Many small businesses that provide health insurance coverage to their employees now qualify for a special tax credit, according to the Internal Revenue Service (IRS). Included in the health care reform legislation, the credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they’re currently offering. The credit is available to small employers that pay at least half the cost of single coverage for their employees.
For example; small employers are considered to have fewer than 25 full-time equivalent (FTE) employees paying wages averaging less than $50,000 per employee per year. However, because the eligibility formula is based in part on the number of FTEs, not the number of employees, many businesses will qualify even if they employ more than 25 individual workers.
The maximum credit is 35 percent of premiums paid in 2010 by eligible small business employers. Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt employers, the IRS will provide further information on how to claim the credit.
On last Monday, April 5, banks nationwide began offering the Home Affordable Foreclosure Alternatives Program (HAFA). This new federal program will try to help homeowners avoid foreclosure by offering incentives to lenders that offer a short sale or deed-in-lieu of foreclosure.
Earlier this week, the National Association of Realtors (NAR) reported some lenders and loan services have been slow to implement the program or are unaware of its availability.
NAR has prepared resources to help REALTORS® answer questions about HAFA. Their new short sale Web page includes HAFA forms, breaking news and Fannie Mae and Freddie Mac real estate commission policies.
Call your Realtor today for more info, or contact me and I will be happy to forward you some information.
~ Barry Ripp emailto: barry@barryripp.com
www.barryripp.com 510-794-7690
Post Office recycles electronics FREE. Next time you’re in the post office, ask the postal clerk for an envelope to recycle your cell phones, PDAs, MP3 players, ink jet cartridges, digital cameras, and small electronics. The post office provides this free service, and all you have to do is peel the label of this 6-inch by 5.5-inch envelope and drop in your mail box.
Find local recycling centers for many other materials at Earth911.com
~ Barry Ripp www.barryripp.com
A new national survey gauging attitudes toward housing finds that 65% of Americans still prefer owning a home, despite the challenging economic environment and the housing downturn. The Fannie Mae National Housing Survey, conducted between December 2009 and January 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy.
The survey revealed that homeowners and renters alike are taking a more cautious approach to homeownership. 23% renters polled said they will buy a home later than once planned. In addition, Americans with traditional, fixed-rate mortgages with predictable payments are significantly more satisfied than those with other types of mortgages. Respondents cited non-financial reasons such as safety (43 percent) and quality of local schools (33 percent) as driving factors in wanting to own a home, ahead of financial considerations.
60 percent of consumers believe that buying a home today is harder than it was for their parents, and 68 percent think it will be even more difficult for their children. 88 percent also believe that walking away from an underwater mortgage is not acceptable.
~ Barry Ripp www.barryripp.com
