To save time and money on home renovations, consider these two ideas.
We live in such a complex world today. Each day brings more legislation to add to the complexity. How does the average person cope? Having counseled multitudes of people over the years, I find it fascinating that so much money is wasted by even the brightest people. We live under the belief that an accountant, a financial planner, a business executive, a banker, an insurance advisor, a lawyer, a physician, a mortgage broker, and a financial aid officer will provide our needed knowledge. I have counseled all of these types of advisors and found significant money they had thrown away because of their lack of knowledge. Are we all bright enough or have we as a people entered into such a specialized world that no one is taking time to address the bigger picture? There is money to be saved for everyone.
Proverbs 19:2 says, “It is not good to have zeal before knowledge.” We live in a society that has zeal and limited knowledge so we miss out on the hidden manna that is available to everyone. (more…)
Here are a few ideas to prepare your house for winter and possibly save a few dollars in the process.
1. If it has been a few years since you last had your fireplace chimney cleaned, have it done by a professional chimney sweep.
2. Turn off the water to your outside faucets and drain any remaining water from the pipes. The outside pipes and faucets are the most prone to freezing, which can eventually cause cracks and leaks.
3. Install weatherstripping around any doors or windows that may be letting in cold air.
In the year 2011 when the first baby boomer reaches 65 years of age there will be a significant tax increase without an act of Congress. This will happen when the tax cuts put in place under President Bush expire. What I have observed since the Bush tax cuts took effect was an increase in taxes at the state and local level as federal funds were cut back. When the tax increase takes place we will see taxes, at least in Ohio, at an unprecedented level.
What will this mean to the average family earning $50,000 per year? Using standard deductions a family earning $50,000 will pay an extra $200 per month in federal taxes. If this was the only tax to be concerned with it might be possible for a family to survive. But it’s not. (more…)
Here are two ways to save money on home energy costs.
1. Do an energy audit. If your utility company offers it, get a free check for energy leaks in and around your home. You can also go to energystar.gov for a guide to do it yourself.
2. Lower your thermostat in the winter. You can cut your heating bill by 1-2% for each degree you lower the temperature. If you get a little chilly in the evening, put on a comfy sweater or sweatshirt or cuddle up with your significant other under a blanket.
Utilities and Energy
Under the proposed measures to reduce carbon dioxide emissions by our current Congress, called cap and trade agreements, everyone should expect utilities and gasoline expenses to increase. This increase will primarily impact the low to middle income families as we expect substantial increases in utility bills. In addition, this will impact heavy users of electricity, primarily in manufacturing, resulting in either the costs to comply with the regulations being passed on to consumers or the transfer of these operations to countries where the cap and trade rules do not apply. This of course will cause more job losses in this country.
It is obvious the goal is not to reduce emissions. The United States has had more reduction of emissions without these agreements than have European countries, which already put these agreements in place. So what is the point? The real goal is to introduce a socialist agenda and to create another profit center for energy producing companies. Ken Lay, former CEO of the now defunct Enron, was a strong proponent of this plan because of the business opportunities and the profits it creates at the consumer’s expense. (more…)
Replace your old refridgerator. One made before 1993 could be costing $130 a year in electricity, using Ohio rates. Even refridgerators built between 1993 and 2001 cost about $85 a year to run.
A new Energy Star-rated model runs on about $40 worth of electricity. A new $600 refridgerator will last for decades and could pay for itself in less than seven years.
To see how much you can save by replacing your old refridgerator, click here.
There are a number of ways to reduce the amount of water you use on a daily basis. One quick fix is to install a low-flow showerhead. Most low-flow showerheads cut water use in half. If you take a 6 minute shower using this type of showerhead, you would save enough water in a year to fill a 15-foot aboveground pool. Plus, you save the energy that would have gone into heating the shower water!
The recent economic stimulus bill has some advantages for certain taxpayers. The following list represents some of the benefits:
1. The first $2,400 of unemployment compensation will not be taxed for those who have lost employment between September 1, 2008 and January 1, 2010.
2. Those paying for health insurance through COBRA will only have to pay 35% of the cost. The balance of 65% will be paid by the employer, but reimbursed by the government. This is available until January 1, 2010.
3. The alternative minimum tax exemption allows for couples earning up to $70,950 and single up to $46,700 to avoid paying the tax.
4. Anyone who has not owned a home for the past three years can qualify for the $8,000 tax credit if the home is purchased by December 1, 2009, as long as your income does not exceed $75,000 for an individual or $150,000 for a couple.
5. There is a temporary expansion of the Hope Credit for the first two years of post secondary education expenses. The first $2,000 of expenses receives 100% credit while the next $2,000 receives 25% credit up to $500. This credit phases out for incomes of $160,000 for married couples and $80,000 for single individuals.
6. Those with funds in the educational 529 plans can now use the money for computers and computer technology. (more…)
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