Update on Employer­-provided, Cell Phones

A provision of the Small Business Jobs Act of 2010 (2010 Jobs Act) relaxed the onerous record-keeping requirements for business-provided cell phones. However, the 2010 Jobs Act did not alter the requirement that, in certain situations, personal use of an employer ­provided phone would be treated as a taxable fringe benefit to the employee.

In response to numerous questions concerning the tax treatment for the cost of employer­ provided cell phones used personally, the IRS recently issued guidance on this topic. This guidance indicated that when an employer provides an employee with a cell phone pri­marily for business reasons, the IRS will treat the employee's use of the cell phone for rea­sons related to the employer's trade or busi­ness as a working condition fringe benefit. The value of this benefit is excludable from the employee's income, and the substantiation requirements that the employee would have to meet in order to deduct the cost are deemed to be satisfied. In addition, the IRS will treat the value of any personal use of a cell phone pro­vided by the employer primarily for business purposes as a de minimis fringe benefit exclud­able from the employee's income.

de minimis:  In general, a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical. Consult your TAX Advisor for more details.

Timing is Everything

Increased Buying Power Due to recent aggressive action by the Federal Reserve, mortgage interest rates have dropped to near 40-year historic lows.

Recent rate reductions could help you afford a home afford a home worth $30,000 more in today's market, without a meaningful increase in your monthly payment.

Greater SelectionWith more houses on the market, the opportunity for you to find your dream home has never been better. And with more properties to select from, you will also be well positioned when it's time to make an offer.

Lots of Mortgage Options Many mortgage products are available to suit all types of buyers – from conventional fixed-rate products and ARMs, to FHA and VA loans for borrowers needing more flexible lending options.

Perfect Timing Traditionally the spring selling season is the busiest time of year in real estate. That means more competition in the market, potentially interested in purchasing your dream home. By starting the process now, right before the market heats up, you'll have a jump on the competition, which can certainly be to your advantage. Looks like the Joneses will have to fend for themselves.

I can offer advice, guidance and reassurance that can help every member of your family make a smooth transition. Contact me today to find out more.

Household Tips - REFRIGERATOR:

1) To eliminate odors, keep an open box of baking soda and/or a piece of cotton dipped in vanilla extract in your refrigerator.
2) To prevent mildew, wipe down the inside occasionally with white vinegar.
3) To clean underneath the fridge, tie a sock around the end of a yardstick and go at it!
1) To eliminate odors, keep an open box of baking soda and/or a piece of cotton dipped in vanilla extract in your refrigerator.
2) To prevent mildew, wipe down the inside occasionally with white vinegar.
3) To clean underneath the fridge, tie a sock around the end of a yardstick and go at it!

Buying a Home can be stressful

I am here to Help!
I will be your greatest ally championing your issues and guiding you through the process.
I will help with:
•   Determining affordability.
•   Identifying financing methods.
•   Providing estimates for all costs that will be incurred such as local taxes, municipal services etc.
•   Giving you insightful knowledge of your desired neighborhood.
Each home has a unique transaction process. Homes differ based on contract terms, financing options, inspection requirements and closing costs. It makes sense to have a meby your side to help with negotiations as well as other parts of the home buying process, I can help.
If you're considering a move, or hear that any family, friends, neighbors or colleagues are, please feel free to contact me - I will get results.