It’s everyone’s favorite day of the year...TAX DAY!!!

Ehh, not so much….

For all of you stressing over this  day, Marketwatch has some great advice. File an extension!! In an article posted by the news source, there are 7 excellent reasons why many people should consider an extension. And contrary to popular belief, filling an extension doesn't automatically raise red flags at the IRS. So if you need the time, or have any one of the following situations present, do yourself a favor and file an extension and give yourself until October 15, 2016 to file.

7 Excellent Reasons to File a Tax Extension:

1.)   You have a balance due and need more time to save up money to cover it. Give yourself that extra 6 months.

2.)   Made charitable donations over $250 to one or more charities and don’t have the proper receipts (which must include the name of the charity, address, taxpayer ID number, and a statement that you did not receive any benefits or items of value for your donation) to submit with your taxes? The IRS is very strict on submitting the required documentation so an extension would give you an extra 6 months to get everything in order.

3.)   Have you recently moved homes? Or are you planning to move within the next few months? If yes, it benefits you to submit an extension because the IRS may need to follow up with you on your taxes and they send all correspondence to the address you have on file.

4.)   If you are waiting for K-1 forms from partnership entities, S-Corps, estates, or trusts you should file an extension.

5.)   Sometimes rushing through your personal or business bookkeeping can cause sloppy or incorrect taxes. Don’t rush and do it right. File an extension to give you that extra time.

6.)   Have a large balance this year? Making contributions to your 2015 retirement plan can help reduce that balance. File an extension if you would like to benefit from this. You have until October 15th to open or add to your retirement fund.

7.)   And finally…. You still have questions regarding your taxes that you have not had answered. Give yourself some time to get everything settled.

Best of luck this tax season!

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If we cannot help you ourselves, let us find you

an agent like us....

Our clients may have real estate needs outside of our home area.  Through our company's resources, we can find an agent in your target area with the right skills and geographic expertise.

The introduction process benefits you in two ways:

•  It let's us share our understanding of you a a client so you're not starting over from scratch with a new agent.  
•  It ensures that you'll receive quality representation from a specially trained agent.

The next time you, a friend or family member have a real estate need, contact us to take advantage of this valuable agent introduction service.

Whether it's across the state or across the globe,

let us help you find agent like us.

1. To help you with investment properties
2. To help you find the perfect vacation home
3. To help your children find their first home
4. To help you find the right home for your life's next stage

This week I'm going to tackle the age old question.....should I rent my home out, if it doesn't sell?  A recent study did show that 39% of sellers prefer to rent out their last residence than sell it when purchasing a new home. With many homeowners refinancing at a low rate, and the housing market struggling with low inventory, the amount you could charge for rentals has gone up. 

If you are a residential real estate investor, than this tactic makes sense.  However, if you really don't want to become a landlord and are only looking at it as a way to purchase your new home, while covering the mortgage on the original home...then you need to ask yourself these questions:

 1.)  How will you respond if your tenant says they can't afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).

2.) Because of the economy, many homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?

3.) Have you interviewed a few experienced eviction attorneys in case a challenge does arise?

4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?

5.) Will you allow pets? Cats? Dogs? How big a dog?

6.) How will you actually collect the rent? By mail? In person?

7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?

8.) Do you have a list of crafts people readily available to handle these repairs?

9.) How often will you do a physical inspection of the property?

10.) Will you alert your current neighbors that you are renting the house?

Once you have answered these questions, you will be in a good position to decide what is best for you and your family.  

(Information courtesy of KCMBLOG)

No doubt about it.....we're having a white Christmas!! It is so beautiful to look outside and see all the sparkling snow tipped trees and children playing outside.  Christmas is such a magical, joyous and blessed time, and we cherish the moments we can spend with all our family, friends, coworkers and neighbors.  After all, that's what Christmas is about....it's the people, not the presents, that make life worth living.

As 2014 comes to an end, We want to thank all of you for your faith and trust in Team Lynch Real Estate to handle all your Wellesley & Metrowest Real Estate Needs!

We've lived here all our lives and cherish the lives we lead in Wellesley and the local area.  We are blessed to have an incredible town to call home;  the natural beauty and all the wonderful people we live and work with everyday.  Building our families and businesses in Wellesley and the Metrowest area  strengthens our town, and local economy....and continues to bring new families to join our fantastic area.

We are  looking forward to 2014 and all the possibilities it will bring for everyone, and wish you and your families an abundance of Christmas Blessings and a Happy, Healthy & Prosperous New Year!

Team Lynch

"Your 200% Solution for Wellesley & Metrowest Real Estate"

Are you debating  whether or not to make an offer on a home before the New Year begins? Well....STOP deliberating and get out there and submit the offer!  Between changing lender rules, mortgage rate hikes and the 2013 tax benefits;   closing before the end of the year can mean significant financial benefits.  

Here are five ways you WILL benefit by closing on a home before the end of the year.

1)  New Year means new lending rules.  Lending rules are changing on Jan 1st, and that means it could become more difficult to get a loan. The new rules will allow you to borrow less, at your same income level! The current 2013 mortgage borrowing rules allow for a 45% total debt-to-income ratio.  This ratio does go down to 43% in 2014,  meaning you will have to make or reduce your debt in order to buy the same house you are currently living in.

2) Avoid rising interest rates. Although mortgage interest rates are still pretty attractive, they are up 1-2% over last year during the same time period.  The Mortgage Banker's Association is predicting that mortgage rates will rise to around 5% in 2014.  If you decide to buy now and the rates drop...you can always refinance, but if you wait...you are stuck.

3) Maximize tax deductions.  Although this is the most commonly thought reason for closing on a home before years end, it is an important one.  You can start deducting mortgage interest and building equity immediately.  Also, because some closing costs and points are deductible, you can start deducting them the year you purchase the home,....and that means they are included in your 2013 tax return!  If you wait even 3 days into the new year,  you will not be able to take any deductions until years end of 2014.

4)  Easier financing.  Are you waiting for home prices to decrease?  Don't!  It is quite possible that the mortgage rule changes for 2014 will make it more difficult to get financing.  So if you are waiting to "save" a few bucks hoping for home prices to drop, you may put your ability to purchase a home in jeopardy,  if you cannot secure a mortgage at all!

5) Lower Sales could mean higher inventory.  Look at it this way...it's the "After Christmas" sale...before Christmas!  Even though 2013's theme was low inventory and higher home prices, the fourth quarter has always seen a slowing down of the housing market, and 2013 is no exception.  Housing sales have declined since September, so the inventory has increased, but the constrained inventory still means double digit year-over-year gains.  What does that mean to you...you may secure a GREAT DEAL IN DECEMBER!

At Team Lynch Real Estate Consultants, we are here to answer any and all of your real estate questions, provide you with a unique, successful, personalized marketing plan to help sell your home or utilize our expertise to help you find the home of your dreams.

Source:  RISMedia