Colorado Springs Real Estate Update
Your Colorado Springs Realtor, Ron Mangiarelli CRS, ABR, GRI, QSC, LHP
Colorado Springs Real Estate and Your Colorado Springs Realtor, Ron Mangiarelli

HOMEBUYER TAX CREDIT EXTENDED!!!!

This is supposed to be signed tomorrow November 6, 2009....Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1, 2010 and close before July 1, 2010. Read more here http://news.yahoo.com/s/ap/20091105/ap_on_go_co/us_homebuyers_tax_credit_10 or give me a call TODAY for more information. ...<< MORE >>

$8,000 Tax Credit Extention

 Great news! Congress moved yesterday to give American Service Members an additional 12 months to claim the $8000 tax credit provided they served 90 consecutive days overseas. It passed unanimously! You have until November 30, 2010 to get the incentive ...for Military families. CALL ME TODAY FOR MORE INFORMATION.... ...<< MORE >>

WE NEED YOUR HELP...VOTE YES ON 2C!

Our cith is in grave danger of losing many of the assets tht will significantly impact our quality of life.  The city budget has a current projected  shortfall of $25.4 million in 2010, which will include cuts in ALL City departments including our Police and Fire Departments, our parks and basic street maintenance.  Please support the ballot initiative 2C on November 3,2009. Without this initiative, Colorado Springs will see a significant decline in our quality of life. Strong police and fire departments and well-maintained parks and streets protect our property ...<< MORE >>

Colorado Carbon Monoxide Bill...Mandatory July 1, 2009


This law goes into effect July 1, 2009 for every home bought or sold in the State of Colorado. Also landlords must comply with this as well so read up kids and give me a call with any questions! Remember "A recession is a terrible thing to waste"! Buy a rental property TODAY!


1. The CO detectors can be battery powered, OR hardwired, OR hardwired with a battery backup.


2. They can be combined with a smoke detector in one unit if the alarms are a different alarm.


3. They are required in virtually all dwellings, including ...<< MORE >>

My International Referral Program


My Agent Referral Program has proved to be a huge success to buyers and sellers outside of my working area of Colorado Springs. You will be getting a full-time quality associate to provide better service for your needs and wants that has been screened and interviewed by myself assuring that they will do business as I would on your behalf. You are also getting a top agent in the area, whether they are a RE/MAX associate or not, with knowledge of the area and customer service being their top priority to you.


If you are moving to ...<< MORE >>

I'm Back....

Well I'm back and digging out from being gone whats felt like the entire month.  i met some great agents in Las Vegas and connected with some old friends that I had met at past conventions and have done business with.  I even managed to break away from the craps and poker tables long enough to take some classes and I came away with some great new ideas and a new perspective of my business after listening to Chris Gardner (Yes, the Pursuit of Happyness guy).  He is an amazing speaker with an even more amaxing story (the movie only touches ...<< MORE >>

Going on Vacation

I just wanted to let everyone know that I am headed to Las Vegas fo a week for the RE/MAX Convention and then to New Mexico for the ITA Regional TaeKwonDo Championships for my youngest son.  Hopefully I come back rested and ready to go with lots of knowledge, new ideas and gold medals!  I will resume my blog the week of March 16th so don't even try and collect your $50!  Everything will we running here just as I have never left (that's what a great staff is for) so please continue to call or email with any questions or referrals! ...<< MORE >>

My Home Town.... Colorado Springs, Colorado

As a Native, I think you will find my hometown an excellent place to live, with friendly residents eager to welcome you. There are many advantages to living in the Pikes Peak area – we have convenient shopping, excellent school systems, and a wide variety of recreational and cultural activities. I would be happy to send you information to help acquaint you on the local area – just let me know. You can find general information on the local area/schools/crime rates, the home buying process, how I work with buyers, as well as search the entire MLS anytime from << MORE >>

2009 American Recover and Reinvestment Act

This is the best decription/chart that I have seen about this so far.... Obviously I did not prepare it but if you have any questions please give me a call.  If you would like to view it online click here.


www.biggskofford.com

BREAKING NEWS: 2009 American Recover and Reinvestment Act

 

President Obama signed the 2009 American Recovery and Reinvestment Act into law in Denver today.  The Act, which was the subject of much debate in Washington over the last month, passed through Congress last week, mainly along party lines.  At well over 1,000 pages, it contains a broad range of provisions intended to stimulate the economy.

 

Included in the Act are numerous important income tax provisions, which are summarized below.  These tax provisions include incentives for businesses to acquire depreciable assets, tax breaks for low- and moderate-income individuals and families and several others.

 

Businesses

 

 

Provision

In Effect

Impact

Bonus Depreciation

2009

Last year, Congress temporarily allowed business to recover the costs of capital expenditures made in 2008 faster than the ordinary depreciation schedule would allow by permitting these businesses to immediately write off 50% of the cost of depreciable property acquired in 2008 for use in the United States. The new law extends this temporary benefit for qualifying property purchased and placed into service in 2009.

Section 179 Expensing

2009

In order to help small businesses quickly recover the cost of certain capital expenses, small business taxpayers may elect to write off the cost of these expenses in the year of acquisition in lieu of recovering these costs over time through depreciation. Last year, Congress temporarily increased the amount that small businesses could write off for capital expenditures incurred in 2008 to $250,000 and increased the phase-out threshold for 2008 to $800,000. The new law extends these temporary increases for capital expenditures incurred in 2009.

NOL Carry Back

2008

Under pre-Act law, net operating losses (NOLs) may be carried back to the two years before the year that the loss arises and carried forward to each of the succeeding twenty years after the year that the loss arises. For 2008, the new law extends the maximum NOL carry back period from two years to five years for small businesses with gross receipts of $15 million or less.

Work Opportunity Credit

2009 – 2010

Businesses are allowed to claim a work opportunity tax credit equal to 40% of the first $6,000 of wages paid to employees of one of nine targeted groups. The new law expands the work opportunity tax credit to include two new targeted groups: (1) unemployed veterans; and (2) disconnected youth. Individuals qualify as unemployed veterans if they were discharged or released from active duty from the Armed Forces during 2008, 2009 or 2010 and received unemployment compensation for more than four weeks during the year before being hired. Individuals qualify as disconnected youths if they are between the ages of 16 and 25 and have not been regularly employed or attended school in the past 6 months.

Individuals

 

 

Provision

In Effect

Impact

“Making Work Pay” Credit

2009 – 2010

The new law provides an individual tax credit in the amount of 6.2 percent of earned income not to exceed $400 for single returns and $800 for joint returns in 2009 and 2010. The credit is phased out at adjusted gross income (AGI) in excess of $75,000 ($150,000 for married couples filing jointly). The credit can be claimed as a reduction in the amount of income tax that is withheld from a paycheck, or through a credit on a tax return.  Under the credit, workers expect to see perhaps $13 a week less withheld from their paychecks starting around June. Next year, the extra take-home pay will go down to around $9 per week.

First-time Homebuyer Credit

January 1, 2009 – November 30, 2009

Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10% of the purchase of a home (up to $75,000) by first-time home buyers. The provision applied to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit were required to repay any amount received under this provision back to the government over 15 years in equal installments (or earlier if the home was sold). The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The new law enhances the credit by eliminating the repayment obligation for taxpayers that purchase homes on or after January 1, 2009. It also

extends the credit through the end of November 2009, and bumps up the maximum value of the credit from $7,500 to $8,000.

Child Tax Credit

2009 – 2010

A measure increases the eligibility for the refundable child tax credit in 2009 and 2010 by lowering the threshold to $3,000 (from $8,500 in 2008).

Deduction for Tax on Purchase of Vehicle

Date of enactment – December 31, 2009

The new law allows taxpayers to deduct State and local sales taxes paid on the purchase of a new automobile, including light trucks, SUVs, motorcycles, and motor homes. The tax break phases out starting with taxpayers earning $125,000 per year ($250,000 for joint returns). The deduction is allowed to both those who itemize their deductions as well as to non-itemizers. However, the deduction cannot be taken by a taxpayer who elects to deduct State and local sales taxes in lieu of State and local income taxes.

Suspension of Tax on Unemployment Compensation

2009

A provision temporarily suspends federal income tax on the first $2,400 of unemployment benefits received by a recipient in 2009.

Education

 

 

Provision

In Effect

Impact

American Opportunity Tax Credit

2009 – 2010

The new law creates a $2,500 higher education tax credit that is available for the first four years of college. The credit is based on 100% of the first $2,000 of tuition and related expenses (including books) paid during the tax year and 25% of the next $2,000 of tuition and related expenses paid during the tax year, subject to a phase-out for AGI in excess of $80,000 ($160,000 for married couples filing jointly). Forty percent of the credit is refundable. The new credit temporarily replaces the Hope credit.

Computer Technology Treated as Higher Education Expense

2009 – 2010

A provision permits computers and computer technology to qualify as qualified education expenses in 529 education plans for tax years beginning in 2009 and 2010.

AMT Relief

 

 

Provision

In Effect

Impact

AMT Exemptions

2009

To hold the number of taxpayers subject to the AMT at bay, the new law increases the AMT exemption amounts for 2009 to $46,700 for individuals and $70,950 for joint returns, and allows the personal credits against the AMT.

 

 

The Act is so large that many of its provisions have not been properly analyzed to determine their impact.  We at BiggsKofford will continue to monitor the discussions about the provisions of the Act and assess their impact to our clients.  If you have any questions or would like more details regarding a provision discussed above, please call our offices at (719) 579-9090 for more information.

 





An Innovative Entrepreneurial Approach
BiggsKofford, P.C. | 630 Southpointe Court, Suite 200 | Colorado Springs, CO 80906

(719) 579-9090 | Fax: (719) 576-0126 | bkc@biggskofford.com | www.biggskofford.com


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Friday the 13th, Hahahahah... I Laugh in Your Face!

Today I'm headed into the office and get a call from my wife that our youngest son (he's 9) Michaels TaeKwonDo instructor called with some good news.  Michael has been studying TaeKwonDo for two and a half years now and just became a first degree level three black belt.  Well last year Mike attended a National Tournament in Mobile Alabama, a Regional Championship in Las Cruces New Mexico and then went to the World Championship Tournament held in Chattanooga Tennessee on October.  Out of 9 competitions he won 6 gold medals, 1 silver and 1 bronze earning him THREE world championships(one in each discipline)!  Congratulations Champ! Mike competed against other people from all over the United States as well as other countries such as Australia and Great Britain! Hey Dana White... He's also testing for his Brazilian Ju Jitsu belts, taking Hanmudo and getting ready to start wrestling.
Then...
I get a text about a half hour later from my oldest son (he's 13) Christopher saying that he just found out that he will be the starting point guard for his 7th grade IS (that’s the number one team in 7th grade) basketball team (of course it took me 5 mins to try and decipher the stinking text because there was not one word written like it was supposed to be)  Chris has been playing basketball on and off for the past few years but his number one love is football (he was the starting wide receiver and corner back for his 7th grade IS team this past fall) so it was a quite a shock when I found out he was chosen as a starter for basketball too.  Great job bud! Now go do your math homework!
Then...
I find out about an hour later that my (little) brother Rob was just promoted to Senior Vice President of Hotel Accounting, North America Operations for Hyatt (can you hook a brother up with a room!?!)

Friday the 13th.... A pretty damn good day!

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