Exciting news for the Dallas TXcommercial construction industry!On September 1st,  2021  Andrew Rugg announced the launch of Rugg Construction LLC headquartered in Dallas TX.  Rugg Construction is founded on INTEGRITY, QUALITY, & SERVICE and is a full service General Contracting company.  This is no ordinary startup! Andrew Rugg is a construction industry veteran with more than two decades of experience and a highly successful track record in the greater Dallas market place.Rugg Construction and Rugg Realty are not formally integrated with one another, but we do collaborate on important real estate and construction industry issues.  Andrew Rugg also happens to be my son, and I could not be more proud of his efforts with this new venture.  10/08/2021

What To Do If You Receive the Final Notice of Intent to Levy From the IRS?  I’m continuing to meet with more clients who have felt the IRS step up collections over the past few months.  A few months ago, we were seeing the IRS sending the CP504 notice.  That notice gives the IRS the ability to file a Federal Tax Lien over the taxpayer’s assets as well as the right to Levy their State Tax Refund.  When the taxpayer does not respond to the CP504 notice in a manner that is timely and acceptable to the IRS (such as setting up an acceptable arrangement), the IRS will next send a Final Notice of Intent to Levy.  This notice may come as an LT11 or Letter 1058.  While they have different numbers and come from different parts of the IRS, they are the same impact on delinquent taxpayers.  What Do... 10/08/2021

Real Estate Market Report for Addison, TX:  September 2021Residential Real Estate For Sale in Addison TexasThe total number of currently available residential properties for sale in Addison, Texas is 26, as compared to 25 last month.  Twenty two are pre-owned and 4 are new construction at Addison Grove. Currently for sale, there are: 7 single family homes (ranging in price from $320,000 - $3,750,000) 1 half-duplex ($425,000) 8 condos ($215,000 – $550,000) 10 townhomes ($320,000 - $1,350,000) Eighteen of the available homes have been on the market for longer than 30 days.  The average number of days on the market for the 22 “active” status, pre-owned homes is 44 days, as compared to 44 last month. The median number of days on the market is 42 days, compared to last month’s 20 days.   New... 10/02/2021

Veteran’s Home Loans for Rowlett TexasIf you are reading this, you or a family member have likely served in our military.  First off, we would like to say a sincere “Thank You” for your service!  We recognize that not only do our Veterans sacrifice by serving, but their families do as well-, and we owe you all a debt of gratitude!One of the best benefits Veterans and their families receive due to their service to our great country is the VA home loan benefits.  We are going to outline just a few of these significant benefits in this article for you. Here are some of the major benefits you may receive by using your VA home loan benefits:*100% financing available- one of the very few loans available with no down payment!*Lower rates available than most loan programs- which saves you money... 09/16/2021

Unfortunately, real estate agents and other small business owner’s and independent contractors sometimes find themselves in a situation where they owe the IRS.  This can be a result of not making estimated tax payments timely or as the result of an unfavorable audit.  Whatever the reason, you should understand there are options if you the IRS!File Your Return and Face the Music!The first instinct of a taxpayer who believe they owe the IRS is to ignore the problem and not file their tax return.  This is a very bad idea!  Did you know that filing a return late will result in a 5% per month (up to 25%) late filing penalty on the amount owed.   If you thought the $20,000 you owed on your return was a lot, how about it being $25,000 only five months later, in additional to the late payment p... 09/06/2021

Real Estate Market Report for Addison, TX:  August 2021Residential Real Estate For Sale in Addison TexasThe total number of currently available residential properties for sale in Addison, Texas is 25, as compared to 26 last month.  Twenty two are pre-owned and three are new construction at Addison Grove. Currently for sale, there are: 7 single family homes (ranging in price from $424,900 - $3,995,000) 2 half-duplexes ($395,000 - $425,000) 9 condos ($199,900 – $550,000) 7 townhomes ($350,000 - $1,350,000) Only 10 of the available homes have been on the market for longer than 30 days.  The average number of days on the market for the 23 “active” status, pre-owned homes is 44 days, as compared to 49 last month. The median number of days on the market is 20 days, compared to last month’s 28... 09/01/2021

Real Estate Market Report for Addison, Texas:  July 2021 Residential Real Estate For Sale in Addison TexasThe total number of currently available residential properties for sale in Addison, Texas is 26, as compared to 20 last month.  Twenty-one are pre-owned and 5 are new construction. Currently for sale, there are: 8 single family homes (ranging in price from $262,500 - $3,995,000) 2 half-duplexes ($359,000 - $430,000) 7 condos ($235,000 – $429,000) 9 townhomes ($410,000 - $709,900) Fourteen of the available homes have been on the market for longer than 30 days.  The average number of days on the market for the 21 “active” status, pre-owned homes is 49 days, as compared to 52 last month. The median number of days on the market is 28 days, compared to last month’s 30 days.   New listing... 08/01/2021

Become a Certified Approved Homebuyer! Have you noticed that the housing market is super competitive?  Are you having trouble getting our offer accepted? As you shop for your dream home, there is one thing that can put you at an advantage with the seller. We provide that with the expertise and technics that have proven successful with our many happy home buyers. How do you get them to stop ignoring your offers? Become a Certified Approved Homebuyer! I know it sounds crazy, but there’s a way to position yourself like you have cash on hand. Believe me, when I say Realtors—they won’t even return phone calls from people who can’t show they’re ready to close quickly! Your purchase of a new home starts with shopping for the perfect lender, The Richard Woodward Mortgage Team. We offer a fully ... 07/22/2021

Many taxpayers who owe the IRS believe that they will owe the government forever.  However, that’s not true.  The IRS only has 10 years to collect a tax debt once the tax is assessed, assuming that there are no actions taken by the taxpayer to stop collections.  It is also known as the Collection Statute Expiration Date (CSED).  How is the CSED calculated?The calculation begins on the date that the tax is assessed, if electronically filed, that’s usually within 24 hours of filing, but paper returns will take longer to get processed.  HINT – that’s a good reason to always file on time, even if you can’t pay.  If the taxpayer takes an action to keep the IRS from collecting, the clock will temporarily stop.  Some examples that will stop the clock include –  Filing BankruptcyFiling Fiing an... 07/19/2021

As a Real Estate Professional, did you realize that you are required to complete a Tax Form  that is the form most audited by the IRS?  That’s right, as independent contractors, most Real Estate Agents file a Form Schedule C.  The IRS has found that Schedule C’s contain a large number of errors compared to other forms and finds that they are very successful with audit changes to the returns, and able to bill back a higher amount of additional taxes to the taxpayer that is audited. Hopefully, that makes you aware that as a Realtor, you need to make sure that your return is completed accurately and documented properly.  In a future blog, we will cover what you need to do to document your transactions properly.  Today, we’re going to discuss some general rules to keep in mind if audited.  ... 07/06/2021

Friends, food, fun, and fireworks! Every July 3rd, the Town of Addison, a Dallas Texas suburb, celebrates Independence Day by hosting Kaboom Town. It's rated in the top 10 fireworks displays in the country by the American Pyrotechnics Association. And two years ago, it was ranked as the #2 best in the nation.  This year, I got an invitation to the event's VIP area. The tickets provided us a delicious dinner of pulled pork or brisket sandwich, with mac & cheese, baked beans, and red, white, and blue popcorn, plus drinks. {Sorry - no photo of the dinner; it was eaten before I remembered to take a picture. But see popcorn, above.}Obligatory recipe: popcorn, red and blue food coloring. The Addison Freedom Flyover started about 7:30, with vintage planes from Addison's Cavanaugh Flight Museum... 07/04/2021

Real Estate Market Report for Addison, Texas:  June 2021 Residential Real Estate For Sale in Addison TexasThe total number of currently available residential properties for sale in Addison, Texas is 20, as compared to 19 last month.  Fourteen are pre-owned and six are new construction. Currently for sale, there are: 5 single family homes (ranging in price from $470,000 - $3,995,000) 2 half-duplexes ($368,500 - $449,000) 6 condos ($347,500 – $439,000) 7 townhomes ($295,000 - $709,900) Eight of the available homes have been on the market for longer than 30 days.  The average number of days on the market for the 14 “active” status, pre-owned homes is 52 days, as compared to 61 last month. The median number of days on the market is 30 days, compared to last month’s 22 days.   New listings i... 07/01/2021

When a Taxpayer owes the IRS, one of IRS's most powerful tools is the Notice of Federal Tax Lien (NFTL).  In this article, we’ll discuss some actions you as a taxpayer can take if the IRS is threatening you with an NFTL.  Six Options for a Taxpayer under Threat of an IRS LienHere are a six options to consider when under threat of an IRS lien: The IRS will not file an NFTL if the balance is less than $10,000.  If you are above that level but can pay the balance down to $10,000, the IRS generally will not file a lien. If your assessed balance is below $50,000, you can set up a direct debit installment agreement (DDIA) and request that the IRS not file a lien. This is known as a Streamlined Payment Plan. If over $50,000, there is now an option available for amounts owed up to $250,000 if w... 06/21/2021

Selling a house  Sell your house with confidence  Making a big decision is never easy, especially when you’re aware it will affect your entire life. How should you know if it’s the right time for you to sell your house, the place where you most likely spent many years and is filled with memories? This is always a serious step and it’s best to have someone you can trust guiding you throughout the process. Our team of professionals is eager to support you during your journey - from the beginning to closing the deal. Sell your house with confidence! Call us Today! 06/18/2021

Veteran’s Home Loans for Lancaster TexasIf you are reading this, you or a family member have likely served in our military.  First off, we would like to say a sincere “Thank You” for your service!  We recognize that not only do our Veterans sacrifice by serving, but their families do as well-, and we owe you all a debt of gratitude!One of the best benefits Veterans and their families receive due to their service to our great country is the VA home loan benefits.  We are going to outline just a few of these significant benefits in this article for you. Here are some of the major benefits you may receive by using your VA home loan benefits:*100% financing available- one of the very few loans available with no down payment!*Lower rates available than most loan programs- which saves you mon... 06/09/2021

In the quiet Midway Meadows subdivision, in the Addison Timbers HOA, a one-story 3 bedroom, 2 bath home with attached 2-car garage will be available to show starting Thursday, June 10th, 2021.Or, you can view the walk-through video here:.This is my neighborhood and I'd love to welcome you to your new home.  This gem of a home is move-in ready! It's got a fresh coat of paint in the living/dining areas and has had a pre-listing inspection with most deficiencies checked and fixed.    Features include: hardwood floors in all but the guest bedrooms and baths updated kitchen gas range slider window between kitchen and patio 3 patio doors skylight in master bath updated guest bath HOA with $440 annual dues - covers front lawn maintenance unexempt property taxes of $6,224 1503 square feet   Whe... 06/09/2021

As a Tax Professional, your Tax Professional should be able to provide advice on deductions that are available to Real Estate Agents and Brokers.  However, they don’t know what is going on daily in your business and what deductions you are entitled to.  Unless you are able to properly track their income and deductions, you could end up paying more taxes than are needed, and maybe even worse yet, getting stuck in an audit where you end up substantial amount of additional taxes  PLUS penalties and interest.  That doesn’t even include the chaos and stress in your life, is not a fun position to be in, and one you want to avoid at all costs. While I’ll cover more complex bookkeeping procedures in the future, today I’m going to cover the basics of what you need to track in your bookkeeping sy... 06/07/2021

Real Estate Market Report for Addison, Texas: May 2021 Residential Real Estate For Sale in Addison TexasThe total number of currently available residential properties for sale in Addison, Texas is 19, as compared to 21 last month.  Fourteen are pre-owned and 5 are new construction. Currently for sale, there are: 7 single family homes (ranging in price from $459,000 - $4,250,000) 2 half-duplexes ($369,000 - $419,000) 8 condos ($347,500 – $469,000) 2 townhomes ($470,000 - $699,900) Ten of the available homes have been on the market for longer than 30 days.  The average number of days on the market for the “active” status, pre-owned homes is 61 days, as compared to 44 last month. The median number of days on the market is 22 days, compared to last month’s 10 days.   New listings in MaySixt... 06/03/2021

Address SqFt Total Beds Total Baths Total Pool Current Price 3808 Mitchell Court 1,633 3 2 No $240,000 3121 Creekside Drive 1,806 3 2 No $294,900 4415 Haverhill Lane 1,284 3 2 No $303,000 4709 Gatewood Court 2,660 4 2.1 No $335,000 4406 Haverhill Lane 2,110 4 3 No $339,000 7024 Park Hill Trail 2,095 3 2 No $345,000 4119 Stockyard Station Lane 2,321 3 2.1 No $373,240 4107 Bullwhip Creek Lane 1,882 3 2.1 No $377,122 3313 Cedar Creek Lane 2,296 4 2.1 No $385,000 3606 Thunder Drive 2,224 4 2 No $395,000 3521 Cedar Creek Lane 2,617 4 2 Yes $399,000 4119 Bullwhip Creek Lane 2,411 3 2.1 No $402,264 4112 Stockyard Station Lane 2,321 3 2.1 No $409,509 4810 Springtree Lane 2,603 4 3 No $410,000 5112 Greensboro Drive 2,756 4 3 Yes $420,000 4114 Caprock Canyon Road 1,725 3 2 No $436,650 4121 Capro... 05/28/2021

Address SqFt Total Beds Total Baths Total Pool Current Price 13961 Bee Street 1,195 3 1 No $260,000 3474 Cloverdale Lane 1,443 3 2 No $280,000 3157 Longmeade Drive 1,186 3 2 No $290,000 14243 Shoredale Lane 2,048 4 2 No $294,900 3321 Longmeade Drive 1,257 3 2 No $299,000 2884 Meadow Port Drive 2,863 4 3 No $399,900 3024 Westminster Drive 2,549 3 2.1 No $499,000 12176 Blackburn Way 2,200 3 2 No $552,217 12221 Hesse Drive 2,453 3 2 No $560,402 12264 Blackburn Way 2,409 3 2 No $562,000 3511 Green Acres Terrace 2,732 4 3.1 Yes $589,000 12746 Royal Oaks Lane 2,978 4 3 No $609,000 12732 Royal Oaks Lane 3,383 4 3.1 No $619,000 12790 Royal Oaks Lane 2,866 4 3 No $641,780 2923 Lavita Lane 3,132 4 3 No $699,000 2952 Sunburst Lane 3,424 4 4 Yes $795,000 14026 Janwood Lane 3,325 4 3.1 No $795,000 ... 05/27/2021