Blog Entry #4 5 Simple Things to Keep Your Home Safe and Healthy posted 5/19/09
A fellow Realtor dropped me this list of things few people consider cleaning during the regular home tidy-up. I don't know where they referenced it, or if they came up with it themselves, but it's a great list to consider every time you pull out the vacuum..
1) Completely clean the lint from your dryer (once a year.)
I can speak to this one from experience. One day my dryer just quit working. Turns out there was so much lint in chute that it almost started a fire, but the dryer shut itself down before anything happened.
It's a fairly simple fix: Take the front off of your dryer (no tools needed) and clean the entire lint chute. It's easy to find... it's the chute filled with lint. You can get a tool to help you clean it for about $15 at your local hardware store.
2) Flush the drains. (once a month.)
Do this and you will probably never have to call a plumber. Pour a half cup of baking soda, followed by a half cup of white vinegar down all of your drains. It will clear out just about anything down there.
3) Vacuum the Fridge Consenser Coil (once a year.)
It's that long snaky pipe that runs along the back of your refridgerator. Vacuum this, and your fridge will run more efficently, saving you $$$$.
4) Degrease the Range Vent (at least once a year.)
Take out the filter and throw it in the dishwasher. Also clean the fan with a heavy-duty cleaner (like "Greased Lightning" $1 at any dollar store.) This will prevent possible kitchen fires. While you're there, you might as well replace the light.
5) Clean your furnace and vents (once a month.)
The benefits are too numerous to mention. Cleaner air, less energy... the list goes on. Vacuum the exterior of your furnace yearly. Clean the vents, radiators or baseboards monthly. Get down as far as you can with your vacuum extension. The best part: You won't have to dust as often!
One more thing: Did you know if you clean your computer monitor with an amonia-based cleaner, you will damage the UV-coating (if it's on the outside of the glass.) You're eyesight is much better off if you just wipe the montior screen with a dry dust cloth.
As always, your Real Estate questions are welcome. Either comment or email me at troark@thegroup.com . I look forward to your comments.
Blog Entry #3 How Long Should I Keep Tax Documents? Posted 5/12/09
I love my Facebook and Twitter communities! While I keep up with my old friends and clients, I seem to learn something every single day. I also enjoy being a “go-to” guy for Real Estate topics, especially when it comes to Springfield IL Homes for Sale. Today I’m doing both. Here's the latest question...
“We get postcards from our Realtor® periodically about different thing and one that I've lost was "How long to keep files." It listed how long you’re suggested to keep things like tax returns and such. If you ever come across info like that and post it, please let me know.”
Now, this is NOT a Real Estate question, and as a Real Estate professional, I am not doing my clients a service by expounding on topics where I am not an expert. But, I do have network of amazingly brilliant professionals at my fingertips. So I went to my friend John Myers, a CPA and all-around great guy here in Springfield.
I’m guessing the following answer didn’t fit on a postcard. :)
How long should I keep records?
This varies depending upon the type of record and each individual/couples income tax situation.
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. For most individuals this is three years.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The information below contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3. You file a fraudulent return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property. Keep records of stock and mutual fund purchases until the period of limitations expires for the year the investment is sold. The same applies to land, buildings, residence, etc.
Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the bases of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.
What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.
John Myers, CPA
3201 Old Jacksonville Road
Springfield, IL 62711
217.726.7091
Holy smokes! Was that an answer, or what?!? Thanks again John. If you ever need professional tax or accounting advice, call John. And keep the questions coming I’m more than happy to help you with all of your Real Estate needs.
Blog Entry #2 To Re-Fi... or Not to Re-Fi? Posted 5/5/09
Lately, my Twitter account has been blowing up with Real Estate questions! If you don't have a Twitter account yet, you should consider it. Then again, if you're reading this, you are probably already headlong into a serious internet addiction.
Recently got this question: "Should I refinance?"
Now... This isn't REALLY a Real Estate question. It's much more a personal finance question. So instead of me giving you an answer on something I am not a professional, I went to someone who is. Chris Schaller at Flagstar Home Lending gave us a great answer...
"Generally it makes sense to refinance if you can save at least 3/4 of a point depending on loan amount. If clients are currently paying mortgage insurance or looking to consolidate additional debt we would want to explore sooner. More information can be found at www.ILmortgageMan.com "
Chris has a great Mortage Calculator on his website. You can go there, plug in numbers, and get a really good idea of what kind of saving you can incur. So, if you got a "great deal" a few years ago at 6.0, you probably want to get a hold of Chris to see how much money you can save. I bet you'll be surpised!!
As always, if you have any Real Estate questions, or questions involving mortgages, home improvement, etc., email me and I'll get it answered right away.
Blog Entry #1 Welcome Posted 4/15/09
Thank for visiting my blog. This blog is intended for people interested in Springfield IL Homes for Sale, and anything home related (mortgages, repair/remodeling, house gadgets, improvements, etc.)
If you have a specific question, and think other people could benefit from some advice, feel free to email me at TRoark@TheGroup.com and I'll get you an answer right away.
