is a daily part of running a business. It isn’t just for determining profit and loss it is all about having everything we need at tax time. Income tax compliance costs time and money, time that could be spent making more money.

Taxes are not withheld from any of my revenue. I have to calculate how much I owe and make payments. If I estimate too high and pay too much, it is best to apply what could be a refund to the next year’s taxes. If I pay too little I have to write big checks. I know plenty of people who are interested in self-employment but believe that their taxes would go up or that taxes make self-employment too risky.

I keep records as I go and almost everything is automated it takes me about three hours to gather all of the information I need to file an income tax return. I used to have to spend entire weekends working on income tax returns. Usually, warm sunny spring weekends when the birds are singing and the flowers are blooming.

Once I have all of the forms and documentation put together I pay a professional to do my taxes. Yes, I can do them myself but hiring a pro takes some of the stress out of the process. I learn something new each tax season and that helps me make better choices throughout the year. I actually mostly understand my taxes.

As for using tax preparation software, no thanks. I have used it in the past. I would call it a “bad experience” all the way around.

Supposedly the IRS is understaffed but they always have the time and the staff to find small errors in the tax returns that come from small businesses. I am not going to argue over a few dollars even if I don’t owe it.

When I am on my deathbed bed I am not going to worry about taxes. If I die owing taxes I am OK with that.

In some countries, taxes are paid online using a simple free form. In the U.S. taxes are a multi-billion dollar industry that isn’t going away anytime soon. Neither are the  74,608 pages of U.S. tax code or the 79,000 IRS employees.

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Boston real estate for sale and Tax Season 2024

If you’re buying or selling a Boston condo this year, you’re likely saving up for a variety of expenses. For Boston condo buyers, that might include things like your down payment and closing costs. And for Boston condo sellers, you’re probably working on a bit of spring cleaning and maintenance to spruce up your house before you list it.

Either way, any money you receive from your taxes can help you achieve your Boston condominium goals. Using a tax refund is a common tactic for Boston condo buyers and sellers. SmartAsset estimates the average American will receive a $2,897 tax refund this year. The map below provides a more detailed estimate by state:

If you’re getting a refund this year, here are a few tips to help with your home purchase or sale this season.

How Buyers Can Use Their Tax Refund

According to American Financing, there are multiple ways your refund check can help you as a homebuyer. A few include:

• Growing your down payment fund – If you haven’t started saving for your down payment, let your tax refund kick off the process. And if you have a fund already, the money you get back could put you closer to your goal.
• Paying for your home inspection – Your home inspection can save you a lot of headaches down the road by helping you determine the condition of the house. As a buyer, you’ll typically be responsible for paying for your inspection, and it’s definitely worth the investment.
• Saving for closing costs – Closing costs are additional expenses you’ll need to pay once it’s time to close. They average anywhere between 2-5% of the purchase price of your home.

This list is a great start, but it isn’t exhaustive of all the costs you may encounter as you set out on your homebuying journey. The best way to prepare is to work with a trusted real estate professional to make sure you understand what’s to come in the process.

How Sellers Can Use Their Tax Refund

If you own a home and are planning to sell this spring, your tax refund can help you make sure your home is ready to list. Here are a few ways current homeowners can put their tax refund to good use:

• Making small upgrades – NerdWallet provides a list of great ways to use your tax refund, including tackling small projects or boosting your curb appeal to help your home stand out.
• Making repairs – If there’s anything in your house that needs to be fixed, American Financing notes that completing repairs is another great use of that money.
• Buying your next home – Whether you’re selling to move up or downsize, you can use your tax refund to help pay for any costs on the purchase of your next home.

Of course, it’s important to talk with your trusted real estate advisor before taking on any projects. They’ll make sure you can focus on areas that’ll help you receive the best possible price when you sell.

Boston Condos and the Bottom Line

Funding your home purchase or sale can feel like a daunting task, but it doesn’t have to be. Your tax refund can help you reach your goals. Let’s connect to discuss how you can start on your journey. You can contact us at 617-595-3712 after hours cell/text 617-595-3712.

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Boston real estate for sale and Tax Season 2024

If you’re looking to buy Boston real estate for sale in 2020, have you thought about putting your tax refund toward a down payment? Boston condo ownership may be one step closer than you think if you spend your dollars wisely this year.

Based on data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,962 when filing their taxes this year.

The map below shows the average tax refund Americans received last year by state:According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is not always required to buy a home, even though that’s a common misconception about homebuying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

How can my tax refund help for Buying Boston Real Estate?

If you’re a first-time buyer, your tax refund may cover more of a down payment than you ever thought possible.

If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average tax refund:The darker the blue, the closer your tax refund gets you to homeownership in one of these programs. Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

Boston Real Estate for Sale & The Bottom Line

Saving for a down payment can seem like a daunting task, but the more you know about what’s required, the more prepared you’ll be to make the best decision for you and your family. This tax season, your refund could be your key to homeownership.

Updated: Boston Real Estate Blog 2024

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Boston condos for sale website  updated in 2024.

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