Tax Tips for the New Year

What better New Year’s resolution can you make than getting your finances in order? Take time this January to do a few simple things that can go a long way towards making your tax filing time easier than ever.

Organize Better

Instead of keeping your tax records and receipts stuffed into shoeboxes, take some time this year to organize your records better. A large accordion file may be all you need. Label the slots with different categories, like medical expenses, donations to charity, and other deductions. Every time you pay your bills, drop your receipts into the appropriate slot. When tax time comes around, you’ll have everything at your fingertips.

Learn More About the Tax Laws

You don’t need to make the tax code your bedside reading, but it is helpful to become more knowledgeable about the tax laws that might affect you. If you are unsure about what deductions you may qualify for or what tax consequences you may incur from investing decisions, consider talking to a qualified accountant.

Look Into Your Tax Saving Opportunities

Ask your employer about ways to maximize your tax-sheltered savings potential. Consider increasing your contribution to your employer’s 401(k) plan to take advantage of all of the tax benefits available to you. Also ask about any “flexible spending arrangements” that you may qualify for to pay for child-care and medical bills.
 
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Appraisals…Myths and Facts

There are so many myths about real estate appraisals. Therefore, we are laying out the myths and facts about real estate appraisals here in our latest blog. Real estate property value is unique to each property. The appraiser relies on general expertise and specific research to arrive at an opinion of value. Most consumers have little experience with appraisals, which makes them have some misconceptions about the whole process and results.

 

Appraisal Myths and Facts

Myth: The purpose of an appraisal is to make sure the buyer doesn’t pay too much.

Fact: Appraisals provide information for the buyer and seller. However, the primary mission of an appraisal is to protect the lender.

 

Myth: A specific formula is used in appraisals, like price per square foot.

Fact: All information is taken into consideration. The size of the lot, the location, the condition of the home, recent sales prices of comparable properties and more is taken into consideration when appraising a home.

 

Myth: Good housekeeping will increase the home’s value.

 

Fact: The cleanliness of the home has nothing to do with the final appraisal. They look for neglect, such as cracked walls, chipped paint, broken windows, bad carpeting, damaged flooring and appliances that are inoperable.

Myth: Anyone can be an appraiser.

Fact: Federal law requires states to establish standards for licensing real estate appraisers. Most states require several courses, passing an exam and several hours of supervised experience.

Myth: Appraisers don’t have to reveal home defects to the buyers.

Fact: The appraiser must disclose to the buyer potential problems if the buyer is applying for a mortgage that will be insured by the Federal Housing Administration. For non-FHA mortgages, this obligation does not exist. A home inspection will also let the buyer know what potential problems the home may have.

Looks and Taste Like Art at L’Artiste Restaurant

Eastern European cuisine reigns supreme in the neighborhood where Greek, French and Italian restaurants are everywhere. If you had a craving for a more rustic bistro fare, you would have been out of luck until L’Artiste opened its doors.

L’Artiste is a quaint, casual bistro exemplifying sophistication and artistry. The cheery hodgepodge of modern and traditional décor is unique. Vintage singer sewing machines, a modern Eiffel Tower mural, and classic bistro lamps exist in the same space. At first glance, it may seem a little disjointed. But, the eclectic décor works wonderfully.

Most of the main dishes are protein-based. However, they do serve vegetarian platters to further excite the palate. Juicy seared duck breast and earthy sides of spaghetti squash are served with orange beurre blanc sauce that gives the dish that extra hint of sophistication. For something more traditional with a modern twist, try the roast chicken cordon bleu with wonderfully crisp skin and delicious stuffing.

This French eatery boasts fabulous desserts. Be sure to save room for flaky fig tarts, coffee panna cotta and profiteroles with vanilla ice cream and a drizzle of chocolate sauce.

 

This restaurant has proven to be a worthy adversary when it comes to French food that’s simply magnifique! The L’Artiste restaurant can be found just minutes from Glendale in Astoria, NY.

Home Ownership Remains Strong in America

It’s looking like home ownership remains strong in America, according to Fannie Mae. The Fannie Mae 2010 Own-Rent Analysis has recently released their research of homeowners and renters. The research explores consumer decisions to buy or rent a home. According to the study findings, 51% of current owners and renters say that the housing crisis has not affected their decision to buy a home. Aspirations are high for the long run.

However, the National Housing Survey shows in the third quarter that 33% would be more likely to rent their next home. Among people already renting, 59% say they would continue to rent in their next move.

The Fannie Mae Survey conducted in November shows there is hope toward home ownership rates, but decisions to buy are tempered by current consumers' cautious attitudes toward home buying in the current financial environment.

The study shows a strong desire to own homes and reveals that life events are greatly influencing family decisions to rent. The trend with the housing crisis has caused consumers to approach home ownership with greater caution.

Fannie Mae’s research analysis shows shifting demographic and lifestyle trends correlate to consumers’ housing decisions, which may have long-term implications for the housing market. Many things are effecting decisions. For example, in the past, married couples have been more likely to own. Now, married couples are a shrinking portion of the population. Having children, however, has increased the propensity to own. In today’s market, single mothers are renting due to financial constraints and the percentage of households with children is declining overall as well.

Fanny Mae compares current consumer actions, attitudes and financial consideration with historical consumer behaviors, market experience and economic conditions to analyze today’s market of owners versus renters.

Housing Scorecard Shows Continued Signs of Stabilization in the Housing Market

The newly released November Scorecard shows the Obama Administration has made significant strides in promoting stability for the housing market and the nation’s homeowners. Millions more families are able to stay in their homes and there is a steady rise in responsible borrowers refinancing their loans who are becoming homeowners.

The Administration cannot stop every foreclosure. We know that more has to be done to reach homeowners in distress and to help those that are unemployed borrowers. They are focusing on successfully implementing the programs we have in place, such as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeowners and that help is available to homeowners as early as possible.

Recent reports of problems in the foreclosure process underscores the importance of helping responsible homeowners avoid the pain of foreclosure. We continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners and provide meaningful alternatives to avoid foreclosure.

The November Scorecard shows key data on the health of the housing market. One million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history. This has helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

With the expiration of the Home Buyer Tax Credit, new and existing home sales have stayed below levels in the first half of 2010. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosures for the same period (1.6 million).

Data in the scorecard show that recovery in the housing market continues to remain fragile. While recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

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Santa Visits Queens, NY This Christmas Season

Santa will be ready for visits all season long in Queens' largest mall. Santa events to look for at Queens Center Mall include the following:

* Mid November to December 24, every day except Thanksgiving Day, visit with Santa.

* 11 a.m to 8 p.m. all days except Sundays, noon to 7 p.m on Sundays and Christmas Eve 11 a.m. to 5 p.m. Santa will be available.

* Santa Breaks are Monday-Saturday 1 to 2 p.m. and 5:15 to 6 p.m. and Christmas Eve 2 to 3 p.m.

* Photo packages available for pictures with Santa.

* Breakfast with Santa is December 5, 8-10 a.m. for Q Kids Club Members and require RSVP.

* Pets with Santa on December 6, 7:30 to 9:30 p.m.

* Santa is on Level 3 in the JC Penney Wing.

* Queens Center Mall is located at Queens Blvd (on north side) and Woodhaven Blvd, just off the L.I.E. in Elmhurst , NY 11373.

How to Understand Points, Rates and Fees

You have to understand what type of mortgage you should choose and understand the costs associated with your mortgage. All costs will be paid upon closing on your mortgage.

Purchase points, also known as a buy-down or discount points, are a up-front fee paid to the leader at closing to lower your interest rate over the life of the loan. Every point is equal to 1% of the total loan amount. For a $100,000 loan, one point would equal $1000. The more points you’re able to buy, the lower your interest rate will be and the more money you’ll need at closing. This is how you can determine if you should buy points and, if so, how many. Your decision should be based on how long you plan to live in your home and what you can afford to pay each month toward the mortgage. If you are going to live in your home for more than five years, it’s probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.

You are charged an interest rate when you get a mortgage. The rate the lender charges you for using their money is the interest rate. The higher the interest rate, the higher your monthly payment will be. Interest rates change constantly. Sometimes rates change daily or even hourly. If a lender quotes you an interest rate, that is not necessarily the rate you will get when you close on your loan. You have to formally lock in that rate with the lender to insure you will get the quoted rate at the time of closing. Generally, lenders will allow you to lock in your rate quote for 15, 45 or 60 days. The longer you take to lock in, the more expensive it will be since there’s more of a risk to the lender.

Fees are associated with getting a mortgage. These fees cover the cost of processing and underwriting the loan. Fees can include charges for ensuring the title to the home is free and clear, paying for land survey or paying for a home appraisal which will give you the estimated value of the property. Home appraisals are required to close on your mortgage. Different lenders may charge different amounts. Some lenders may charge lesser closing fees to lure you in but they may charge you a higher interest rate. This means you will pay more in the long run. Everyone has different needs and you may or may not be able to afford to pay more at closing and be willing to pay more over the long term of the loan.

Do your homework before it comes time to close and make sure there are no hidden fees. Ask your lender many questions so that you perfectly understand all the costs involved with your mortgage. You may want to consult with your tax advisor, also.