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.
 
Queens Realty, Built on Quality, Growing on Service Since 1982 in the Queens Real Estate Market

Enjoy Apple Day Festival When in Queens, NY

On September 26th, if you’re in Queens, NY, you can enjoy the Apple Day Festival. This will be a free all day festival on Sunday from 11am to 5pm. The streets between Orchard Street and Grand will be transformed into an apple orchard. Truckloads of apples of all varieties will be coming in for everyone to feast on.

Local restaurants will offer apple-themed treats for visitors to enjoy. Visitors will also enjoy musical performances by local groups and art from Miller’s Art Gallery. People from areas such as Forest Hills, Forest Hills Gardens, Rego Park, Kew Gardens and surrounding areas will be attending the Apple Day Festival, so don’t miss out.

The Apple Day Festival was established in hopes to bring more people to the area during daylight hours since the area has been a long time thriving nighttime destination. There aren’t as many office buildings in the area which decreases foot traffic.

If you will be in the Queens area during the Apple Day Festival, drop by the event. You are sure to have a great time. For more information on the festival, you can call (212) 226-9010 or visit the website at www.lowereastsideny.com.

Papazzio Restaurant Gets First “A” in City

The Papazzio Restaurant and Catering in Bayside, which is a few miles northeast of downtown Queens, has received the first “A” rating on Bell Boulevard. This comes just weeks after the City’s Department of Health and Mental Hygiene letter grading system went into effect in the Bayside community.

 

This is a huge feat for any restaurant since the board of health has toughened up on its standards. Papazzio was opened in 1980 and has been happily serving the Queens community ever since. While Papazzio can sit back and relish in their “A” achievement, other restaurants are patiently waiting for a second inspection to bring up their scores.

 

With the new grading system, restaurants will now receive letter grades from the DOHMN based on food safety in their kitchens during evaluations. And restaurants will be required to post their grade on their front window, door or other outside walls. This means you will know the safety of the food you will be eating before you even enter the building.

 

The score system is simple. Restaurants who score 0-13 violation points will receive an “A” grade, restaurants that score 14-27 violation points will receive a “B” grade and restaurants that score 28 violation points or more will receive a “C” grade. A “C” grade means that they have failed sanitary inspection, but their violations are not enough to close them down.

Many consumers around the areas of Forest Hills, Kew Gardens, Rego Park and nearby communities are excited about the grading system. Now they won’t have to worry about the kitchens where they are eating.

 

So, when you’re going out for breakfast, lunch or dinner, look for the restaurants grade near the door before you enter.

Homebuyer Tips

Are you interested in purchasing a Queens home?  These homebuyer tips will help you in the home buying process:

1. Do Your Homework.  Compare houses of comparable amenities and size in the neighborhoods you are interested in by visiting websites such as trulia.com or zillow.com.  It's important to remember that the prices listed on these sites should be used for reference only, since they can be a few months out of date.  Your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

2. Credit is King.  Nowadays, in order to get a good interest rate, you need a credit score of more than 700.  You will want to go over your credit report to fix any mistakes there may be that can have an adverse affect on your credit score.

3. Get Your Credit Score Free Online.  Go to http://www.annualcreditreport.com/ for your free credit report from one or all of the credit reporting agencies.  This is the only federal government sanctioned site for an absolutely free credit report.  However, you will pay a small fee for your credit score.

4. Consider a Lower Bid.  Since list prices are based on contracts that were placed approximately 3-4 months ago, you may want to consider offering 10-15% below the list price.  The current market value may be lower than those in place at the time of the contract.  Again, your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

5. Get Pre-Approved, Not Pre-Qualified.  In the past, you only needed to be pre-qualified to have an idea of what your price range would be before you looked at a home.  However, times have changed.  Being pre-approved will show you as a serious buyer, help you negotiate your purchase price and let you know exactly how much you have to spend.  Sellers are more confident in a buyer who already has a loan.

6. Consider New Construction.  February marked the fourth month in a row that sales of newly constructed homes fell.  So, there is room to negotiate on prices.  You should always check out the reputation of the builder before you buy.

7. Get an Inspection Report.  It doesn't matter whether you are buying an older home or a brand new one.  You will want to get an inspection done before you buy.  Just because it is a new home, doesn't mean that it will be problem-free.

8. Always Read the Title Report.  You will want to make sure that any new additions are fully permitted with the appropriate agencies.

We hope these homebuyer tips help you out.  If you are looking for a Queens home, contact Queens Realty today!