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Jun 25, 2022

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 New Tax Law in Effect for IRA Owners Over the Age of 70 1/2
Retirees will be allowed to skip required withdrawals from their IRAs and similar accounts in 2009. The new tax law was signed by President Bush in December. The hope is that this will give them time to get back some of what they've lost in their accounts.

 Lower Mortgage Rates Brighten 2009!
As we all hope for a brighter and more positive 2009, some are also looking to begin the year by refinancing or making a new home purchase. While the news on the mortgage front is ever-changing, we continue to hear about dropping mortgage rates.

 End of Year Tax Tips for Charitable Contributions
While the season of giving is in full swing, the upcoming tax season is on the minds of many. If you are planning any end of year charitable contributions, take a look at the tips for getting the most out of your giving

 Look to Coupons for Hefty Deals
Looking for a bargain in these tough economic times? Coupons can be the way to go and there is no need to sit for hours with scissors in hand. There are plenty of sites you can browse through and there are some steep discounts you can find for the holidays

 Credit Card Users Beware - Higher Fees and Rates Have Arrived
With consumer spending declining, credit card companies are in the process of raising their interest rates and fees to offset their losses. Those consumers with poor credit were already feeling the crunch, but now even those who pay on time will be affected.

 Multiple Payment Options Offered by Retailers - Don't Fall into the Trap
Consumers are vowing to spend less this holiday season, which has retailers worried about sales. They are pulling out all the punches to entice shoppers to spend

 HOPE for Homeowners
Signed into law in July, the Federal Housing Administration's HOPE for Homeowners program began October 1. The program, which will offer 30-year fixed mortgages, will end on September 30, 2011

 Economic Stimulus Payment – October 15 Deadline
If you were eligible to receive a stimulus payment, but didn't file your 2007 return by the October 15 deadline, you won't be able to receive your payment this year

 President Bush announces government's $250 billion plan
The state of the economy is at the forefront of the nation's mind and most, if not all, of us are following the multitude of news reports and press conferences that are occurring. Here's the latest as of Tuesday morning.

 Your Money - How Safe is It and How Should You Protect It
As you hear about one financial disaster after another, you can't help but wonder how safe your own cash is during these times. Financial institutions across the country are getting a multitude of calls from concerned, and sometimes, panicked consumers.

 The Home Buyer Tax Credit Confusion
One of the major areas of the recently signed Housing Bill was the inclusion of a tax credit for first time home buyers. The intention is to stimulate sales but also cause up stream sales. We have the details of this misunderstood provision.

 Washington Agrees : Let's Get Something Done NOW
The House of Representatives and the Senate passed a far reaching package of incentives aimed at stimulating the housing market and stopping the wave of foreclosures. One of the highlights is a tax credit for first time homeowners. What's it all mean?

 Home Sales Prices Rise: Is Anyone Catching It?
In the last E-alert we covered a bias in recent coverage of the housing market. The National Association of Realtors has now reported four straight months of rising housing prices, but it seems no one is listening.

 What The Housing Stimulus Bill Will Mean to You
Before their 4th of July recess, Congress was hours away from passing landmark legislation to deal with the current crisis in housing. It is expected that our lawmakers will convene after the recess and iron out some minor differences. Calling the legislation

 Calls Growing Louder For A Homebuyers Tax Credit
In response to the over supply of homes for sale, many groups are calling for a special tax credit that would be made available to those who purchase a home, within certain guidelines. Others say that with interest rates being stable, the time to buy is NOW

 Community Associations Hit By Foreclosures Too
The effects of the current housing market situation are now being felt by the Homeowners Associations. They, in turn, are increasing fees and reducing benefits to the homeowners. It's a scenario being replicated all over. If you are one of the 55 million who live in one, take note....

  Credit Card Providers Targeted for Tricks and Traps
We all have them, and they are almost a necessity. Many in Congress are putting pressure on credit card companies to stop aggressive pricing and enforcing punishing penalties. Your club has been tracking this pressure from Washington. See what it's all about.

 Home Price Reporting- Slanted To The Negative?
The media recently reported home prices are down 12% over the year. What they did not tell you is that they are relying on less than perfect methods to assess prices and they admitted it. The old axiom, Real Estate Is All Local, holds true even more so today....

 Banks and Card Companies Ratcheting Down Limits
In a reaction to the Sub-Prime mess, many credit card companies and financial institutions are reducing the amount of unused borrowing capacity. This may be a shocker for your credit score if you are looking at any other borrowing.

 Tax Season Wrap Up- Tracking Whats Due To You
Now that the annual April 15th rush for many is over, thoughts of refund checks in your mailbox on your 1040 and the one time Economic Stimulus payment are paramount with homeowners. We have tips on what to expect, when to expect it and how to track it all.

 Treasury and White House Propose New Reforms

 Economic Realities- Oversight and Property Tax Bills
The White House just proposed sweeping financial oversight reforms../.. If home values have dropped in your area, there may be a silver lining. The local taxing authorities were proactive when homes were appreciating rapidly, now it is time to get even!

 Does Washington 'Feel Our Pain'
This week in Washington there was a lot of activity on the economy and the housing markets. With pronouncements from the President, Fed Chairman and oversight agencies, the movement is clearly to enact even more economic stimulus legislation.

 Tax Season Myth And Realities
The Club is kicking off it's tax season series. In the next few e-Alerts we will convey some new info and the best ways to minimize your tax bite come April. For starters here are some myths and realities on deductions,credits, AMT issues and tax implications of selling your home.

 Stimulus Package From Capitol Hill: What's in it for you
Funny how Washington can agree quickly when there is $160 Billion on the table. The theory is solid: Put money into the hands of the people who will quickly spend it. Give businesses investment breaks and stimulate mortgage affordability. What's in it for you!

 Home Office Tax Deduction-- Are You Afraid?

 Home Office TAx Deduction-- Are You Afraid?

 50 Million Should Expect Delayed IRS Refunds

 A Look at Tax Rates and Deductions For 2008
You may be fed up with Tax Talk, but here at the club we want to help you understand your exposure for the present year and that you may have to adjust your withholding levels. Here is a look at the rates in effect NOW which impact what you owe next year.

 Credit Crunch and Mortgage Meltdown - The Fallout
The news is all over the place but recent data indicates the housing world, as we know it, is not ending. What it all means for housing inventories, mortgage rates, credit cards and more. Also, JUST IN data from NAR released today.

 College Savings 101 - 529 Plans
Even if you have a few years to go before the big send off, you should be up on the tax advantages of the various college tuition plans. Our researchers did some deep-diving into sites we believe provide the best info about Section 529 college savings plans.

 Choosing A Credit Counselor
In today's ever changing economy, everyone may be in a position at one time or another to request a special payment plan with one or more creditors. That includes you, me and even the nice couple down the street.

 Money, Money, Money... Budget Basics we can all use

 Start Small and Watch Your Savings Grow
Studies have shown that those with financial goals tend to save more. The goal is to start simple and work within your budget. With so much information available on how to begin saving for the future, it can be a bit overwhelming when creating your savings plan. By taking it one step at a time the end result will be saving habits to last you a lifetime.

 Congress Moving On ATM Relief
House Democrats are looking to save millions of families from the expensive trigger called the alternative minimum tax. They are considering adding a 4 percent levy to those who make more than $500,000. All told it may effect 90 million households

 AMT - Congress To Protect Millions Of Its Victims
Just In! The alternative minimum tax was enacted in 1969 to prevent millionaires from using many loopholes to avoid federal income taxes. Under it, affected taxpayers have to do a second tax calculation without claiming popular deductions. In 2007 it will snag 23 million households.

 Tax Facts About Who Pays What
Does the middle class pay most of the taxes? What about the millionaires? See the list of tax facts on "who pays what". Also, in seconds,track down your expected IRS tax refund payment

 New Survey Indicates Consumers "Out of the Loop"

 Subprime Melt Down- The Impact For Homeowners
UPDATE: The subprime mortgage market blowup that was covered recently will have an impact for all borrowers, current and future. These loans have expanded rapidly with some saying the issue may impact home values. But what does this mean for you?

 Tax Season Software and How To Hire A Preparer
You see the ads every few minutes; some company telling you they can get you a bigger refund than the "other" company. Well here are some reviews of tax software if you are doing taxes yourself and tips on how to hire a professional if you are hesitant and fear an audit.

 New Congress To Look at “Oversight” in Deductions
Many homeowners, when deducting local and state taxes as well as mortgage interest, may not know they are in illegal territory. Congress last year found there to be a "gap" and they want to close it. Read on and see how you may have contributed to this gap and what might be done to increase IRS revenues.

 Tax Prep Software Reviews: It’s that time again!
The TV ads are everywhere. Yes, its time to think April 15th and software producers want you to buy their product making tax time easier. The topic is called Tax Preparation Software and while there are many companies offering various degrees of benefits, we looked into seeing which ones are the most popular.

 New Pension/ 401k Reforms- What It Means To You
A few days ago sweeping reforms were enacted dealing with company funded pension plans. For the 44 million covered it will offer some new protections. Everyone else that has some sort of retirement fund such as a 401k should stay up on this.

 Just In: Retirement Dollars to Flow From the Home.
As the home represents, for most, their largest social and economic investment, a recent study indicates that 85% of Homeowners view their equity as the biggest source of retirement income. This equity is relied upon more so than IRA's, personal savings and Social Security..

 Tax Tips and Help For First Time Homeowners
For us seasoned tax preparers, there are many areas we need to track to ensure we get all we are entitled to. For the new homeowner the effort is even more daunting. Here is a snapshot that includes something for all of us.

 Tax Time Online Calculators- Here They All Are
As part of our ongoing series of tax tips and issues we have come across several handy and quick online calculators to help you in preparing for tax time. In a few minutes you can see if you may be subject to the Alternative Minimum Tax or other negative situations.

 AMT Calculator

 Interest Only Mortgages Articles

 Continuing coverage of the so-called Bubble
Home appraisals are suddenly under close scrutiny by Congress, federal regulators and banks. They are also sounding alarms on the trend in Interest Only mortgages. Here’s why.

 Fast Moving Home Equity Scams
With news articles and newscasts proclaiming we are all "equity rich", scammers have set their sights on those who need to exercise caution. Just released data indicate 17 states have seen rise in these scams aimed at taking all that "is" nailed down.

 Deducting Home Equity Interest - How To

  Just In- Clarification on Cap Gains Rules
There has just been some important final clarifications to the rules about capital gains on profits from the sale of a home, especially if you keep the house for less than two years.

 Continuing Our Tax Season Series
Attention Home Office Deduction Takers! Many of the IRS rules have benn clarified recently. So, sharpen your pencils and sit up straight. A lot of it is complicated meaning "RED FLAGS" and there WILL be a test.

 Will Itemized Deductions Backfire On Your Family?
Brace yourself. Everything you thought you knew about the benefits of itemized deductions could backfire – starting NOW! Best to start planning for how your family will handle the Alternative Minimum Tax situation- more and more "average" homeowners are creeping into its nasty grasp.

 New Credit Card Warning

 Are You Getting The Most From Your Home Equity?
Are you one of the many homeowners who has never put the full force of your home equity to work for you? Do you think it’s a lot safer and more intelligent to just make those monthly mortgage payments, and, like making regular deposits into a savings account, watch your equity quietly grow?

 Capital Improvements Time Of Year
Fall is the most popular time of year for upgrading our homes. This edition covers "Must Have" information on the decision process.There are smart ways, and not so smart ways, to improve your home. This is a good time of year to consider your options.

 Mortgage Scam Crackdown By Feds
Just In! Beware of Settlement Fee Padding. Abrupt action by the White House, HUD and the FBI is being taken against out-of-control mortgage scams. You may have been a victim recently or even years ago and should take action!

 Freshman Parent Money Saving Tips
If you have someone going off to College in a few weeks for the first time we have a bunch of money and time-saving tips. From buying laptop computers to insurance implications, there is more than the tuition to worry about.

 Inflation Helps Tapped-out Homeowners (wsj)

 Homeowners And Inflation
Who knew there might be a silver lining to the prospect of rising prices? Home prices have increased 39% over the last 5 years, which is great news if you’re a seller, right? Right. However, breaking with the historical pattern, home prices have also out shot the rate of inflation

 Are You Still Paying For Private Mortgage Insurance
Are you one of the many homeowners who continue to pay PMI premiums long after they’re entitled to cancel the mortgage insurance? Why pay it if you don’t have to? Get the latest info.

 Loan Exit Know-how
Were you tempted to sign a home loan contract quickly, only to learn next day that you could have gotten a much better deal? Don’t kick yourself. Get busy and exercise your consumer rights right away!

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