Francetic Tax Resolution LLC - May 2020

THE PROS AND CONS OF BUYING A HOME IN A 55-PLUS COMMUNITY

CON: YOU’LL HAVE TO PAY A MONTHLY FEE.

Depending on your wants and needs, buying a home in a 55-plus community might be a financially savvy way to set yourself up for retirement. But is it the right decision for you? Here are a few financial pros and cons associated with moving into one of these neighborhoods. PRO: THE HOMES ARE IN EXCELLENT CONDITION. Oftentimes, 55-plus communities provide maintenance services, including housekeeping and landscaping. Also, it’s likely that only a handful of people have occupied the home since it was built, so buying in a 55-plus community means you’ll get a property in excellent condition with less wear and tear.

money by taking advantage of these programs instead of paying for a gym membership or a course at the local community college. CON: IT’S A LIMITED BUYER’S AND RENTER’S MARKET. Most people who buy in a 55-plus community plan to retire there. If this is your original intention but your plans change down the road, you might have a harder time selling your home here than you would in a community that is open to people of all ages. Make sure to budget for those potential holding costs and plan accordingly. Regardless of where you decide to buy, be sure to consult an experienced real estate agent and a financial planner. Here’s to living out your golden years in comfort and convenience!

Unfortunately, all the great stuff doesn’t come free. Usually, you’ll have to pay an extra monthly bill, similar to a homeowners association fee, to live in a 55-plus community. Some communities include all maintenance and amenities in the monthly rent or mortgage (some even cover utility bills), but make sure you understand what is and isn’t covered before you sign a contract! PRO: AMENITIES ARE INCLUDED. Most 55-plus communities include amenities like exercise classes and educational programs for their residents. They also invite community organizations and leaders to speak about local issues or upcoming elections. Some even have a clubhouse or dining hall for social gatherings. Save

TAX DEADLINES HAVE BEEN EXTENDED!

You Have Until July 15 to Pay Your Federal and State Taxes

As you might have already heard, the Trump Administration’s goal with the extension was to keep as much money as possible in the economy, which meant keeping it in taxpayers’ pockets. Here’s a quick rundown of the changes Mnuchin announced and what they mean for taxpayers around the country. You now need to file your taxes (or file for an extension) by July 15. That said, if you’re expecting a refund it’s recommended that you file as soon as possible (see Page 3 for filing tips). You’ll receive your refund as soon as the government can turn it around! There may be some delays, but it shouldn’t take significantly longer than any other year. If you owe, you don’t need to pay your federal and state taxes until July 15. This means you have three extra months to send in your payment to the IRS and state without worrying about accruing interest or penalties. The extension applies to payments of up to

$1 million for individuals, sole proprietors, and small businesses, and up to $10 million for corporations. If you’re going through hard times personally or professionally due to the coronavirus, hopefully this helps keep you and your family secure. The first and second quarter estimated tax payments for 2020 are due July 15. When the IRS extended the deadline, it also extended the due date of the first quarter estimated tax payment. Then the IRS also moved the second quarter estimated tax payment that was due June 15 to July 15 as well. If you’re confused about these changes, don’t have the money to pay, missed a deadline, or have a loved one who is struggling with their taxes because of the coronavirus, please reach out to Francetic Tax Resolution! I have been negotiating with the IRS on behalf of taxpayers for years, and I can help you get the time and peace of mind you need.

For months now, the coronavirus pandemic has hovered over the country like a huge, dark cloud. But as difficult as it has been dealing with school closures, shelter-in-place orders, and shuttered restaurants, there is at least one silver lining: On March 17, U.S. Treasury Secretary Steven Mnuchin announced that the IRS was extending the federal tax filing deadline by three months, from April 15 to July 15, and all the states have followed the new deadline.

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