Terrylynn Fisher, Realtor Staging Consultant, EcoBroker, CRS, Etc.

Help for the distressed homeowners started with the 2009 tax filing season. These three options take away the previously inflexibility of the IRS as far as negotiation with homeowners. IF you qualify for one or more of these you could obtain serious tax relief from the IRS. See what I mean? Hopefully as diligent Realtors we are advising our clients to seek the services of a CPA, tax attorney, etc, before making decisions that could affect their property and liability, as this sounds hopeful for many.

"Internal Revenue Service News Release (January 6, 2009) The Internal Revenue Service today kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations. Among the areas where the IRS can provide assistance:

Postponement of Collection Actions: IRS employees will have greater authority to suspend collection actions in certain hardship cases where taxpayers are unable to pay. This includes instances when the taxpayer has recently lost a job, is relying solely on Social Security or welfare income or is facing devastating illness or significant medical bills. If an individual has recently encountered this type of financial problem, IRS assistors may be able to suspend collection without documentation to minimize burden on the taxpayer. (Personally I have clients that have received this benefit...so it's worth the time and trouble to send in your documentation if you fit this criteria for postponement.)

Added Flexibility for Missed Payments: The IRS is allowing more flexibility for previously compliant individuals in existing Installment Agreements who have difficulty making payments because of a job loss or other financial hardship. The IRS may allow a skipped payment or a reduced monthly payment amount without automatically suspending the Installment Agreement. Taxpayers in a difficult financial situation should contact the IRS. (Personally I know people who have exercised this option as well, with no berating or negativity on the phone by the IRS, they are a kinder, gentler government agency these days.)

Additional Review for Offers in Compromise on Home Values: An Offer in Compromise (OIC), an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed, may be a viable option for taxpayers experiencing economic difficulties. However, the equity taxpayers have in real property can be a barrier to an OIC being accepted. (This can be a huge benefit to taxpayers who made lots of money in previous years and didn't have the cash left to pay the tax. Realtors, loan agents, independent contractors and others on commission income are being assisted with this provision.)

The NEW Kinder, gentler IRS is doing it's part to ease the burdens this economy has thrust upon us. Hopefully none of you need this assistance, but it's nice to know it's here for you or any of your clients that could benefit from the provisions. There are more, so check out the IRS website...for details. http://www.irs.gov/newsroom/article/0,,id=202244,00.html
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.

The Cost of going Green (Sustainable) just keeps getting more affordable. Did you know that per the IRS news release on 10/28/09 "Energy-Saving Steps This Year May Result in Tax Savings Next Year". The notice goes on to say:

"Home Energy Credits Updated 10/28/09 The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year. The recently enacted American Recovery and Reinvestment Act (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources.

Tax Credits for Home Energy Efficiency Improvements Increase Homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment. “These new, expanded credits encourage homeowners to make improvements that will make their homes more energy efficient,” said IRS Commissioner Doug Shulman. “People can improve their homes and save money over the long run.” ARRA provides for a uniform credit of 30 percent of the cost of qualifying improvements up to $1,500, such as adding insulation, energy-efficient exterior windows, and energy-efficient heating and air conditioning systems. The new law also raised the limit on the amount that can be claimed for improvements placed in service during 2009 and 2010 to $1,500, instead of the $500 lifetime limit under the old law. In addition, the new law has increased the energy efficiency standards for building insulation, exterior windows, doors, and skylights, certain central air conditioners, and natural gas, propane or oil water heaters placed in service after Feb. 17, 2009.

The new law also eliminates the cap on the 30 percent tax credit for alternative energy equipment, such as solar water heaters, geothermal heat pumps and small wind turbines, installed in a home. The cap generally has been eliminated for these improvements beginning in the 2009 tax year. The IRS today issued Notice 2009-41, which explains the effects of this change. "

I've been wanting that Toto Toilet, new 90% efficient furnace and SOLAR, maybe now is the time to look into the REAL cost of purchasing such items. The tax break can make it attactive and doable in the near future. Let's give it a look, shall we? For more information go to the IRS website http://www.irs.gov/newsroom/article/0,,id=206869,00.html

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.

www.BuyConcord.net
Buy Concord was created to encourage residents to purchase their products and services in Concord. In this economy, it is good to support your local businesses. The categories include:

Apparel, Automotive, Electronics, Entertainment, Food, Floral, Furniture, Gifts, Health & Beauty, Home Improvement, Hotels, Jewelry, Pets, Professional Services, Restaurants and Sports.

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.

ATM Machines:
I found some websites you can look at to find No-Fee ATMs near you. Fees can be as high as $5 a transaction, and that definitely adds up!

www.allpointnetwork.com, just enter an address or zip code to find a no-fee ATM near you.

www.moneypass.com, also includes driving directions.

Going Out:
My daughter subscribes to www.goldstar.com. If you like going out but don't like paying full price, this site is for you. She receives almost daily emails with discounts on events in our area. These include comedy shows, plays, live music, art events and more. It's a great way to do fun things in your area without spending too much money!

Need more (or less) stuff?
Try www.freecycle.com. Freecycle is a yahoo group you join for your local area. You can post to the group asking for items you need or offering items you no longer need. Everything just has to be free.

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.

I received a mailing from my local water district reminding me it is time to reduce outdoor watering. According to their mailer at this time of year, even if the weather is warm, we can reduce our watering to:

Lawns: 1 to two days per week
Shrubs & Trees: No more than 1 day per week

My local water district also offers coupons for discounts on garden mulch and car washes that recycle their water, rebates on high efficiency toilets and clothes washers, free water-use surveys and more. It may be worth checking with your own local water company to see if they have freebies and/or incentives!

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.