How transient is the “Sandy effect” on US economic data? | Bedford NY Real Estate
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Daily Archives: November 19, 2012
School boundary search catching on | Pound Ridge NY Real Estate
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What happens to your taxes if we go over the fiscal cliff | Bedford Corners NY Real Estate
If you’ve been paying any attention to the news, you doubtless know that the United States is rapidly approaching a “fiscal cliff.”
This is the date that various tax cuts and benefits enacted over the past 11 years are set to expire. That date is Jan.1, 2013.
It’s quite possible that President Obama and Congress will come to some agreement before Jan. 1 and extend at least some of these tax cuts.
However, it seems equally possible that they won’t.
What happens as of Jan. 1 if no deal is reached and we plunge off the cliff? Your taxes are going to go up.
The following handy chart shows what will happen if the most important of these tax provisions expire.
Expiring provision Effect if not extended Increase in size of 15 percent rate bracket for married couples to double that of unmarried filers The current 15 percent rate bracket for married couples filing jointly (200 percent of the deduction for unmarried individuals) will be reduced to 167 percent of the deduction for unmarried individuals. As a result, low-income and middle-income two-earner couples will owe more to the IRS than they would if they were single making the same income. Reduced capital gain rates for individuals Capital gains will be taxed at a 20 percent rate (increased from the current 15 percent rate). Dividends of individuals taxed at capital gain rates Dividends received by individuals will be treated as ordinary income and taxed at top income tax rate rather than as a capital gain, currently 15 percent. 10 percent individual income tax rate The 10 percent income tax bracket will be removed; the lowest income tax rate bracket will then be 15 percent Tax rates in top four brackets Tax rates in the top four brackets will be increased to (from current rate): 39.6 percent (35 percent), 36 percent (33 percent), 31 percent (28 percent), 28 percent (25 percent). Increase in standard deduction for married couples The standard deduction for married couples (currently 200 percent of the deduction for singles) will be reduced to 167 percent. As a result, low-income and middle-income two-earner couples will owe more to the IRS than they would if they were single making the same income. Repeal of overall limits on itemized deductions (the “Pease Limitation” Limits on itemized deductions will be restored (currently, there is no limit on allowable deductions). The total amount of itemized deductions will be reduced by 3 percent of the amount by which a taxpayer’s adjusted gross income exceeds a certain threshold. As a result, high-income households may not be able to take some itemized deductions. Repeal of personal exemption phaseout Under present law, the amount of a taxpayer’s personal exemption is not phased out. A phaseout of personal exemptions will be restored in 2013 for taxpayers above a certain threshold. As a result, high-income households may not be able use personal deductions in full. Decreased estate, gift and generation-skipping transfer tax Reverts to pre-2001 levels. The estate and gift tax exemption level will be decreased from $5 million to $1 million, while the top tax rate will increase from 35 percent to 55 percent. Alternative Minimum Tax inflation adjustment (“AMT Patch”) An additional 28 million taxpayers will be subject to the AMT because the amount of income exempt from the AMT would revert back to $33,750 for single taxpayers and $45,000 for married couples filing jointly, down from $48,450 for single taxpayers and $74,450 for married couples filing jointly for 2012. How much this will cost you in additional taxes for 2013? It depends on your income. The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution, has calculated that households in the lowest 20 percent of earners would pay an average of $412 more than in 2012, and that middle-income families would pay about $2,000 more. The top 20 percent of earners would pay an average $14,000 more, and the top 1 percent $121,000 more.
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Breaking lease over pest control spraying | Armonk NY Homes
Q: My state requires landlords to disclose to prospective tenants whether the property is serviced by a commercial pest control for rodents. My landlord failed to do that, and when I learned of it, I was very upset. I don’t want to live in a place that gets sprayed every month, but the landlord won’t let me out of the lease. What can I do? –Marly
A: Many states require landlords to make specific disclosures to the tenant about the property before the tenant is asked to sign the lease. The federal government, too, has weighed in by requiring disclosures about known lead-based paint and lead-based-paint hazards. The purpose of these disclosures is “buyer beware.” A tenant who reads them and doesn’t like what he sees can walk away from the lease, without ever having signed it.
So you’d think that if the landlord fails to deliver the disclosure, it would only be fair that the tenant be able to walk away after he’s signed the lease, too. But such is not the case with every disclosure law.
In California, for example, which has a similar provision regarding periodic pest control, the statute does not specify that failure to disclose will entitle the tenant to consider the lease at an end, with the option of moving out without responsibility for future rent. If you are having pest problems in your environment, contact Emergency Pest Control Vaughan operating in Markham to have them solved using the highly skilled exterminators paired with low toxicity pesticides.
But even if “lease over” is not an enumerated remedy in the disclosure statute, you may still have a way to get out. You would argue to a judge that you signed the lease under the misapprehension that there would not be pesticides applied regularly to the property; that had you known this, you would not have become a resident; and that only the landlord and the boca raton pest control company could have given you the information you’d need. Most importantly, you would have to convince the judge that this piece of information is important, not just a minor detail that shouldn’t derail a proposed tenancy.
So, how will all of this theory unfold in practice? If you move out, your landlord will need to find another tenant. In most states, until he does, you’ll be on the hook for the rent. Landlords commonly keep the entire deposit at least, so to recover it, you’ll have to sue in small claims court. That’s where you’ll make your argument, and if the judge agrees, you should get the deposit back.
Q: An elderly lady in one of our rental units passed away after a long illness. We have secured the apartment, but no one has come forward to claim her belongings. What should we do? –Martin and Margo
A: Surprisingly, few states have laws on the books telling landlords what to do in such a situation. Here are a few examples:
- In Arizona, New Mexico, Oklahoma and Texas, landlords may ask tenants for the name of someone whom they authorize to act (landlords may do so in a lease clause, for example). In New Mexico, Oklahoma and Texas, if the tenant hasn’t provided this information, the landlord has basically no safeguarding obligations.
- Oregon has a much better approach: Tenants can name someone in their wills to be their personal representative (or a court can appoint someone); that person has the same rights as the tenant, and may take the property.
- In Virginia and North Carolina, if no one is authorized by the court, the landlord must notify the person who was the tenant’s “emergency contact.”
Landlords in states that have not passed specific laws on what to do must proceed cautiously. You don’t want to give access to people who might loot the estate; but you don’t want to endlessly store personal property either. And you risk liability if you dispose of belongings on your own.
Your best bet is to contact the probate court in your city and explain that no one with authority (no one bearing documents signed by a court, establishing that person as a legal representative of the estate) has come forth. Chances are, you’ll find a helpful clerk who can tell you the practice in your state.
via inman.com
The Perfect Length of a Tweet is 71-100 Characters | Chappaqua NY Real Estate
All Tweets are the same, right? Fewer than 140 characters.
It’s not readily apparent that the length of a Tweet has an impact on the number of people who engage with it. Advertisers who use Twitter to reach their customers need all the insights they can get, especially those who are paying for promoted tweets. A recent study by Track Social, a social media analytics firm, looks at the effect of Tweet length on response levels as measured by retweets.
On Twitter, smaller is not better.
On Facebook, engagement normally decreases as post length increases. Track Social found that the opposite happens on Twitter — engagement increases as Tweet length increases.
With an upper limit of 140 characters, shorter tweets don’t stand out from the crowd and tend to be overlooked. Engagement levels are rather flat between 71 and 100 characters, and decrease as the 140 character limit approaches. 71-100 characters is the sweet spot — enough space to say something that resonates with followers plus room for retweeters to add their own references and comments.
No guarantee of success
Writing a tweet that’s in the middle of the character range doesn’t guarantee increased engagement, and short or long Tweets aren’t doomed to fail. Responses to Tweets depend on many factors, including content, frequency, and timing.
Advice
- Short, punchy statements don’t work especially well on Twitter.
- Try using images to effectively increase Tweet length.
- Avoid pushing up against the 140 character limit whenever possible.
via pamorama.net