Here Are Some Simple Tips To Help You With Tax Season

Benjamin Franklin famously said, “The only things certain in life are death and taxes” and come this April, the citizens of our country will be hustling to get their taxes done on time. Tax season doesn’t have to totally stress you out every year. Proper planning and the right attention to details, you can be done before that “famous” day gets here. Here are some tips on how to “keep calm and keep moving,” while avoiding headaches during this hectic time.

1. It’s the 21^st Century – E-File

E-filing is one of the best routes to take when doing your taxes on your own. In the US, there’s Turbo Tax and in Canada there’s EFILE. In both cases, you can get professional input on some of your burning questions. It also saves a tremendous amount of time – and you can save a tree or two in the process.

2. Pay attention to your exemptions

Exemptions are the government’s way of giving a little back to the hardworking citizens of our country. If you’re married, have children, or are a contributing member of society you qualify for exemptions, you can save thousands of dollars.

3. Be sure to file the proper status

Your status when filing is extremely important to the Government. It lets the taxman determine your filing requirements, standard deduction, eligibility for credits and deductions, and your correct tax rate. Filing under the improper status could cost you thousands of dollars in improper taxes and even keep you from getting the proper deductions.

4. Learn from Last Year

Mistakes become less painful when we don’t repeat them. A quick look at last year’s tax documents will ensure that you don’t miss out on any opportunities that you may be missing. Each year’s tax paperwork leaves clues and you should use them to ensure that you don’t miss an important deduction, or worse, pay more than you’re supposed to.

5. Deductions are your friends!

Like exemptions, deductions are the Governments way of reducing your total taxable income. Your filing status and your type of employment govern what deductions are allowed under the law. Be sure you are aware of every deduction available to you when you file by checking www.irs.gov for those in the United States and www.cra-arc.gc.ca in Canada. Even a little bit of research could save you money.

While this list is certainly not all-inclusive of year-end tax planning strategies available, you should check with a tax professional regarding your own, personal situation. A little planning can go a long way in helping you save money. Please note that the information provided here is not intended as tax advice.

Even A 14-Year Old Knows It's Time to Buy

We try to give our readers great real estate information each and every day. This information is usually in the form of analysis of the most current reports and studies on housing. We almost never use anecdotal stories. Today, we are making an exception because we were moved by this story.

Willow Tufano is a 14 year old who lives in Florida. One thing that differentiates her from her friends is that she just bought her first house, a rental property. She bought it with her mother, but anted up her fair share with money she saved for over a year by selling free items she had previously found and fixed up.

The area was hard hit by the housing crisis and Willow and her mother were able to buy the home which was once valued at $100,000 for just $12,000. Why would a 14 year old even consider buying a property?

She is using her half of the rent they charge ($700) to pay back her mom for the second half of the house and the renovations they put into the house. Willow says she’ll have it all paid off in six years. Then she’ll keep the house as a source of income.

“It was definitely a lot of inspiration from my mom and my grandma,” Tufano said. Her mom is a successful real estate agent who owns several investment properties.

Keeping Current Matters 3/20/2012

Is The Housing Market Actually Recovering?

Everyone wants to know if the housing market is truly showing signs of a recovery. There are conflicting headlines every day. One day, we hear sales are up. The next day it is reported that prices are down. Is the real estate market coming back? The answer is ‘yes’ and ‘no’.

There are two aspects that must be evaluated: house sales and house prices. They will not recover at the same time. Sales are already increasing rather nicely while prices will still soften in many markets through 2012.

Home Sales

The National Association of Realtors (NAR) issues a Pending Home Sales Report each month. We can see by the graph below that sales have been increasing nicely over the last twelve months. Real estate professionals across the country are reporting that activity has increased compared to last year. The sales side of the recovery is starting to show great promise.

Home Prices

Many price indices have shown that national home prices are continuing to stumble. Even with demand increasing, we must look at where the supply of housing stock stands. Though ‘visible’ inventory (homes currently on the market) is shrinking, there is still a large overhang of ‘shadow’ inventory (Foreclosures about to come on the market as a result of the National Mortgage Settlement). This increase in inventory will outpace the increase in demand and thereby cause prices to continue to soften in many parts of the country.

Bottom Line

Housing is coming back. However, sales will come back before prices. We will not see prices appreciate until we work through the oversupply of homes on the market.

New Year's Resolutions

The beginning of a new year brings a lot of resolutions. You may want to get on that treadmill and lose those extra pounds, make a budget for your family or just want to be a better person all around. One of my resolutions this year is to get more organized around the house. I just can't seem to get rid of anything and it's starting to drive me crazy! Just think of how much easier it would be to move if your home was totally organized. Maybe once you get organized, you may just want to make a move. I know that I couldn't even think about moving right now because my closets are so cluttered and packing up all of the things to move would just be a nightmare. Maybe your home just doesn't have enough storage and moving into another home could help you stay more organized. That's one of the good things about Turner and Son Homes, the massive amount of storage and closet space. If you want to take a look at how big the closets are just give Darcy Oviatt a call at 274-5667 and he can give you a tour. You don't have to make resolutions, but making a move is a fresh start and a good way to get more organized. Happy New Year and good luck with your resolutions!

Mandy Stansberry

Atchley Group Marketing Manager