Sunday, January 11, 2009
Federal Tax Credits for Energy Efficiency Extended in 2009
On October 3, 2008, President Bush signed into law the "Emergency Economic Stabiliation Act of 2008" which included an extension of the residential tax credits for energy efficient improvements. The previous tax credit expired at the end of 2007. The extension is for improvements made from January 1 - December 31, 2009. Improvements made in 2008 are not eligible for a tax credit.
SELECTED TAX CREDITS:
- $300* Central Air Conditioner or Heat Pump
- $150 Furnace or boiler
- Up to $200* in Windows
- Up to $500* Insulation and Sealing
- Up to $2000 Ground-source heat pump
* Maximum of $500 total for home improvements
What is the difference between a tax credit and a tax deduction?
A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for mortgages and sharitable giving - lower your taxable income. If you are in the highest 35% tax bracket, the income tax you pay is reduced by 35% of the value of your tax deduction. But a tax credit reduces your federal income tax by 100% of the amount of the credit.
What do you need to do to get the tax credit?
File IRS Form 5695 with your taxes. In addition, you will need to keep receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Visiti the IRS (www.irs.gov.com) or speak with a certified account for more information.
SELECTED TAX CREDITS:
- $300* Central Air Conditioner or Heat Pump
- $150 Furnace or boiler
- Up to $200* in Windows
- Up to $500* Insulation and Sealing
- Up to $2000 Ground-source heat pump
* Maximum of $500 total for home improvements
What is the difference between a tax credit and a tax deduction?
A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for mortgages and sharitable giving - lower your taxable income. If you are in the highest 35% tax bracket, the income tax you pay is reduced by 35% of the value of your tax deduction. But a tax credit reduces your federal income tax by 100% of the amount of the credit.
What do you need to do to get the tax credit?
File IRS Form 5695 with your taxes. In addition, you will need to keep receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Visiti the IRS (www.irs.gov.com) or speak with a certified account for more information.
Saturday, January 3, 2009
Monday, December 15, 2008
Cleaning up your Credit
Your credit score can either save you money or cost you money. It can stop you from getting a job and keep you from getting insurance. It pays to understand what you can do to make it the best it can be.
Get Your Credit Report and Scores
By understanding your credit report, it will tell what actions you need to take to ensure your credit score is as high as possible. Equifax Gold Credit Monitoring allows you to run your credit report free every month.
Step 1
30% of your credit report score is attributed to credit balances. Keep your existing balance at or below 45% of your available limit. It is therefore important that all creditors report the available credit - or high limit on your credit report - or it harms your score. So get the credit company to add the limit to your report, or don’t do business with them.
Step 2
35% of your score is made up from your actual payment history. Whatever you do, make your payment within 30 days of the due date. Only 30+ days late will appear on your credit report. One way to build up your credit is to use your credit cards for everyday purchases; then pay your credit cards in full monthly.
Step 3
15% of your score is based on credit history. So it is important not to close your credit accounts that have been opened for a long time with a good rating. Longer credit history equals a higher score.
Step 4
Keep a good mix of your accounts. A good mix would consist of 3-5 credit cards, an installment loan (auto), a mortgage rating. Also inquiries impact your score by 10%. Each inquiry can impact your score by 5 points.
Step 5
Do you have high debt levels (over 5K in debt)? www.CareOneCredit.com will negotiate your debt with your creditors and help you lower your payments. The short form is free; you have nothing to lose if they can’t save you money.
Get Your Credit Report and Scores
By understanding your credit report, it will tell what actions you need to take to ensure your credit score is as high as possible. Equifax Gold Credit Monitoring allows you to run your credit report free every month.
Step 1
30% of your credit report score is attributed to credit balances. Keep your existing balance at or below 45% of your available limit. It is therefore important that all creditors report the available credit - or high limit on your credit report - or it harms your score. So get the credit company to add the limit to your report, or don’t do business with them.
Step 2
35% of your score is made up from your actual payment history. Whatever you do, make your payment within 30 days of the due date. Only 30+ days late will appear on your credit report. One way to build up your credit is to use your credit cards for everyday purchases; then pay your credit cards in full monthly.
Step 3
15% of your score is based on credit history. So it is important not to close your credit accounts that have been opened for a long time with a good rating. Longer credit history equals a higher score.
Step 4
Keep a good mix of your accounts. A good mix would consist of 3-5 credit cards, an installment loan (auto), a mortgage rating. Also inquiries impact your score by 10%. Each inquiry can impact your score by 5 points.
Step 5
Do you have high debt levels (over 5K in debt)? www.CareOneCredit.com will negotiate your debt with your creditors and help you lower your payments. The short form is free; you have nothing to lose if they can’t save you money.
Sunday, December 7, 2008
Stacey becomes an Educator for WA State Housing Financing Commission
A while back, Matt Berg, with Colbalt Mortgage shared with me information about an amazing program through the Washington State Housing Finance Commission (WSFHC). The non-profit organization was established through the WA State legislature over 25 years ago and provides money to first-time home buyers. This money often time is loaned to buyers who must meet certain qualifications (best for low-to-moderate incomes) and is loaned more often than not at a rate less than the going rates. Additionally, the WSFHC offers AMAZING down-payment assistant programs that loan down-payment money for which payments are sometimes deferred for the life of the loan or until the home is sold and is at exceptionally low interest rates (1% - 3%).
These programs are offered to first-time buyers who would have never imagined they could own a home and one aspect of qualification requires that they become well educated with regard to the home buying process and the programs that are available through the WSFHC.
That is where I step in, individuals interested in qualifying for monies available through the WSFHC must attend a 5-hour class taught by a Real Estate Professional and Mortgage Lender both of whom have been educated by the WSFHC to teach these classes and offer the first-time home buyers their certificates that lay their first step towards their dream of home ownership.
To learn more about how you can realize your dream of owning a home by taking advantage of this fantastic program available through Washington State -- Contact Us!
These programs are offered to first-time buyers who would have never imagined they could own a home and one aspect of qualification requires that they become well educated with regard to the home buying process and the programs that are available through the WSFHC.
That is where I step in, individuals interested in qualifying for monies available through the WSFHC must attend a 5-hour class taught by a Real Estate Professional and Mortgage Lender both of whom have been educated by the WSFHC to teach these classes and offer the first-time home buyers their certificates that lay their first step towards their dream of home ownership.
To learn more about how you can realize your dream of owning a home by taking advantage of this fantastic program available through Washington State -- Contact Us!
Monday, December 1, 2008
The KEY Team - Marketing Portfolio
To better allow potential clients an opportunity to view samples of marketing pieces that can be created to assist with the sale of their home when we work with them. I have created a marketing portfolio that will continue to be improved, but this is certainly a great start -- Check it out!
Click Here to View Our Marketing Portfolio
Click Here to View Our Marketing Portfolio
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