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Lending / Financial

Buying real estate is even more challenging for those of us whose eyes glaze over at the mere mention of decimals, percentages or anything else that even hints of mathematics.


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Recent blogs on Lending / Financial
By Bill Salvatore - East Valley, Realtor - 602-999-0952 / em: golfArizona@cox.net
(Arizona Elite Properties )
The IRS will reverse a certification when: - The tax debt is fully satisfied or becomes legally unenforceable - The tax debt is no longer seriously delinquent - The certification is erroneous - The IRS will make this reversal within 30 days and provide notification to the State Department as soon as practicable. The IRS will not reverse certification if a taxpayer’s request for a collection due process hearing or innocent spouse relief is on a debt that's not certified. Also, the IRS will not reverse the certification because the taxpayer pays the debt below the threshold.  Referral to Revoke Passport The IRS may ask the State Department to exercise its authority to revoke a taxpayer’s passport.  For example, the IRS may recommend revocation if the IRS had reversed a taxpayer’s certifi...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
The IRS will reverse a certification when:- The tax debt is fully satisfied or becomes legally unenforceable- The tax debt is no longer seriously delinquent- The certification is erroneous- The IRS will make this reversal within 30 days and provide notification to the State Department as soon as practicable. The IRS will not reverse certification if a taxpayer’s request for a collection due process hearing or innocent spouse relief is on a debt that's not certified. Also, the IRS will not reverse the certification because the taxpayer pays the debt below the threshold. Referral to Revoke PassportThe IRS may ask the State Department to exercise its authority to revoke a taxpayer’s passport.  For example, the IRS may recommend revocation if the IRS had reversed a taxpayer’s certification ...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
Fixing America’s Surface Transportation (FAST) ActIn 2015, Congress passed the FAST Act, which allows the IRS to restrict a taxpayer’s ability to utilize their passport if they have delinquent tax debts of a certain amount. This could also affect U.S. citizens who are also located overseas, for which the State Department will not issue passports after receiving their delinquent tax debt certification from the IRS. The State Department may also deny a taxpayer’s passport application or revoke their current passport at their discretion; however, they may issue a limited-validity passport allowing the taxpayer to return directly to the United States in the event of an emergency notice.Delinquent Tax Debt AmountsThese amounts are legally enforceable, unpaid federal tax debt (including asses...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
C Corp entities are different than any other entities, in that they are separate and are not pass-through entities. They are the only entity that pays its own taxes, and due to the 2017 Tax Cuts and Jobs Act, has a flat rate of 21%, which before had a graduating tax rate based on profit. Just as an S Corp, C Corps help protect shareholders from personal liability if protocols are followed and separation between business and individual interests are kept apart. The stock with a C Corp is that you can have multiple levels of classes, as well as multiple amounts of stockholders, including public trading, which opens an entirely different set of rules and practices which need to be addressed before taking it on. This would include registering with the Securities and Exchange Commission. The...
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By Bob Elliot, 30+ Yrs Industry Experience
(eXp Realty)
Last week was a fairly light week, with the non-farm payroll data being the most significant release. The data showed that payrolls are growing at a faster rate than historical trends suggest, which could indicate that inflation is still above the Federal Reserve's target. In contrast, the upcoming week has a busy schedule, with many important economic releases lined up back to back.Non-Farm PayrollsHourly pay for American workers rose a sharp 0.4% in September - above expectations - to put the increase over the past 12 months at 4.0%. That's up from 3.9% in the prior month. Wages are rising faster compared to the last few years before the pandemic. Wage gains rose just slightly over 3% on average in 2018 and 2019 before the coronavirus exploded.If wages keep growing at a 4% rate, it co...
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By Charles Stallions, 850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.
(Charles Stallions Real Estate Services )
Do I qualify for a mortgage easy peasy?  The C-Note is a short version of the monthly newsletter put out by Charles Stallions, (CRS) Certified Residential Specialist, (SREE) Senior Real Estate Expert, (CPI) Certified Property Investor, New Home Specialist, Certified Buyer Expert, and Broker of Real Estate since 1995. In it, we discuss real estate: investing, buying, selling, landlord, and tenant. Mortgage 101: Thinking of financing, refinancing, or just needing to understand how the process works? It all starts here. We research whether it's a VA, FHA, conventional, or non-traditional loan for you. We can help simplify the process and remove the challenges.Understanding Different Mortgages and How Charles Stallions Can Help Secure the Right One, Including Owner Financing OptionsSecuring...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
There is never a definitive answer as to when is a “right time” for a business to convert from an LLC to a Subchapter S Corp.  Each business owner(s) must make their own decision, and this information is disseminated to give the participant the necessary tools to make a determination for what’s best in their case. Although this is not a complete list of potential considerations, it is a good overview.Pros of the Subchapter S Corp- Unlike a sole proprietor/LLC, owners are eligible to receive a Form 1120S- The corporation will continue despite if the sole shareholder ceases to exist- The corporation is a pass-through entity, so therefore all profit is passed through to the shareholder(s) Form 1040 and no self-employment taxes are recorded- Shareholder distributions are tax free, to the ex...
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By Bob Elliot, 30+ Yrs Industry Experience
(eXp Realty)
When it comes to buying a home, one of the biggest decisions is whether to save up for a 20% down payment or opt for mortgage insurance. While a 20% down payment has traditionally been the gold standard, mortgage insurance is becoming an increasingly viable option for many buyers. Here's a closer look at both paths to help you determine which is right for you.The 20% Down Payment: Stability and Long-Term SavingsA 20% down payment has long been viewed as a smart financial move, and for good reason. Here’s why it continues to be a popular option: Instant Equity: By putting down 20%, you immediately build equity in your home and may qualify for lower interest rates, saving you money over the life of the loan. No Mortgage Insurance: Avoiding private mortgage insurance (PMI) can keep your mo...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
When determining the home office deduction expense, there are two avenues a taxpayer can pursue but must still have the proper documentation in the event of an audit.Simplified MethodThe simplified method is an alternative to the calculation, allocation, and substantiation of actual expenses. In most cases, you will figure your deduction by multiplying $5, the prescribed rate, by the area of your home used for a qualified business use. The area you use to figure your deduction is limited to 300 square feet. Make the choice for a home by using the simplified method to figure the deduction for the qualified business use of that home on a timely filed, original federal income tax return. An election for a tax year, once made, is irrevocable. However, you can change it in future years.Share...
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By Kimo Stowell, REALTOR® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
               Latest rates, based on 20 percent down, $200,000 owner-occupant mortgages. The rates and terms may vary; check with lenders for details. Rates may have changed click here to verifyWednesday, October 2, 2024  Lender Term/Type Interest Rate % Points % *APR American Savings Bank808-593-1226NMLS#423168 15-YR Fixed 4.625 2.125 5.067 30-YR Fixed 5.750 1.875 6.004 5-YR ARM 5.125 2.000 6.574 Bank of Hawaii877-616-2636 15-YR Fixed 5.375 1.000 5.530 30-YR Fixed 5.750 2.000 5.937 5-YR ARM 5.625 0.875 6.844 Central Pacific Bank808-544-0500NMLS#416603 15-YR Fixed 4.625 2.125 5.075 30-YR Fixed 5.500 1.750 5.742 5-YR ARM 6.625 0.000 7.553 Finance Factors808-548-3300NMLS#449916 15-YR Fixed 4.750 1.875 5.251 30-YR Fixed 5.625 1.875 5.935 5-YR ARM 5.750 1.500 6.813 First Hawaiian Bank808-6...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
Can I Have More Than One Business Location?Yes you do have that option, including your home, for a single trade or business or multiple trades or businesses. This is determined by the Principal Place of Business Test:- The relative importance of the activities performed at each place where you conduct business,- The amount of time spent at each place where you conduct business,- Your home office will qualify as your principal place of business if you meet the following requirements,- You use it exclusively and regularly for administrative or management activities of your trade or business,- You have no other fixed location where you conduct substantial administrative or management activities of your trade or businessCan I Have More Than One Trade or Business in the Same Home Office?Whet...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
Since the pandemic, people have been working from home and given up the idea of a co-working space or on-site office and chosen to utilize the idea an office space in their home. Unfortunately, many people can often fail an audit because they don’t understand the parameters of what the IRS defines as a legitimate home office. The IRS has developed Publication 587 defines it as: EXCLUSIVELY and REGULARLY as your principal place of business EXCLUSIVELY and REGULARLY as a place where you meet with or deal with patients, clients, customers, in the normal course of your trade or business In the case of a separate structure that is not attached to your home, in connection with your trade or business On a regular basis for certain storage use For rental use As a day care facility Exclusive Use...
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By Bob Elliot, 30+ Yrs Industry Experience
(eXp Realty)
With the release of the PCE Index data, we are seeing the trend hold as inflation continues to slow down. This gives the Federal Reserve room to continue its rate cuts in the future. Following the positive news for inflation data, the GDP has also seen a larger-than-expected growth of 3% this quarter. The only data running against the tide is the Consumer Confidence reports, which reported to show that consumers are at their most anxious since 2021. We should expect a greater impact on the lending and broader markets ahead of the elections.PCE IndexThe Federal Reserve’s preferred PCE index inched up just 0.1% last month, the government said Friday. This matched the forecast of economists polled by The Wall Street Journal. The increase in inflation in the past 12 months slipped 2.2% from...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
MealsEntertainment expenses are generally nondeductible from 2018 – 2025 due to the Tax Cuts and Jobs Act of 2017.  However, you may continue to deduct 50% of the cost of business meals if you (or an employee) is present and the food or beverages are not considered lavish or extravagant. Food and beverages that are provided during entertainment events are not considered entertainment if purchased separately from the entertainment, or if the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts.  However, the entertainment disallowance rule may not be circumvented through inflating the amount charged for food and beverages.Taxes and tips relating to a business meal are included as the cost of the meal and are su...
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By Charles Stallions, 850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.
(Charles Stallions Real Estate Services )
The C-Note is a short version of the monthly newsletter put out by Charles Stallions, (CRS) Certified Residential Specialist, (SREE) Senior Real Estate Expert, (CPI) Certified Property Investor, New Home Specialist, Certified Buyer Expert, and Broker of Real Estate since 1995. In it, we discuss real estate: investing, buying, selling, landlord, and tenant. Federal Reserve Rate Cuts: A Boost for the Economy with Charles Stallions, Your Real Estate ExpertThe Federal Reserve is expected to cut interest rates, which is excellent news for homebuyers and businesses. Charles Stallions, your trusted real estate expert, explains how this could be the first in a series of cuts designed to make borrowing more affordable. This shift could benefit consumers and homebuyers, providing new opportunitie...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
Believe it or not, yes these are deductions that are available to you, which are usually in the form of continuing education offerings that are not normally available in other settings if you ever get requested to defend them in an audit. There’s nothing to say it’s impossible, but you need to be prepared with all of the proper documentation. Cruise Ships- You can deduct up to $2,000 per year of your expenses of attending conventions, seminars, or similar meetings held on cruise ships. All ships that sail are considered cruise ships.- You can deduct these expenses only if all requirements are met;- The convention, seminar, or meeting is directly related to the active conduct of your trade or business; - The cruise ship is a vessel registered in the United States.- The cruise ship's port...
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By Charles Stallions, 850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.
(Charles Stallions Real Estate Services )
Do I qualify for a mortgage easy peasy?  The C-Note is a short version of the monthly newsletter put out by Charles Stallions, (CRS) Certified Residential Specialist, (SREE) Senior Real Estate Expert, (CPI) Certified Property Investor, New Home Specialist, Certified Buyer Expert, and Broker of Real Estate since 1995. In it, we discuss real estate: investing, buying, selling, landlord, and tenant. Mortgage 101: Thinking of financing, refinancing, or just needing to understand how the process works? It all starts here. We research whether it's a VA, FHA, conventional, or non-traditional loan for you. We can help simplify the process and remove the challenges.Understanding Different Mortgages and How Charles Stallions Can Help Secure the Right One, Including Owner Financing OptionsSecuring...
Comments 1
By Bob Elliot, 30+ Yrs Industry Experience
(eXp Realty)
If you're gearing up to dive into the world of real estate, there are a few key terms you'll want to wrap your head around before taking the plunge. Today, we're demystifying APR and interest rate, two crucial concepts that can impact your home-buying journey. Don't worry, I'll break it down in simple terms so you can confidently navigate the process like a pro.Interest Rate:Let's start with the basics. The interest rate is the percentage charged by a lender for borrowing money to buy your home. It's essentially the cost of borrowing the principal amount. When you're comparing loan offers, you'll often see this prominently displayed. A lower interest rate generally means lower monthly payments, which can be appealing, especially over the long term.Annual Percentage Rate (APR):Now, let's...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
Factors Used to Determine Tax Home- If you don’t have a regular place of business or work, use the following to determine your tax home.- You perform part of your business in a designated location of your main home and use it for lodging.- You have living expenses of your main home that you duplicate because your business requires you to be away from that home.- You haven’t abandoned the area in which both your historic place of lodging and your claimed main home are located; you have a member or members of your family living at your main home; or you often use that home for lodging.When is it NOT a Tax Home?The IRS considers a person’s principal place of business to be the location of the relative importance of the activities performed at each place where you conduct your business and ...
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By Dwayne Briscoe, Tax Resolution & QuickBooks Bookkeeping Specialis
(BOOKKEEPING-RESULTS, LLC)
For travel expenses to be legitimately deductible, they should be:- Deducted in the event they are related to an actual, established business and not one as you, the taxpayer, hope to develop into a business- What is the actual business purpose of the travel that it can be not only documented but also what its purpose isDetailed documentation is key for any substantiation test of business expenses, per IRS Section 274. In the event of any tax audit, failure to pass this examination could not only lead to disallowing the deductions but also a higher tax liability, along with other interest and penalties potentially going back years.Foreign TravelForeign travel is treated differently than domestic travel within the continental United States.  For definition, a “business day” is defined as...
Comments 4
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