Before December 31st arrives take advantage of some year end financial housekeeping, here are some opportunities that will pay rich dividends.
1. Get rid of your losers. If you have duds in your stock portfolio you may want get rid of them now, says Patrick Rogan a CPA and an associate accounting professor at Consumnes River College in Sacramento California. If they are not good companies , you may as well take the capital gains loss in 2008, if they are good companies like GE you may want hold and ride them out until good times reemerge. Please note however the maximum you can take in net capitol gains losses per year is $3,000 dollars. To figure out if you should sell some poor performing stocks, total your capital gains for the year, then subtract any losses. If the total is less than $3,000 consider selling some additional low performing investments to reach that limit.
2. Roll the Dice. If you are betting tax rates will go up, and with Senor Obama in charge that is a very good wager, collect then any year end bonuses or client payments now. This way the extra income will be taxed at this years rate. If you are George Soros and are counting on tax rates getting reduced, defer that late year income after Jan 1.
3. Jump start your payments. Speed up payments on bills that are tax deductible. For example pay the second half of your property taxes (due April 10) with your January mortgage payment, plus your fourth quarter estimated state income tax payment (due Jan 15th if self employed). Next month's college tuition bill can also be deducted.
4. Give till it hurts. When dropping off donations always pick up a receipt and tally up the approximate value for tax purposes. If cash is your preferred gift be sure to keep a bank statement, credit card bill or receipt showing the date and contribution amount. Remember www.salvationarmyusa.com they maintain a list of tax deductible prices on everything from handbags to house wares, and you can not find a more reputable charity. Remember it is better to give than receive, keep up the good work and Merry Christmas everyone!!!! 803-917-1893 www.troyott.com
(select quotes from mcclatchy newspaper corp.)
This just in from the Greater Columbia Chamber of Commerce:
As odd as that may seem, South Carolina is stacking up very well in this new emerging industry. Of the several different types of alternative energy, solar energy is receiving a good ole South Carolina welcome. Due to the versatility, reliability, and the availability of tax credits, solar energy is no longer the "feel good" environmental alternative, but a fiscally responsible choice for all homeowners, businessowners, government agencies, manufacturing andc ommercial sectors of our local economy.
Traditionally, populous states like California, Colorado, New Jersey, and Florida have led the nation in solar energy installations. This is in part due to the high utility cost that customers must face in tho;sestates. South Carolina has been spared from this trend because our utility rates are among the lowest in the United States. But that is changing and customers don't have to look far to realize the effects of these higher utility rates. Because South Carolina has no real fossil fuel producing or refining capabilities, our utilities must import these resources. Approximately, 95% of our oil, coal and natural gas all must be imported from other states or nations to satisfy our basic need to heat homes, power manufacturing plants, and keep our infrastructure operations. Our lack of energy independence, not only on a national level, but a state level must be addressed.
Why not utilize one of our most rudimentary resources-the sun? I don't have to try too hard to convince many of you that Columbia, South Carolina is "Famously Hot" for one reason; the gracious amount of sunshine this town receives is one resource that we can use to shift our energy dependence to energy independence. By installing a solar energy system on your home, office building or manufacturingplant you are insulating yourself tom the inevitable rise of utility costs. Instead of quarterly and even monthly rate increases from the utilities, a solar energy system produces electricity, or heat, but keeps the price you pay constant for the life of the system, now rated to last up to 40 years. Oh, did I mention that solar energy systems have no moving parts and are maintenance free?
Well, solar energy systems are to expensive.
Well, not really. Tax credits, property values, and net metering programs make the cost of any solar energy system very reasonable. Currently, in the State of South Carolina, your business can take a 25% tax credit for the total installation of a solar energy system up to $3,500. Add an additional 30% from Uncle Sam, with no maximum credit amount. Non-profit organizations can take advantage of a special loan program offered by the South Carolina Energy Office. The Energy Office administers a program called ConserFund, which lends 100% of the cost of a solar energy system between $25,000 and $100,000 at a low interest rate, this program applies to municipal governments as well.
Pristine new construction in University Hill, with high ceilings, hardwoods and tile throughout. Three bedrooms and three baths with private balconies, fireplaces, plus chef's kitchen with tons of granite. Located across the street from the Darla Moore School of Business on the USC Campus, these homes offer a convenient location with luxurious touches.
1719 and 1721 Pendleton Street - Columbia, SC 29205 - $399,000 each - MLS#234889
While you are enjoying the holidays and time with family this year, don't forget to help save the planet at the same time!
You can easily save money and energy by switching from your old incandescent holiday lights to new LED lights, which also are safer because they remain cool to the touch. The new LED lights last up to 10 times longer and use 75-90% less energy.
An alarming statistic from the US Environmental Protection Agency shows that between Thanksgiving and New Year's, trash increases by 25% for the average household causing an estimated 5 million extra tons of trash. You can help cut down on this increase in trash by replacing your traditional wrapping paper by wrapping gifts in decorative cloth or gift bags that are reusable. An estimate shows that if three gifts in each family were wrapped like this, you could cover 45,000 football fields in saved paper!
Around 40% of batteries are purchased during the holidays, so make sure and purchase rechargeable batteries. This keeps the harmful materials in a battery out of the landfill, which could potentially get into the soil and water.
Last but not least, if you receive a new electronic device to replace an old one...RECYCLE the old one!!! Discarded computers, televisions, cell phones, radios, batteries, cameras, etc contain toxic materials and chemicals such as lead and mercury. Take your old cell phone to be recycled at Staple or visit www.collectivegood.com to donate to charity.
Have a safe and GREEN holiday!!!
Will you be traveling this holiday season, if so protect your castle from unwanted visitors i.e. burglars. Take the time to make your abode a safe place during this holiday season. Remember nine out of ten burglaries are indeed preventable, the prevalence of light, time, and noise make all the difference.
1. Keep your home well lit including exterior flood lights and indoor lights on a timer.
2. Keep doors and windows securely locked and install deadbolt locks on all exterior doors. Keeping intruders pre-occupied with entry will deter their aggression. Also make it noisy to break into your home; install a burglar alarm, which by the way more than 90% of burglars would avoid a home with an alarm.
3. Install strong doors. The best locks in the world are no good if you have a weak door capable of being dislodged readily.
4. Keep shrubbery trimmed. Keep it below window level, potential intrudes cannot hide therein.
5. Keep important documents under lock and key in a personal safe ideally; never leave them on your desk at home or readily visible.
6. Turn off your computer and disconnect from the Internet. Make sure personal info is unobtainable from or computer while away.
7. Have mail and any packages forwarded, or held by the post office, leave blinds and curtains in their usual position making it seem that your are home. Also ask a friend or neighbor to keep an eye on your home while you are away.
Lastly do not broadcast your vacation on voice mail or email greetings and do not put your home address on your luggage, use you business address or some other forwarding address always. These little tidbits will help save you and your family a lot of potential grief over the holidays which none of us need. Now go out and have some fun and remember to always refer your favorite Broker/REALTOR, 803-917-1893 www.troyott.com to anyone in your circle looking to buy or sell Real Estate. Merry Christmas!!!!!
"select sources taken from sc insurance news service"
I am a member of the Coldwell Banker United Realtors team and one out of three of Columbia's Most Referred Realtors, serving the Midlands region. Expect great things, visit my website today!
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