THE TOWN OF NORTH HEMPSTEAD IS RECYCLING NEAR YOU!

WHEN YOU BUY NEW OR REPLACE YOUR OLD ELECTRONICS THIS HOLIDAY SEASON



DON’T THROW THE OLD ONES AWAY!



THE TOWN OF NORTH HEMPSTEAD is going to pick up Electronic Recycling near You!



DISTRICT: Herricks



WHEN: Monday January 11th & Tuesday January 12th 8:00am – 2:00pm



WHERE: Herricks Community Center

999 Herricks Road
New Hyde Park, NY 11040

WHAT: Anything with a cord except kitchen appliances, batteries & bulbs.



CONTACT: For further information call 311



In keeping with the Town’s commitment to maintaining a clean environment, Supervisor Jon Kaiman is expanding the school recycling program to provide residents at participating school districts with electronic waste drop-off at no charge to the school or the residents.



Electronics such as DVD players, cell phones and computers may contain lead, mercury or arsenic, which seep into the ground water.

The Town encourages all residents to take advantage of this convenient opportunity. In addition e-waste is always available every Sunday at 999 West Shore Road, Port Washington, NY from 7:30 am – 3:00 pm

New York's REALTORS applaud Senators Schumer and Gillibrand for their leadership on homebuyer tax credit extension

Statement from NYSAR President Daniel J. Hartnett

On behalf of the 56,000 members of the New York State Association of REALTORS, today I express our sincere gratitude to Senator Charles E. Schumer and Kirsten E. Gillibrand for their vision and leadership in addressing the continued recovery of our housing industry and, ultimately, our economy.


Yesterday, Senators Schumer and Gillibrand voted to approve the extension and expansion of the homebuyer tax credit that was included in a wide-ranging piece of Senate legislation that extended unemployment benefits. Both Senators have a long-history of supporting REALTOR issues, and none in recent history has been more important than this tax credit. REALTORS know that the tax credit is working to revitalize the housing market and position it to once again lead our economic recovery.


The legislation extends the availability of the tax credit to purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.


We are hopeful that the House will pass this legislation in the near future and that President Obama will sign it into law.

This information was provided courtesy of NYSAR.

Homebuyer Tax Credit Extended

Senators agree to extend $8,000 housing tax credit for first-timebuyers

The level of home sales was the highest in more than two years. Senators hope to keep the momentum going with an extended home tax credit for first time and repeated home buyers.

Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

If the Senate passes the bill, it would go to the House, which passed a similar bill extending unemployment benefits last month. House leaders have also said they support extending the tax credit for homebuyers.

Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.

Lawmakers didn't release a cost estimate for extending the tax credit, though similar proposals were projected to cost about 10 billion.

Industry representatives said uncertainty about the tax credit is hurting new home sales. September's decline was the first since March.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

"Buyers right now have an incentive to hold off, not knowing whether the credit will be extended," Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

The tax credit for money-losing businesses is a favorite among Republican lawmakers. Businesses could get tax refunds by using losses from 2008 and 2009 to offset taxable profits made in the previous five years. Under current law, they can only offset profits from the previous two years.

The provision would help a variety of industries, including retailers, manufacturers and home builders, though it's expensive.

"It's clearly a way to put cash in the hands of some major economic players," said Clint Stretch, a tax policy expert at Deloitte Tax.

A similar proposal that was ultimately dropped from the economic stimulus package enacted in February would have cost nearly $20 billion over 10 years. Lawmakers are working to reduce the price tag.

Because people are so strapped for cash, this is a good way to get refunds when businesses need them for operating expenses, said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation.

This article was provided courtesy  of Associated Press
and Newsday

Incresase Your Effectiveness

I read something recently that fascinated me.

It helped me understand the difference between being effective vs. being efficient. I thought you might find it as helpful as I did:

"Effectiveness is doing the things that get you closer to your goals. Efficiency is performing a given task (whether important or not) in the most economical manner possible.

Being efficient without regard to effectiveness is the default mode of the universe. I would consider the best door-to-door salesperson efficient—that is, refined and excellent at selling door-to-door without wasting time—but utterly ineffective. He or she would sell more using a better vehicle such as e-mail or direct mail.

This is also true for the person who checks e-mail 30 times per day and develops an elaborate system of folder rules and sophisticated techniques for ensuring that each of those 30 brain farts moves as quickly as possible.

I was a specialist at such professional wheel-spinning. It is efficient on some perverse level, but far from effective.

Here are two truisms to keep in mind:

1. Doing something unimportant well does not make it important.

2. Requiring a lot of time does not make a task important.

From this moment forward, remember this: What you do is infinitely more important than how you do it. Efficiency is still important, but it is useless unless applied to the right things."

This tip was great for me because I'm guilty of taking pride in the efficient way that I do so many unimportant things! I hope maybe this helps you as much as it did me!

What is the difference Between Foreclosure, Short Sale and REO?

Foreclosures, short sales and REOs remind me of, "Lions and tigers and bears, oh, my!" The latter are dangerous animals but different from each other -- just as foreclosures and short sales and real-estate-owned (REOs) are distressed sales but different from each other. However, they are also similar because without knowledge about handling foreclosures, short sales and REOs, you could find yourself in dangerous territory. For example, while most short sales are foreclosures, not all foreclosures are short sales. To further complicate matters, REOs are not short sales either, but some intended short sales can end up as an REO.

What is a Foreclosure Property?

A foreclosure property is a home in foreclosure -- when a notice of default has been filed in the public records. It means the owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.

Lenders can foreclose for other reasons, but the most common reason lenders file a notice of default is when a borrower is at least two payments in arrears.

If the home owner does not bring the loan current, the lender will take the property away from the owner. The final step the lender takes after a certain period has passed is to try to auction the property at a public sale.

Not all homes that fall into foreclosure go to public sale because owners have the right to make up back payments up to a point, the time which varies from state to state.
Real estate investors and home buyers see profit in buying foreclosures because they can often buy the property for the amount owed, picking up the home owner's equity for free.

What is a Short Sale Property?

A short sale occurs when a home owner is in foreclosure but before the property goes to public auction. Under a short sale, a lender must agree to accept less than the amount that is owed on the property.

Unlike a foreclosure, investors typically buy the home for even less because investors are not paying off the existing loan nor making up the back payments. Investors are striking a deal with the existing lender to take less than what the lender has coming to avoid dealing with a foreclosure.

It's a myth that lenders are not going to make a deal with an investor unless the seller has fallen behind on the seller's obligation to make timely mortgage payments. Sellers don't need to be in default for a short sale to occur. For a buyer who wants to occupy the home, buying a short sale makes financial sense.

What are REOs - Real Estate Owned?

Buying an REO is similar to buying a short sale except the property is already owned by the lender.


The property was acquired by the lender through a foreclosure action.
Often lenders will sell repossessed homes for less than the past loan balance.
Bank-owned properties are called REOs, meaning real estate owned by the lender.Banks end up owning the property when nobody at the public auction bid enough to cover the amount owed against the property.

REO homes are often considered the best way to buy a distressed property because the seller is already out of the picture. It's just the investor, the investor's agent, the bank and the bank's agent who are negotiating the transaction. Some REOs can be purchased directly from the lender.

For more information, seek the advice of a real estate lawyer.

Making Your Home Affordable

About Making Home Affordable
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels. The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.Our consumer website, http://www.makinghomeaffordable.gov/, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.We hope that you will find this website informative and useful as we all work together to solve our nation’s housing crisis and put our country on the path to a lasting economic recovery.

This article was provided courtesy of makinghomeaffordable.gov

American Recovery and Reinvestment Act of 2009

H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. View how the U.S. House of Representatives voted>View how the U.S. Senate voted>
The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR’s housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.
The bill includes the following provisions:
Homebuyer Tax CreditFHA, Fannie Mae and Freddie Mac Loan LimitsNeighborhood StabilizationCommercial Real EstateRural Housing ServiceLow Income-Housing GrantsTax Exempt Housing BondsEnergy Efficient Housing Tax Credits & GrantsTransportation InvestmentsBroadband Deployment






Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.The Basics>Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)Frequently Asked Questions> (PDF: 483K)NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit (PDF: 319K)

This information was provided courtesy of Realtor.org

In Depth 2009 First Time Home Buyer Tax Credit

In-Depth: 2009 First-Time Home Buyer Tax Credit
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

This information is provided by Realtor.org

Tax Benefits When Purchasing a Home

Tax Benefits Before you became a homeowner, your tax and insurance needs were probably pretty simple. An income tax form and some basic renters insurance were probably all that you needed. Things are a little more complex for homeowners, but there are some benefits too.

Federal Income Tax When income tax time comes, you will enjoy a reward for sticking to your home-ownership goals. You can subtract the interest you pay on your mortgage loan from your total income. This reduces the federal (and in most cases state) income taxes you owe. Over the years that you own your home, the home mortgage deduction can save you significant amount of money.

What You Can Take Off Your Taxes

• Points. In your first year as a homeowner, any points (advance interest) you paid to the lender as part of getting your mortgage loan also count as deductions from your income.

• Second mortgage. If you are paying a first and second mortgage loan on your house, you can also deduct the interest on your second mortgage from our taxable income.

• Property Taxes. You can deduct property taxes you pay to state and local governments from your federal income tax. State may also allow property tax deductions. Low-to moderate-income homeowners may qualify for reduced property taxes in some states.

• Moving expenses. If you moved because of your job, you may be able to deduct some of those expenses. You will need receipts for all of your moving costs. To figure out what is and is not deductible, you can call the Internal Revenue Service to ask for the publication about moving expenses.

Metropolitan Commuter Transportation Mobility Tax

In an attempt to address a $1.8 billion deficit at the Metropolitan Transportation Agency while foregoing fare hikes and service cancellations, Gov. David Paterson and the New York State Legislature approved legislation in May 2009 that establishes a new Metropolitan Commuter Transportation Mobility Tax (MCTMT).

This new tax is imposed on certain employers and self-employed individuals that engage in business in the Metropolitan Commuter Transportation District (MCTD) which includes the counties of Kings, New York, Bronx, Queens, Richmond, Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess and Westchester.

 This document outlines compliance details on this new tax as it applies to the self-employed or employers.Self–employed individuals Effective for tax years beginning on or after January 1, 2009, individuals (including partnerships and members of LLC’s that are treated as partnerships) who have net earnings from self employment in the MCTD are subject to the MCTMT.

 However, if the individual’s net earnings from self employment are $10,000 or less for the tax year, no tax is due. Net earnings from self employment are defined under Sec. 1402(a) of the Internal Revenue Code.

To compute the amount of net earnings subject to the MCTMT, individuals should use the amount computed on federal schedule SE (Form 1040), Self Employment Tax.If all of an individual’s business activity is carried on within the MCTD, all of the individual’s net earnings from self-employment are allocated to the MCTD. If the individual has business activities both in and out of the MCTD, only a portion of the individual’s net earnings from self-employment are allocated to the MCTD.

 More details on determining this allocation can be found on page 6 of the New York State Tax and Finance (NYSTF) memo.The amount of the MCTMT is .34 percent of the total net earnings from self-employment allocated to the MCTD for the tax year.Individuals, including partners in partnerships and LLC’s treated as partnerships, who will owe any MCTMT for the tax year must make estimated tax payments.

 Further details on compliance with the estimated payment requirements can be found on page 7 of the NYSTF memo.Special rule for payment of the tax in 2009Individual’s MCTMT liability for the 2009 tax year will be computed using 10/12 of the total net earnings from self employment allocated to the MCTD.

If an individual is subject to the MCTMT for 2009, the initial estimated tax payment is due by November 2, 2009. To estimate the initial MCTMT payment, use the following formula:Step 1: Estimate the individual’s 2009 net earnings from self employment allocated to the MCTD.Step 2: Divide the amount from Step 1 by 12.Step 3: Multiply the result of Step 2 by 10.Step 4: Multiply the result of Step 3 by .34% (.0034).Step 5: Multiply the result from Step 4 by 75% (.75).The result of Step 5 is the amount of the individual’s initial estimated tax payment.EXAMPLE:Step 1: Estimated Individual 2009 Net Earnings = $50,000Step 2: $50,000/12 = $4,166.66Step 3: $4,166.66 x 10 = $41,666.66Step 4: $41,666.66 x .0034 = $141.66Step 5: $141.66 x .75 = $106.25 Importantly, there will be no penalty for the underpayment of estimated tax payments for periods prior to October 31, 2009, provided the individual includes the total estimated tax due for the period January 1, 2009, through September 30, 2009, in the October 31 payment.The estimated MCTMT payment for the period October 1, 2009 through December 31, 2009, is due by February 1, 2010.

 To estimate the payment due by February 1, 2010 use the formula above but substitute 25% (.25) for 75% (.75) in Step 5.Employers Effective March 1, 2009, certain employers within the MCTD are subject to the new tax.

 You are considered an employer if you are required to deduct and withhold NYS income tax from wages paid to employees, and that payroll is greater than $2,500 in any calendar quarter. This additional 34 cents per $100 will be imposed as a payroll tax similar to withholdings such as unemployment insurance, Medicare and social security.

The MCTMT is imposed at a rate of .34 percent of an employer’s payroll expense for all covered employees for each calendar quarter. An employer is prohibited from deducting from the wages or compensation of an employee any amount that represents all or any portion of the MCTMT.

The tax must be reported and paid for each calendar quarter by the last day of the month following the end of a quarter as follows: Quarter Due Date January 1 to March 31 April 30 April 1 to June 30 July 31 July 1 – September 30 October 31 October 1 – December 31 January 31There are no extensions of time allowed for employers to report or pay the MCTMT.Special Rule for Payment of the Tax in 2009The initial MCTMT report and payment for employers is due by November 2, 2009. This initial payment must include the MCTMT due for the period of March 1, 2009 through September 30, 2009. The payment for the period October 1, 2009 to December 31, 2009 is due by February 1, 2010.
This information has been provided courtesy of NYSAR.