Gunning Daily News
February 9, 2012 5:48 pm
Most couples share comfort, joy and faith, but how many share financial responsibility? One spouse usually takes the lead on financial matters and ignorance is not bliss for the financially inactive spouse. Life changing events, such as death, disability or divorce, can wreck havoc when the financially aware partner is gone.
"Having observed many couples through the years, it's inevitable that one spouse is more 'financially attuned' than the other," says Jim Waters, founder and president of PartnersInWealth in Houston. "But too often the one 'who does the finances' leaves the other in the dark."
Every February 14, candy, flowers and gifts are exchanged between loved ones, all in the name of St. Valentine. Waters suggests that you take care of the ones you love by following these seven steps for financial fitness.
1) Honesty – Be honest as to why one is the more involved, more interested or more knowledgeable when it comes to financial matters. A division of labor based on knowledge, time or passion is reasonable.
2) Respect – Acknowledge questions you have. Ask if there's anything on the Statement of Net Worth that you don't understand.
3) Patience – Set aside time to discuss finances. Make sure the less involved spouse could handle the finances for six months or longer. Make it easy for that individual to get involved by opening the mail and paying the bills together. Set aside time to answer any questions.
4) Communication – Share any fears or concerns about this process. Discuss and reinforce your common vision and values. Acknowledge the more involved spouse for their efforts and encourage the less involved spouse to take a more active role in finances. Active participation is the first step to a deeper understanding.
5) Follow through – Mark your calendars and discuss finances regularly. Tie the discussion to something fun.
6) Discretion – Know each other's tipping points and thresholds. Get to know each other's financial comfort zones when it comes to investments, income and estate tax reduction, insurance, estate and philanthropic planning, and asset protection.
7) Flexibility – Be open to change and be willing to learn. Throw judgment out the door and help find solutions that make sense to both of you. "You go to dinner together. You go on vacations together. Why don't you manage your personal finances together?" Waters says. "This will build money compatibility for you and your spouse. You can have a better relationship and understanding with each other."
Finances are the main cause of disagreements between couples. It pays to learn to spend wisely, establish security and align money with values.
February 9, 2012 5:48 pm
Yield. What an investment or property will return; the profit or income.
February 9, 2012 5:48 pm
Q: Are fees and assessments owed a homeowner’s association deductible?
A: Generally not because they are considered personal living expenses. But if an association has a special assessment to make capital improvements, condo owners may be able to add the expense to their cost basis when the property is sold. Another exception may apply if you rent your condo – the monthly condo fee is deductible every year as a rental expense.
February 9, 2012 4:48 pm
Spring is just around the corner, and many city dwellers are starting to turn their attention to their neglected yards, terraces, or rooftop spaces and beginning to make plans for spring gardens. To many people living in a city like New York, creating a garden is their primary means for creating a sanctuary away from the urban hustle and bustle that they have to deal with during the rest of the day.
Having an outdoor space is really like having additional rooms in your apartment. Space is a valuable commodity, so adding outdoor rooms for sitting, eating, relaxing, and entertaining is not only aesthetically pleasing, but a smart investment as well. A well-designed garden is built to engage the senses and transport visitors to a place of peace and beauty. In a land of concrete and steel, these gardens are some of the most treasured green spaces on the planet.
Urban gardening comes with its own unique set of challenges. Roof gardens have to deal with extremes in temperature and high winds that can quickly shred large-leaf plants not suitable to life atop a mountain-like rooftop. Most roof gardens are in somewhat remote locations, where you can sometimes work for an entire day on a garden without seeing another living soul, even though on the street below thousands of people may have walked by without a clue that a beautiful garden paradise exists several floors up. Roof gardens are like little secret jewels hidden out of reach in the clouds, nestled between skyscrapers and birds.
If planting a roof garden seems daunting, here are a few tips to help get you on your way to creating an urban paradise:
Check Building Codes
Before starting a garden, check with the building superintendent to see about building codes and weight limits for rooftops and terraces.
Use Appropriate Containers
Containers should be lightweight and portable, resist cracking in freezing weather, and hold enough soil to minimize the drying effects of wind and sun.
Install an Irrigation System
In the heat of summer, plants exposed to a full day of sun and wind may need constant watering and can easily burn to a crisp if forgotten about for even a day.
Know Your Conditions
The intense sun, wind, and freezing temperatures on a rooftop or terrace can be a full zone or two different than that on the street down below. A temperature gauge can help to determine whether or not you're gardening in the arctic or the Sahara.
Choose the Right Plants
Buy smaller-leaved plants that won't get torn apart by the wind. Plants should also be able to tolerate a wide range of temperature extremes. Conical-shaped trees tend to do better and won't get blown over by wind.
Design for Seasonal Interest
If you can see the garden from indoors, it's a good idea to mix evergreens with annuals and perennials in the same planters so you will have colorful blooms in warmer months and something green to look at when the weather turns frosty.
Protect Plants from the Elements
Stabilize evaporation rates and freeze-thaw cycles by applying a 2-3" layer of mulch to your containers.
Spring Cleaning Essentials
Over time, the soil in your containers will start to decompose and lose its nutritional value. Remove the top 1-2" of soil from containers each spring and add fresh soil to reinvigorate plants.
Fertilize, Fertilize, Fertilize
Plants in containers eat up fertilizer much more quickly than plants in the ground. During periods of active growth, you should plan on fertilizing every two weeks for blooming and fruiting plants and once a month for all others.
Prune and Divide
Very large plants will need to be pruned or divided every year to keep them from outgrowing their containers. Prune spring-flowering plants after they bloom. Prune all others after the first frost.
Source: Amber Freda Home & Garden Design
February 9, 2012 4:48 pm
While Valentine’s day may be keeping hearts warm this month, your heat is still working overtime to keep your home comfortable. The following suggestions can help keep your home warm, and your finances in good shape.
• Begin by checking your equipment. When properly sized and installed, a heat pump or furnace can save as much as 20 percent on annual energy costs.
• Sealing gaps and cracks in your home can also save energy costs—up to 10 percent. And tightening ducts will further reduce energy bills.
• Clean or change your filter regularly, and if you use a heat pump, remove any debris around the outside unit.
• Run your system through a full heating cycle, and schedule an inspection with a service technician to ensure the most efficient operation of your heating equipment.
• Finally, consider replacing aging equipment with a more energy-efficient unit.
Source: All Seasons Comfort, http://ascheating.com/
February 8, 2012 5:36 pm
I already started digging into some of the connected appliance and home applications on display this January at the International Consumer Electronics Show in Vegas. In reviewing many of the innovative new consumer trends, I took note of the first generation of "connected appliances" hitting the market this year.
Besides the Whirlpool and LG systems we already covered, Samsung Electronics Co. made a splash at CES with the launch of the industry’s largest capacity (4.5 cu. ft.2) front-loading washer which integrates Samsung's new Smart Control System. The company claims their WF457 "delivers the easiest and most efficient laundry experience ever."
Recognized by ENERGY STAR as a ‘Most Efficient 2011’ clothes washer, the WF457 uses just 96 kWh/year in electricity and up to 70 percent less water than top-loading washing machines, helping consumers save even more money on utility bills.
In addition, the WF457 is the first Samsung washer to be Smart Grid-ready. We previously covered this national initiative created in conjunction with utility providers to enhance efficiency in consumers’ electricity consumption and CO2 emissions, saving energy and reducing electricity bills.
The WF457 was also named a 2012 CES Innovations Award honoree in the eco-design category, because its WiFi-enabled Smart Control system allows consumers to stay connected to the washer cycle without having to remain close by the machine.
Consumers can, via a wireless router and a smart phone application, monitor cycle selections, remaining time and finishing alerts, as well as remotely start or pause the washer—a huge benefit to busy users who spend time running back and forth from the laundry room trying to estimate when the load is done.
In addition, Samsung’s Smart Care system makes user manuals obsolete by quickly diagnosing washer issues and sending alerts to consumers’ smart phones. And the washer features the industry’s largest 8-inch color LCD tablet-sized touch screen.
The WF457 washer is also the first from Samsung to feature SpeedSpray, which delivers a cleansing shot of water with dissolved detergent and then a rinsing shot for improved rinsing performance. Samsung says its SpeedSpray feature results in a cycle time that is up to 25 percent shorter compared with conventional washers.
February 8, 2012 5:36 pm
There is no denying it; tax season is in full swing. While some of us may be finished with our filing, others are still in the process. Whether you’re buying, staying or selling, in this tough housing market, the more you know the better.
Here are a few quick homeowner tax facts, provided by REALTOR.org:
o 38.5 million taxpayers claimed a deduction for mortgage interest, deducting a total of $470 billion, in 2008.
o 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion.
o The average taxpayer claiming the real estate tax deduction subtracted $4,090 from taxable income in 2008.
The following tips can help you save:
1. Understand your capital gains tax
When you sell your home, you're taxed on any profit over a set amount, which changes based on your marital status. However, calculation on your gains isn't as simple as price sold minus price paid. The IRS takes into account expenses invested in improving the property, so be sure to save receipts for any repairs, maintenance and upgrades.
2. Get a reliable estimate of your property tax bill
Don’t rely solely on the tax information in the property listing. Your tax bill can differ from the previous owner's bill, so do your research. This is a top tip for those looking to buy a new home.
3. Deduct the interest
Many don’t realize that you can deduct the interest you pay on your home loan, which reduces your tax liability. Since your mortgage payments for the first few years are almost entirely interest, this means they are almost entirely tax deductible.
4. Lower your interest rates—deduct property taxes and points paid
The IRS allows you to deduct your state and local property taxes from your income tax return, which can help to offset their expenses.
5. Market value declined? Request a property tax reassessment
You can get your taxes lowered if the value of your home has decreased. To do this, show proof of your home's current market value and recent comparable sales in your neighborhood.
February 8, 2012 5:36 pm
In this digital world, many of us hate the hassle of carrying cash around. There are drawbacks to carrying a lot of bills. Maybe you don't want to get mugged. Or, maybe you're just busy and can't make pit stops at the ATM before going out for a meal or a snack.
You might wonder if it's legal for stores to impose a credit card minimum charge before they'll swipe your plastic. You're not alone.
It is in fact perfectly legal to impose a minimum charge. Well, most of the time at least.
Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. The legislation paved the way for new rules that affect cardholders nationwide.
It specifically allows merchants to set minimum credit card charges. But the cap can only be set at $10 or less.
Before the Dodd-Frank Act, such minimum charges typically violated service agreements with Visa and MasterCard. Meaning, merchants weren't allowed to set those limits. But the Act made it so that payment card networks like Visa can no longer have these types of regulations.
This means that most of the time, if you see a store posting a credit card minimum of $10 or less, that's perfectly legal. But if you see a store advertising a minimum purchase of $20, they are violating the law.
It certainly can be annoying. Some people genuinely dislike walking around with a wad of cash in their back pocket. But at the same time, if you want to enjoy a meal or buy something a small store, chances are they might not accept your card if you're only purchasing a few small items.
For consumers, this now means you might need to trudge around with some green in your wallet.
That is, unless you only plan on frequenting establishments that have no credit card minimum charges. But keep in mind: these rules don't apply to debit cards.
February 8, 2012 5:36 pm
Do you chat with your Grandma via Facebook and email your uncle across the country? AARP and Microsoft Corp. recently released "Connecting Generations," a new research report that examines how people of all ages are using online communication and social networking to enhance their family relationships. The report reveals three key pieces of evidence showing that online communication is bridging the generation gap:
• 83 percent of those surveyed (ranging in age from 13 to 75 years old) consider going online to be a "helpful" form of communication among family members.
• 30 percent of grandparents of teens/young adults agree that connecting online has helped them better understand their teen/young adult grandchildren, and 29 percent of teens/young adults say the same about their grandparents.
• Teens agree that the computer increases both the quantity (70 percent) and quality (67 percent) of their communication with family members living far away.
"For decades, baby boomers and other older Americans have valued computers and mobile devices as tools for work, but technology is now playing an increasingly vital role in helping the 50+ population communicate and stay connected to their children, aging parents and other family members," says Jody Holtzman, Senior Vice President, AARP Thought Leadership. "By enhancing communication across all generations, technology is improving the quality of life for people of all ages."
Released in conjunction with Safer Internet Day 2012, an annual event organized by InSafe to promote safer and more responsible use of online technology and mobile devices among people worldwide, this "Connecting Generations" report also confirms the need for educating all consumers, from teenagers to grandparents, about Internet safety and the steps they can take to help protect themselves online.
While most respondents—teens, parents and grandparents—wish they knew more about how to keep personal information private (58 percent), and how to safeguard their devices (50 percent), the younger generation wants more information than older respondents about using social networks more safely (38 percent compared to 27 percent).
There is also a disconnect between how teens deal with online content that makes them feel uncomfortable and their parents' perception of how they are dealing with such images and information. Nearly half of parents (49 percent) say their teens know to come to them when they see something online that makes them uncomfortable, yet less than a third of teens (29 percent) say they actually would know to go to their parents to talk about it. And while 49 percent of parents say the lines of communication between them and their teenage children remain open, only 37 percent of teens agree.
"Teenagers and young adults are very knowledgeable about technology, but their parents and grandparents often have better judgment and greater wisdom born of experience," says Jacqueline Beauchere, Director, Trustworthy Computing for Microsoft. "Together, AARP and Microsoft are helping generations of Americans stay connected, and are providing the tools and guidance they need to help each other have safer online experiences."
Tips to Help Families Stay Safer Online
AARP and Microsoft offer these tips to help families connect the generations when it comes to online safety:
1) Use social networks more safely
• Look for Settings or Options in services like Facebook and Twitter to manage who can see your profile or photos tagged with your name, how people can search for you and make comments, and how to block people.
• Don't post anything you wouldn't want to see on a billboard.
• Be selective about accepting friends; regularly reassess who has access to your pages, and review what they post about you.
2) Help protect sensitive personal information
• Before you enter sensitive data, look for signs that a webpage is secure — a web address with "https" and a closed padlock beside it.
• Never give sensitive info (like an account number or password) or call a number in response to a request in email or IM or on a social network.
• Think carefully before you respond to pleas for money from "family members," deals that sound too good to be true, or other scams.
3) Parents and grandparents should have regular conversations with kids, keeping communications open:
• Negotiate clear guidelines for web, mobile and online game use that fit your children's maturity level and your family values.
• Watch your kids for signs of online bullying, such as being upset when they are online or a reluctance to go to school.
• Be the administrator of your home computer; use age-appropriate family safety settings to help you keep track of what your kids are doing online. For example, in all editions of the Windows 7 operating system, you can create separate accounts for each family member. Using Parental Controls (found in Control Panel), you can:
o Specify the exact days and times when children can use the computer.
o Prevent kids from playing certain games, based on title, content, or age-rating.
o Block access to certain programs—for example, those that store sensitive financial data.
o To keep communications open, the Parental Controls icon is always visible so children know when the feature is in use.
o Pay attention to what kids do and whom they meet online. Revisit regularly.
For more information, visit www.aarp.org/technology/safer-internet.
February 8, 2012 5:36 pm
Write-off. Depreciation or amortization an owner takes on a commercial property.