|
| |
|
homeowner news LETTER JANUARY 2010 |
|
|
Buying a home or making green home improvements?
Don't miss out on these tax credits (ARA) - A wide range of tax law changes over the last year will result in considerable savings for millions of Americans on their 2009 federal tax returns. Homebuyers and homeowners have some of the most to gain from the changes. Understanding the qualifications for home-related credits can be confusing and intimidating. Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT, breaks them down. "If you've never owned or haven't owned a principal residence during the three years prior to the purchase date, you may qualify for the First-Time Homebuyer Credit. The purchase date must fall after April 8, 2009 and before May 1, 2010, with closing to take place before July 1, 2010. It's equal to 10 percent of the purchase price, up to a maximum of $8,000. You only have to repay the money if the home ceases to be your primary residence or is sold within three years of purchase," says Dolmage. Property cannot be acquired from a relative, and married taxpayers must both qualify as first-time homebuyers if filing jointly. The credit can be claimed on a 2009 return or an amended 2008 return. The Worker, Homeownership and Business Assistance Act of 2009 extended the credit's closing date from Nov. 30, 2009, to April 30, 2010, and added rules for homes purchased after Nov. 6, 2009, including: * You must be at least 18 on the purchase date (only one spouse must be 18) and cannot be claimed as a dependent. * Purchase price cannot exceed $800,000. * If the sale doesn't close by April 30, 2010, you may still qualify if there's a binding contract to purchase by that date. The sale must close before July 1, 2010, and the credit cannot be claimed before the closing date. Purchase date and modified adjusted gross income (MAGI) determine credit phase out. If the purchase date was before Nov. 7, 2009, full credit is available to those with an MAGI up to $75,000 ($150,000 for joint filers). If you have an MAGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers), you're eligible for reduced credit. Higher incomes do not qualify. If the purchase date is after Nov. 6, 2009, full credit is available to those with an MAGI of up to $125,000 ($225,000 for joint filers). If your MAGI falls between $125,000 and $145,000 ($225,000 and $245,000 for joint filers), you could receive a reduced credit. Higher incomes don't qualify. "Current homeowners looking for a different or new home may also qualify for the First-Time Homebuyer Credit," Dolmage says. "The Worker, Homeownership and Business Assistance Act modified the credit to allow for up to $6,500 if you purchase a replacement home before April 30, 2010. You must have lived in the same principal residence for a five-consecutive-year period during the eight-year period that ends on the purchase date of the replacement home." In addition: * You must buy, or enter into a binding contract to buy, a principal residence after Nov. 6, 2009, and before May 1, 2010, and close on it before July 1, 2010. * The credit phases out for those with an MAGI between $125,000 and $145,000 ($225,000 and $245,000 for joint filers). * 2009 purchases must be claimed on a 2009 return; 2010 purchases can be claimed on a 2009 or 2010 return. All homeowners can claim tax credits for green improvements. The Residential Energy Property Credit is worth 30 percent, up to $1,500, for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment, like solar hot water heaters, geothermal heat pumps and wind turbines can be claimed under the Residential Energy Efficiency Property Credit. This credit is equal to 30 percent of the cost of the qualified property, with no limit on the maximum amount of the credit available. New tax laws also include breaks for children, college expenses, new vehicles, unemployment and several other areas. Information about all 2009 tax law changes can be found at www.IRS.gov. "You can see exactly how the changes will affect your 2009 taxes with TaxACT Free Federal Edition," Dolmage adds." With TaxACT, all taxpayers can prepare, print and e-file their IRS return for free. Go to www.TaxACT.com to get started." Courtesy of ARAcontent |
In this issue:
- Buying a home or making green home improvements? Don't miss out on these tax credits
- Replacing your roof? What you should know about roofing systems
- Five ways to save time and money on your taxes
- The kitchen of the future at your fingertips
Board of Directors President Mark Pelletier, CGR, CAPS,.CGP M.V. Pelletier Custom Building & Remodeling
1st Vice President Ken Bullough Stonemark Tile
2nd Vice President Brock Merwin Paul Davis Restoration & Remodeling
Treasurer Steve Fennington Sandy Spring Bank SFennington@SandySpringBank.com
Secretary Barry Stohlman Stohlman Custom Cabinetry, LLC
Executive Director Filomena M. Thompson Events Made Simple, LLC
NARI Mid-Maryland
|
|
|
|
|
|
Replacing your roof? What you should know about roofing systems Courtesy of ARAcontent |
|
|
|
Five ways to save time and money on your taxes (ARA) - The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return. As people get ready to file their 2009 tax returns, there are a few things they can do to save time and money. 1. Make sure you're prepared. 2. Use an online tax program. 3. Free file if you can. Depending upon how complicated a person's taxes are, they may be able to prepare and e-file their tax return absolutely free. For example, CompleteTax offers a free version of its program and the IRS lists other providers participating in the Free File Alliance. 4. Maximize your credits and deductions. Some programs will also provide tools to help further ensure accuracy. A tax program, such as CompleteTax, with a charitable donation calculator provides an easy way for determining and documenting the fair market value of donated items, helping you realize the greatest charitable contribution deductions you can. 5. E-file and use direct deposit. Electronically filing and using direct deposit significantly increases how quickly a taxpayer has access to their refund. Certain tax programs also allow customers to split their refund and deposit it into three separate accounts. Taxpayers can find more money-saving tips through CompleteTax news and tax alerts at www.CompleteTax.com. Courtesy of ARAcontent |
|
|
|
The
kitchen of the future at your fingertips (ARA) - We turn to technology to make many aspects of our lives easier - from traveling with a GPS to staying connected with loved ones via social networking Web sites. It's no surprise, then, that our kitchens, the most-used room in the home, are becoming increasingly high tech. A study commissioned by a leading kitchen appliance manufacturer showed that a third of respondents spend three to four hours in the kitchen each day, and 20 percent spend five or more hours. The survey also showed that Americans are embracing technologies in this room, with nearly half of the respondents reporting they want a state-of-the-art kitchen. Responding to the demand for technology, manufacturers are offering new gadgets and products designed to make kitchen tasks easier, faster and more energy-efficient: * Touchscreen technology centers stationed in the kitchen allow users to access stored or online recipes and cooking tips. * Energy-efficient pots shorten cooking time and reduce energy usage by as much as 50 percent. * Water-powered garbage disposal units are operated by the water pressure in the kitchen and require zero electricity. * Automated pantry systems catalog contents and keep track of what ingredients are running low or need to be replenished. "The kitchen is the hub of the home, where we spend significant chunks of time preparing meals and participating in a host of other activities," says Bob Rodenbeck, senior research and development director at Delta Faucet Company. "An often-overlooked opportunity to incorporate technology lies in the faucet. On average, a family of four touches it 150 times a day - when cooking, cleaning the home, washing our hands or just getting a drink of water." Delta's intuitive, touch-activated kitchen faucet offers increased efficiency and helps save water. The Pilar pull-down kitchen faucet with Touch2O Technology can be turned on or off with a simple touch to the spout or handle. With this technology, you'll no longer have to use messy hands to operate the faucet, and if your hands are full it's easier to stop the flow of water in between tasks when it's not needed. Another innovation that makes Delta pull-down kitchen faucets more convenient and user-friendly is MagnaTite docking, which uses a powerful magnet to keep the pull-down spray wand firmly in place for a cleaner look. Similar in functionality to magnetic closures found on totes and personal electronic cases, the spray head engages with little effort. So what's next? Rodenbeck said his team is always looking for opportunities to enhance the user experience. Delta recently launched two commercial faucets that use the body's electrical charge to activate the flow of water. "We're considering ways to apply this technology to residential fixtures in the kitchen and the bath." Courtesy of ARAcontent |
|
|
|
About NARI Mid-Maryland
When you work with a NARI Professional you get.... A full-time, dedicated remodeling professional who has experience, and voluntarily adheres to NARI’s strict Code of Ethics. NARI’s screening process offers this assurance. NARI members have access to the latest information in the industry through publications, educational programs, educational seminars and conferences.
NARI is a not-for-profit trade association with more
than 50 years of industry experience. NARI represents professional remodeling
contractors, product manufacturers, distributors, wholesalers, trade
publications, utilities and lending institutions. The association is committed
to enhancing the professionalism of the remodeling industry
The statements or views expressed in the NARI Newsletter are those of the authors and may not necessarily reflect the official policy or views of the NARI Mid-Maryland Chapter. To receive this newsletter via e-mail please send an e-mail request to NARI at info@marylandnari.org – subject line – NARI Newsletter with your information. |
|
Visit us at www.MarylandNARI.org to contact our members.
Members of NARI Mid-Maryland Chapter A.J. DeLuca Contractors, Inc. * Accu-Build, Inc. * ADI Corporation * All Aspects Waterproofing * Artelye Marble & Granite * Barrons Lumber/Barrons Custom Kitchens * Carriage Hill Cabinet Co. * Creative Concepts Remodeling, Inc. * D. G. Liu Contractor, Inc. * Dertzbaugh Plumbing * Designer Surfaces Unlimited, Inc. * Dorman Builders, Inc. * Downs & Associates, Inc. * Ferguson Enterprises * Habitat for Humanity of Frederick County, MD * Home Depot #2559 (Frederick) * Home Depot #2581 (Sykesville) * Homecrafters dba Atlantic Coast Remodeling, Inc. * Houseworks Unlimited, Inc. * Jones Homes, LLC * K. C. Company, Inc, Pella Windows & Doors * Kitchen Solvers of Myersville * Lane & Sons Painting, Inc. * M & R Floors, Inc. * M.V. Pelletier, Inc. * Majestic Wood Floors * Mark Folsom Builders, Inc. * Paul Davis Restoration & Remodeling * PC3 Limited, Inc. dba Innovative Homes * Perrine Design * Pleasant Hills Custom Builders * Preferred Construction, Inc. * R.B. Hill Photography, LLC * RE/MAX Results * Reico Kitchen & Bath * RJZ Home Improvements, LLC * Sandy Spring Bank * Schaefer Insurance Services, L.C. * Stohlman Custom Cabinetry, LLC * Stonemark Tile LLC * T. W. Perry, Inc. * Talon Construction, Inc. * Tomlinson Builders, Inc. * Trademark Remodeling, Inc. * Wellborn Cabinet, Inc. * Winchester Woodworking * Window Nation
|