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Contractor Hotline
Dependable, pre-screened professionals for all your household needs |
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On The Level |
February 2010
Volume III, Issue I |
Dear Friends,
Tax season may still be a couple months away, but we would like to take this opportunity to remind you of some important and time-sensitive changes to the American Recovery and Reinvestment Act of 2009. If they act quickly, first-time homebuyers or those that have owned and occupied their home for more than five years and plan to sell and purchase a new home, can benefit significantly by these changes.
In addition to homebuyer tax incentives, the original stimulus bill passed in February 2009 provided homeowners with tax credits for making qualified, energy reducing home improvements. If you had any of these projects completed in 2009 it will be helpful to have the required documentation gathered together before it is time to prepare your taxes. Manufacturer's labels, certification statements, and sales receipts may be required to qualify for tax credits. The contractor that did the work should be able to provide certification statements for you if you did not get them at the time of installation.
The following re-cap will bring current and prospective homeowners up to date on the tax credit opportunities available to them at this time.
Best regards,
Cari Barron | |
| Tax Credits for First-Time Buyers and Homeowners |
In November, 2009 some beneficial changes were made to the American Recovery and Reinvestment Act of 2009. Important amendments extend the first-time homebuyer credit by five months and expand the eligibility requirements for purchasers. If you didn't make the December 1, 2009 first-time homebuyer deadline, or were not able to qualify under the previous requirements, the amendments may be of significant importance.
First-time homebuyers
If you are in the market to purchase your first home (or have not owned a home within the last three years) you may be eligible for a tax credit up to $8,000. Qualified first-time buyers who have entered into a binding contract to purchase a home by April 30, 2010, are eligible for the credit. The sale must close by June 30, 2010. Previously, the deadline to purchase was December 1, 2009.
Current homeowners
If you have owned and occupied your current home as your primary residence for a period of five consecutive years during the last eight years, you may also be eligible for a tax credit up to $6,500. As with first-time homebuyers, all contracts need to be in effect by April 30, 2010 and close no later than June 30, 2010.
Members of the military
Members of the military and certain federal employees serving outside the U.S. have an additional year to qualify for the tax credit. Qualified buyers have until April 30, 2011 to enter into a binding contract and close no later than June 30, 2011.
In all scenarios, homes purchased must be used for your primary, principal residence and must not exceed a maximum sale price of $800,000.
Additional Amendments
Income limits have also been amended for homebuyers. Modified adjusted gross income (MAGI) cannot exceed $125,000 (previously $75,000) for single filers, and $225,000 (previously $150,000) for joint filers. Reduced credits are available for those with incomes between $125,000-$145,000 for single filers, or $225,000-$245,000 for joint filers.
For further details regarding tax credit extensions and expanded eligibility requirements visit the IRS.gov official website.
In addition to tax credits for homebuyers, the February 2009 economic stimulus bill passed a variety of financial incentives for homeowners. Tax credits are available for homeowners making improvements that promote energy conservation and green building alternatives. Homeowners making weatherizing home improvements by upgrading windows and doors, insulation and water heaters are rewarded with tax credit incentives in 2009 and 2010. Additionally, tax credits are in effect through 2016 for the installation of items such as solar water heaters, solar panels and small wind energy systems. Refer to our May 2009 edition of On The Level for more details.
The contractors in our network are fully qualified to assist in making these home efficiency improvements. Whether you need a roof replaced, a new water heater installed, or windows upgraded, we can connect you with professional, skilled contractors. They will also ensure you have the proper certification statements and documentation you will need come tax time. To speak with a pre-screened contractor in our network, please give us a call or submit a work request today! |
| Referral Appreciation Program |
| Many of our satisfied customers are spreading the word, helping to connect their friends and family with reliable contractors and helping us grow and be available to meet your needs. To express our gratitude we are pleased to 'give back to you' for any referral that results in completed work. For new customers referred that result in $500 or more per business transaction, you will receive a $25 American Express cash gift card. For new customers referred that result in anything less than $500 per business transaction, you will receive a $10 Starbuck's gift card. Contact us directly with your referral's information, or simply ask them to mention how they found out about us. | |
Phone: 425-775-9085
Fax: 425-775-9150
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Winter/Spring Checklist |
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Continue to replace air filters on your furnace as needed throughout heating season
Inspect home's exterior for winter storm damage
Remove dead or damaged portions of trees & hedges once new growth is apparent
Start planning a summer garden |
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What Our Customers Are Saying |
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