Are zero-interest credit cards a good deal?

It sounds like a great deal. Pay no interest on balances transferred from other credit cards, and make interest-free purchases throughout the promotional period. Why wouldn't you take advantage of such an offer?

Although a 0% credit card may be a wise choice for some people, the devil is in the details — and in your individual propensities as a consumer. Consider the following questions:

• Is the balance transfer really free? Yes, you may not be required to pay interest on a balance moved from one credit card account to another. But your new account may charge a fee for making the transfer. Such fees typically run from 3% to 5%. If your balance, for example, is $3,000 and you pay a transfer fee of 3%, you'll be charged $90 just to make the switch. And in some cases, the lender doesn't set a cap on this fee; it's a flat percentage. So the higher the balance that's transferred, the higher the transfer fee.

• What happens after the promotional period? You may be offered a 0% credit card now, but the offer may expire in six months. After that, the rate will likely adjust upward, sometimes substantially. So if you can't pay off the balance before the promotional period ends, you may want to deposit the offer in the nearest trash can.

• What happens if you're late on a payment? Some companies have strict terms on new credit cards that mandate substantial penalties if even one scheduled payment doesn't arrive on time. The card may be cancelled; the full balance may be immediately due; the 0% rate may vanish like the morning fog. So reading the details of the credit card agreement before you make the switch may save headaches and dollars later on.

• Are there minimum use requirements? To keep the promotional rate, you may be required to use the card at least once a month. If you don't, look out. The rate may jump or penalties may be assessed. Again, reading the fine print is crucial to making a prudent decision.

• Will you pay off the balance — really? Know your propensities. If it's likely that six months from now the balance on your new credit card will remain unpaid, perhaps it's time to redouble your efforts and concentrate on your existing account.

© MC 2013

contact: aconner@atconnercpa.com

Should you pay off your home mortgage before retirement?

As Shakespeare put it, "Borrowing dulls the edge of husbandry." In other words, subsidizing a lifestyle with credit tends to make us financially lazy. When headed into retirement with the prospect of a fixed income, liquidating all your debts — including your mortgage — seems to make a lot of sense. Nevertheless, paying off a mortgage, unlike reducing credit card or installment debt to zero, may not be the wisest choice for everyone. Here are four factors to consider.

• How's your emergency fund doing? If you don't have enough money set aside to cover the unexpected hazards of life, you may end up charging credit cards or raiding retirement accounts to cover those costs. How much should you set aside? Most experts recommend enough to cover three to six months of living expenses. Funding an emergency fund first will keep you from being house-rich and cash-poor.

• How much can you earn elsewhere? If you've refinanced your mortgage and locked in a historically low interest rate, you may want to invest extra money in funds that earn higher returns. Of course, the stock market is notoriously volatile. So if you can't handle the volatility of the market or can't sleep at night when your investments take a downturn, paying off the mortgage may be the more prudent choice for you. In other words, know yourself and plan accordingly.

• Is consumer debt draining your cash flow? If you're only making the minimum payments on your car loan or credit card balance, attack those debts first. Consumer interest isn't deductible on your taxes, and the interest rates are probably higher than you're paying on a mortgage. If you're heading into retirement with only a few years left on a fixed-rate mortgage, most of your payment is already being applied toward the principal balance.

• Are you fully funding retirement accounts? As full-time employment winds to a close, be sure to contribute as much as possible to IRAs and 401(k) accounts. Most folks will use those funds to supplement social security payments, pensions, or other savings. Again, having a house that's paid off may provide little consolation if you run out of cash partway through retirement. True, you might be able to sell the house and use the cash to cover a shortfall. But selling your primary residence should fit into a carefully considered plan. A fire sale doesn't qualify.

For help in analyzing whether paying off your home mortgage makes sense in your circumstances, give us a call.

aconner@atconnercpa.com

Some early 401(k) withdrawals are penalty-free

To encourage workers to set aside money for retirement, Congress modified the tax law in the late 1970s. The new provisions offered certain tax advantages to companies that established "defined contribution" plans. Unlike traditional pensions, such plans do not provide for specific pension payouts during retirement. Instead, they establish how much an employee can contribute. The most common of these plans, as defined by its subsection in the Internal Revenue Code, is the 401(k).
In an effort to keep employees from raiding their retirement accounts too soon, the tax code also assesses stiff penalties for early withdrawals. In general, if you're still working and pull money out of your employer-sponsored 401(k) account before age 59½, you'll be socked with a 10% penalty on the withdrawal, in addition to regular income taxes.
Nevertheless, some provisions of the tax code allow for penalty-free withdrawals from a 401(k) account before age 59½.
Think long and hard, however, before taking an early withdrawal. Presumably, the longer you contribute to a 401(k) account, the more savings will be available to meet your retirement needs. Considering the meager retirement savings of many Americans — one recent study found that the median retirement savings of households nearing retirement is $12,000 — the decision to make an early withdrawal should not be taken lightly.
Following are two ways your traditional 401(k) account can be tapped without incurring the 10% penalty. Note that different rules apply to distributions from Individual Retirement Accounts (IRAs) and Roth 401(k) plans.

• Age 50 withdrawals for public safety employees and reservists. If you're a police officer, firefighter, or medic working for a state or city government, you won't be subject to the 10% penalty on early withdrawals if you leave your job in or after the year you turn 50. This provision also applies to certain active-duty reservists.

• Age 55 withdrawals after separation from service. If you leave your employer in or after the year you reach age 55, you can take penalty-free distributions from your company's qualified 401(k) plan. Note, however, if you retire before that year and wait until you're 55 to take the distribution, you'll be subject to the 10% penalty.

In addition to these two provisions, the tax code provides additional limited exceptions to the 10% penalty rule. If you're considering an early withdrawal from your retirement accounts, give us a call.
© MC 2013

contact: aconner@atconnercpa.com

Are zero-interest credit cards a good deal?

It sounds like a great deal. Pay no interest on balances transferred from other credit cards, and make interest-free purchases throughout the promotional period. Why wouldn't you take advantage of such an offer?
Although a 0% credit card may be a wise choice for some people, the devil is in the details — and in your individual propensities as a consumer. Consider the following questions:

• Is the balance transfer really free? Yes, you may not be required to pay interest on a balance moved from one credit card account to another. But your new account may charge a fee for making the transfer. Such fees typically run from 3% to 5%. If your balance, for example, is $3,000 and you pay a transfer fee of 3%, you'll be charged $90 just to make the switch. And in some cases, the lender doesn't set a cap on this fee; it's a flat percentage. So the higher the balance that's transferred, the higher the transfer fee.

• What happens after the promotional period? You may be offered a 0% credit card now, but the offer may expire in six months. After that, the rate will likely adjust upward, sometimes substantially. So if you can't pay off the balance before the promotional period ends, you may want to deposit the offer in the nearest trash can.

• What happens if you're late on a payment? Some companies have strict terms on new credit cards that mandate substantial penalties if even one scheduled payment doesn't arrive on time. The card may be cancelled; the full balance may be immediately due; the 0% rate may vanish like the morning fog. So reading the details of the credit card agreement before you make the switch may save headaches and dollars later on.

• Are there minimum use requirements? To keep the promotional rate, you may be required to use the card at least once a month. If you don't, look out. The rate may jump or penalties may be assessed. Again, reading the fine print is crucial to making a prudent decision.

• Will you pay off the balance — really? Know your propensities. If it's likely that six months from now the balance on your new credit card will remain unpaid, perhaps it's time to redouble your efforts and concentrate on your existing account.

aconner@atconnercpa.com

Saving the Dream”, A Serious Discussion About the Challenges to Preserving Affordable Housing.

t’s not too late to register for the Philadelphia Council for Community Advancement’s 2013 Report  to the Community on Wednesday, November 13, 2013 at 8:00 AM at The Union League of Philadelphia, 180 S. Broad St in Center City.

The topic for the morning is “Saving the Dream”, a serious discussion about the challenges to preserving affordable housing.  The recession, slow economic recovery and a widening economic gap have turned the dream of homeownership into a nightmare for many households in the Greater Philadelphia area.  These factors have also placed the American Dream of beyond the reach of others.  Equal housing opportunity for a growing segment of the area’s population is being threatened by the depressed economic climate, stagnant unemployment, increasing household operating expenses, and changes in credit and lending policies.

PCCA hopes to lead the conversation about solutions to these problems.  During the event, PCCA will use its experience, along with other professionals from the field, to have a dialog that will examine critical issues facing homeowners who are trying to save their homes and first-time homebuyers, who are seeking to capture dream.

Individual tickets for the breakfast forum can also be purchased for $25.00. or to become a sponsor go to www.pccassavingthedream.eventbrite.org  and reserve your seats.  For more information contact Pierrette Pearson at 215-567-7803 Ext. 2133 or pierrette@philapcca.org.

"Seasons of Hope" Part 1 NOW Available on Kindle

"There is nothing new under the sun."

For many centuries, sexuality has been a taboo subject.  People of the same sex have been attracted to each other since ancient times.  Homosexuality and Lesbianism has been the root of self-hatred, suicides and mental illness in individuals.  In an effort to not disappoint parents, family and society, some try to live a “normal” life. This decision often has adverse effects on the individual and the people in their lives.

CLICK HERE TO PURCHASE!

"Seasons of Hope" is a fictional account of one woman's journey through a series of unfortunate, life altering events.  At the root is her coming to the realization that her husband is gay. The story follows one man’s struggle with his sexuality and the lengths he will go through to keep it a secret.  .  It takes the reader on a spiritual  journey through  seasons of betrayal, brokenness, healing, empowerment and restoration.

"An ugly truth is better than a beautiful lie."

Mini Shark Tank coming to Philadelphia

Empire Capital & Consulting Corp.  to Host First Annual Business Plan Competition and Mini Shark Tank

Offering Entrepreneurs Two Opportunities to Fund Business Ventures

October 4, 2013 – Philadelphia, PA – Aspiring and current entrepreneurs are invited to take advantage of two funding opportunities this December – a Business Plan Competition and a Mini Shark Tank.  Empire Capital Consulting Corp.’s CEO Mark Palmer is hosting this event in an effort to give back to the community.  “Many people have valid business ideas and just need incentive and opportunity.  Part of our mission as a business owner is to give people who have a vision a chance to make their vision come to fruition.  We want people to map out their vision on paper in the form of a business plan so that they can understand the process of obtaining financial support.   Our investors agree that, if given the right opportunity, new businesses can thrive in this economy.  With the present state of unemployment, many people have become more interested in self-employment.  We encourage anyone who has an idea to contact us for more information on the upcoming competition and investment opportunities.”

The Business Plan competition is open to any one with business ideas in any industry and category.   Participants must register for the competition by November 25^th and submit a complete business plan by December 9, 2013.   Three (3) professional judges will critique Business Plans and send notifications of suggestions for improvements.  Participants will be offered chances to conduct mock presentation to help them prepare for the Business Plan and Shark Tank competitions..

First prize is 3,000, Second Prize is $1,500 and Third Prize is $750..   The winners will be announced at the Mini Shark Tank Expo on December 23, 2013 at Empire Capital’s Office located at 501 Washington Lane in Jenkintown, PA.   After the Business Plan winners are announced, there will be an opportunity to pitch business ideas to potential investors who have committed to participate as “sharks” and will consider offers from aspiring entrepreneurs seeking investments for their service or product.  Participation in the Business Plan Competition is not required to take part in the Mini Shark Tank event.

For sponsorship opportunities and additional information, call Empire Capital Consulting at215-886-8299 or email your request for information to mpalmer@empirecapital1.com .

About Empire Capital Consulting Corp.:  Empire Capital & Consulting Corp., a regional full-service public accounting and private equity investment firm head-quartered in Philadelphia, Pennsylvania, with satellite offices in New York City and Washington D.C.  Our emphasis is not on using our superior accounting and tax skills to prevent and/or resolve your tax problems. Nor is it our ability to identify, negotiate, and obtain the financing that your company may need to grow or just to continue to operate.
We focus on just one thing: We improve your business so that you improve your wealth!

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Florida Villas Available

Mini Shark Tank Coming To Philadelphia, PA

FOR IMMEDIATE RELEASE

Contact:

Kendall Hayes

Special Events Coordinator

Empire Capital Consulting Corp.

khayes@empirecapital1.com

215-886-8299

Empire Capital & Consulting Corp.  to Host First Annual Business Plan Competition

 and Mini Shark Tank

Offering Entrepreneurs Two Opportunities to Fund Business Ventures

October 4, 2013 – Philadelphia, PA – Aspiring and current entrepreneurs are invited to take advantage of two funding opportunities this December – a Business Plan Competition and a Mini Shark Tank.  Empire Capital Consulting Corp.’s CEO Mark Palmer is hosting this event in an effort to give back to the community.  “Many people have valid business ideas and just need incentive and opportunity.  Part of our mission as a business owner is to give people who have a vision a chance to make their vision come to fruition.  We want people to map out their vision on paper in the form of a business plan so that they can understand the process of obtaining financial support.   Our investors agree that, if given the right opportunity, new businesses can thrive in this economy.  With the present state of unemployment, many people have become more interested in self-employment.  We encourage anyone who has an idea to contact us for more information on the upcoming competition and investment opportunities.”

The Business Plan competition is open to any one with business ideas in any industry and category.   Participants must register for the competition by November 25^th and submit a complete business plan by December 9, 2013.  First prize is 3,000, Second Prize is $1,500 and Third Prize is $750..   The winners will be announced at the Mini Shark Tank Expo on December 23, 2013 at Empire Capital’s Office located at 501 Washington Lane in Jenkintown, PA.   After the Business Plan winners are announced, there will be an opportunity to pitch business ideas to potential investors who have committed to participate as “sharks” and will consider offers from aspiring entrepreneurs seeking investments for their service or product.  Participation in the Business Plan Competition is not required to take part in the Mini Shark Tank event.

For details and additional information, call Empire Capital Consulting at 215-886-8299 or email your request for information to mpalmer@empirecapital1.com .

About Empire Capital Consulting Corp.:  Empire Capital & Consulting Corp., a regional full-service public accounting and private equity investment firm head-quartered in Philadelphia, Pennsylvania, with satellite offices in New York City and Washington D.C.  Our emphasis is not on using our superior accounting and tax skills to prevent and/or resolve your tax problems. Nor is it our ability to identify, negotiate, and obtain the financing that your company may need to grow or just to continue to operate.
We focus on just one thing: We improve your business so that you improve your wealth!

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Create a positive first impression for your business

You're new to town and your car needs fixing. Scanning the local phone book, you come across an auto repair shop that's a few blocks away. Pulling into the parking lot, you start to notice things: the signage above the door, the clothing of the employees, the shrubbery skirting the building. You step into the waiting area and continue to observe. You check out the condition of the carpet, the smells and sounds emanating from the garage, the magazines scattered on the coffee table. As you approach the service counter, you consider the condition of the counter top, the receptionist's tone of voice, and the calendar on the wall.

All of this happens within minutes of your arrival and before any service is rendered. If what greets your senses is generally positive, you will likely give this company return business — assuming their services are reasonably priced and their staff is competent. On the other hand, if your first impression is negative — even if the service is performed in a satisfactory manner — you're less likely to darken their doors again. First impressions matter.

So how do you create a positive first impression for your business? Start with "curb appeal." As any realtor will tell you, a fresh coat of paint can work wonders. Trimmed hedges, clean windows, and signage that says, "We care and we're open for business" — all these physical aspects of your facility will either invite customers or drive them away. Pleasant music, coffee and popcorn, freshly baked cookies — such relatively inexpensive accoutrements can create a positive impression as well.

Even if your facility is pristine, your employees make a big difference to that first impression. Train them to make eye contact with every customer, to communicate clearly, and to focus on individual needs. If possible, uniforms should be clean and in good repair. Staff should be courteous, even when customers become irate or unreasonable. Employees should learn to keep their cool and explain facts in an even-handed manner. If you walk through the door and observe a red-faced employee in a heated verbal exchange with a customer, will you return to that business?

People are observing all the time, and they're reporting those observations to friends and associates. Make sure your business leaves a positive first — and lasting — impression.

aconner@atconnercpa.com

Consider an appeal if your property taxes seem too high

Home prices in many parts of the country have not fully recovered, yet many homeowners are still paying property taxes that reflect appraisals performed at the peak of the housing market. According to the Congressional Budget Office, property tax adjustments tend to lag behind changes in home prices by an average of three years. Accordingly, many homeowners — some watchdog organizations estimate over 50 percent — are paying too much property tax.

To determine whether your tax bill is a good candidate for appeal, consider the four components that local agencies use to calculate property taxes:

• Appraised value. The appraisal may be based on comparable sales, in-home visits, community-wide reassessments, computer models, even aerial photographs.

• Assessment ratio. In some states, taxes are based on a percentage of appraised value. Other locales set taxes at 100 percent of current market prices.

• Assessed value. Multiply appraised value times the assessment ratio to arrive at assessed value.

• Tax rate. Set by local governments to cover various costs, including road maintenance and school expenses, this rate varies among regions. Typically, it's figured for every $100 of assessed value. So if your assessed value is $150,000 and the tax rate is .025, you'll be charged $3,750 in annual property taxes.

Of these four components, it's wise to focus on the one that's the most subjective and controllable: the property's appraised value. Railing against exorbitant tax rates, while possibly therapeutic, probably won't yield favorable results at city hall.

To get started, find out your local taxing authority's process for filing appeals. Next, obtain a copy of the assessor's property record card, which summarizes the characteristics of your home. Compare data on the card to the physical attributes of your house. Is the square footage accurate? Does the assessor claim you have three bathrooms instead of two? Is your basement listed as "finished" when, in fact, it's a barely accessible crawl space?

Stroll through your neighborhood, taking photos and jotting down addresses of homes that have sold recently. When you get home, check the county's online tax assessment listings. If owners of larger and more amenity-laden houses are paying lower property taxes than you are, take note.

Finally, lay out your evidence to local decision makers, presenting all documents in an organized manner. Be courteous, but firm. If you don't win the appeal (and cost-benefit considerations warrant further action), consider hiring a tax attorney or property tax consultant.

aconner@atconnercpa.com

Is College Debt the Next Bubble?

Legacy Investment Advisors, LLC
Albert Sturdivant
Financial Advisor Wealth Management
3000 Atrium Way
Suite 520A
Mount Laurel, NJ 08054
Voice:(856) 751-7909
Fax: (856) 751-1141
legacy@legacyria.com
www.legacyria.com

What might a 23-year-old recent college graduate, a 45-year-old entrepreneur, and a 60-year-old pre-retiree have in common financially? They may all be hobbled by student loan debt. According to financial aid expert Mark Kantrowitz, the student loan "debt clock" reached the $1 trillion milestone last year.¹ And even as Americans have reduced their credit card debt over the past few years, student loan debt has continued to climb--both for students and for parents borrowing on their behalf.

A perfect storm

The last few years have stirred up the perfect storm for student loan debt: soaring college costs, stagnating incomes, declining home values, rising unemployment (particularly for young adults), and increasing exhortations about the importance of a college degree--all of which have led to an increase in borrowing to pay for college. According to the Federal Reserve Bank of New York, as of 2011, there were approximately 37 million student loan borrowers with outstanding loans.² And from 2004 through 2012, the number of student loan borrowers increased by 70%.³

With total costs at four-year private colleges pushing $250,000, the maximum borrowing limit for dependent undergraduate students of $31,000 for federal Stafford Loans (the most popular type of federal student loan) hardly makes a dent, leading many families to turn to additional borrowing, most commonly: (1) private student loans, which parents typically must cosign, leaving them on the hook later if their child can't repay; and/or (2) federal PLUS Loans, where parents with good credit histories can generally borrow the full remaining cost of their child's undergraduate education from Uncle Sam.

The ripple effect

The implications of student loan debt are ominous--both for students and the economy as a whole. Students who borrow too much are often forced to delay life events that traditionally have marked the transition into adulthood, such as living on their own, getting married, and having children. According to the U.S. Census Bureau, there has been a marked increase in the number of young adults between the ages of 25 and 34 living at home with their parents--19% of men and 10% of women in 2011 (up from 14% and 8%, respectively, in 2005).⁴ This demographic group often finds themselves trapped: with a greater percentage of their salary going to student loan payments, many young adults are unable to amass a down payment for a home or even qualify for a mortgage.

And it's not just young people who are having problems managing their student loan debt. Borrowers who extended their student loan payments beyond the traditional 10-year repayment period, postponed their loans through repeated deferments, or took out more loans to attend graduate school may discover that their student loans are now competing with the need to save for their own children's college education. And parents who cosigned private student loans and/or took out federal PLUS Loans to help pay for their children's education may find themselves saddled with education debt just as they reach their retirement years.

There's evidence that major cracks are starting to appear. According to the Federal Reserve Bank of New York, as of 2012, 17% of the 37 million student loan borrowers with outstanding balances had loans at least 90 days past due--the official definition of "delinquent."⁵ Unfortunately, student loan debt is the only type of consumer debt that generally can't be discharged in bankruptcy, and in a classic catch-22, defaulting on a student loan can ruin a borrower's credit--and chances of landing a job.

Tools to help

The federal government has made a big push in recent years to help families research college costs and borrowers repay student loans. For example, net price calculators, which give students an estimate of how much grant aid they'll likely be eligible for based on their individual financial and academic profiles, are now required on all college websites. The government also expanded its income-based repayment (IBR) program last year for federal student loans (called Pay As You Earn)--monthly payments are now limited to 10% of a borrower's discretionary income, and all debt is generally forgiven after 20 years of on-time payments. (Private student loans don't have an equivalent repayment option.)

Families are taking a much more active role, too. Increasingly, they are researching majors, job prospects, and salary ranges, as well as comparing out-of-pocket costs and job placement results at different schools to determine a college's return on investment (ROI). For example, parents might find that, with similar majors and job placement success but widely disparate costs, State U has a better ROI than Private U. At the end of the day, it's up to parents to make sure that their children--and they--don't borrow too much for college. Otherwise, they may find themselves living under a big, black cloud.

DISCOUNT LUXURY RENTALS IN ORLANDO FL AND MARTHA'S VINEYARD

Call Kendall at (267) 291-4437.  Cost is $275 per night.  Available slots filling up fast.

The Villas at ChampionsGate are nestled within the heart of Central Florida.  Surrounded by 36 holes of championship Orlando golf, the Leadbetter Golf Academy World Headquarters and 15 acres of recreation, this four-diamond resort is one of the nation's premier golf, meeting and leisure retreats. 

This luxury Resort is situated adjacent to the stunning four-diamond Omni Orlando Resort at ChampionsGate  One of our partners has extended an offer to allow our friends enjoy these accommodations at a discounted rate.  We have two (2) 2-bedroom Villas available to rent.  Each Villa sleeps up to 6 people. Whether it's a ladies spa retreat, a golf get-away for the men or a family vacation to enjoy the Disney Theme Parks, this is the place to stay!

Guests will enjoy all the resorts amenities and facilities, including access to the 10,000 square foot European-style spa and fitness facility, two Greg Norman-designed championship golf courses,  formal pool with private cabanas, heated family pool with waterslide and an 850-foot lazy river, Champions 9, par-3 golf experience, seven restaurants, eateries and lounges, and 24-hour room service. 

DATES AVAILABLE FOR 2013:

THE MONTHS OF SEPTEMBER, OCTOBER AND NOVEMBER.  

DECEMBER 1 - 26TH

Call Kendall at (267) 291-4437.  Cost is $275 per night.  Available slots filling up fast.  

Accommodations and Services

• 730 guestrooms and suites
• Concierge services
• Complimentary high-speed internet access at an executive work desk with modem outlet
• Two phones, one of which is cordless with voicemail
• Safe—designed to hold laptop computers
• Fully-stocked refreshment center
• Pets under 25 pounds permitted
• Dry cleaning/laundry service
• In-room coffee
• Nine foot high ceilings
• Robes
• CD player
• Hair dryer
• Lighted make-up mirror
• Iron and ironing board
• Omni Kids Program
• On-Demand movies and Nintendo 64 video games

Restaurants

• Zen—upscale Pan-Asian Cuisine
• Croc’s Pool Bar and Grill
• David’s Club—sports bar & grille overlooking the recreation area
• Trevi’s—three-meal Mediterranean restaurant with indoor and outdoor seating
• Broadway Deli—gourmet deli offering a wide variety of snacks and refreshments
• The Lobby Bar—specialty cocktails, fine wines and tropical drinks
• ChampionsGate® Clubhouse Bar & Grill
• 24-hour room service

Recreation Facilities

• Full-service health club with 24 hour access
• Professionally staffed 10,000 square-foot European Spa and full service beauty salon
• Formal outdoor heated swimming pool with eight private cabanas and a family activity pool with waterslides (open year round)
• 850-foot lazy river winds through tunnels, gentle rapids and hidden canyons
• Video game arcade
• The Champions 9, a lighted 9-hole, par-3 golf course
• 36 holes of Championship golf on two distinctive courses, both designed by Greg Norman
• World headquarters of the David Leadbetter Golf Academy
• Billiards, foosball and dartboards available at David’s Club
• Two lighted tennis courts open seven days (racquets and balls available at towel hut)
• Sand volleyball court, basketball court
• Jogging, hiking and biking paths located within the ChampionsGate resort
• Get Fit Kit available at the front desk

 FLORIDA ATTRACTIONS:

Choose from a selection of ticket options for 3 and 4 days, including special prices for Florida Residents.  

Arts & Culture
Orlando Museum of Art – 27 miles
Morse Museum or American Art , Winter Park – 31 miles E 
Harry P. Leu Gardens – 26 miles E

Attractions
Walt Disney World® Resort – 6 miles
AMC® Theatres Complex - Downtown Disney® Pleasure Island – 13 miles
Legoland Florida – 26 miles S
Sea World Orlando – 14 miles
Gatorland theme park and wildlife preserve – 15.5 miles
Universal Studios Florida – 16 miles
Wet’ n Wild water park – 18 miles
Downtown Orlando – 22 miles
Sterling Casino – 60 miles
Busch Gardens – 58 miles
Kennedy Space Center Visitor Complex – 70 miles

Shopping
Celebration Town Center – 8 miles
Orlando Premium Outlets – 12 miles
Downtown Disney® Area – 10 miles
Pointe Orlando, shopping, dining and entertainment – 18 miles
Belz Factory Outlet Mall – 20 miles
Florida Mall – 24 miles
The Mall at Millenia, filled with a variety of boutiques and restaurants – 24 miles
__________________________________________________________________

MARTHA'S VINEYARD - OAK BUFFS

2400 sq. ft. 3 bedroom house with sun porch and amenities.  

Available for weekly rental 
September - October, 2013
May - June 2014


ABOUT OAK BUFFS

MORE ABOUT OAK BUFFS

Things To Do in Oak Buffs

Pictures coming soon!

.  

How to fix errors on your credit report,

Legacy Investment Advisors, LLC

Albert Sturdivant
Financial Advisor Wealth Management
3000 Atrium Way
Suite 520A
Mount Laurel, NJ 08054
Voice:(856) 751-7909
Fax: (856) 751-1141
legacy@legacyria.com
www.legacyria.com

I recently came across an error on my credit report. Is there any way I can fix it?

 Good credit is an important part of your overall financial well-being. It can impact everything from the interest rates you'll pay to being a prerequisite for employment. As a result, you'll want to try to fix any errors on your credit report and have them removed as soon as possible.

 Your first step should be to contact the credit reporting agency in writing to indicate that you are disputing the information contained on your credit report. The credit reporting agency usually has 30 days to complete an investigation of the disputed information. Once the credit reporting agency investigation is complete, they must provide you with written results of their investigation.

If, during its investigation, the credit reporting agency confirms that your credit report does contain errors, the information on your report either must be removed or corrected.

 If the investigation does not resolve the issue, you still have a couple of options. First, you can try to mitigate the disputed information by adding a 100-word consumer statement to your credit bureau file. Even though consumer statements are often dismissed or ignored by potential creditors, it can at least provide you with a chance to tell your side of the story. You can also try to resolve the issue with the creditor that submitted the inaccurate information in the first place. The creditor will be obligated to investigate the disputed issue and notify you of its findings.

 If you believe that the error is the result of identity theft, you may need to take additional steps to try and resolve the issue, such as placing a fraud alert or security freeze on your credit report. You can visit the Federal Trade Commission (FTC) website at www.ftc.gov for more information on the various identity theft protections that might be available to you.

 Finally, due to the amount of paperwork and steps involved, fixing a credit report error can often be a time-consuming and emotionally draining process. If at any time you believe that your credit reporting rights are being violated, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at www.consumerfinance.gov.

Home Office Deduction Rules Get a Remodel

Legacy Investment Advisors, LLC
Albert Sturdivant Financial Advisor Wealth Management
3000 Atrium Way Suite 520A
 Mount Laurel, NJ 08054
Voice:(856) 751-7909 Fax: (856) 751-1141
egacy@legacyria.com
www.legacyria.com

 If you run a business out of your home, it's important to understand the associated federal income tax deductions that you might be entitled to. That's especially true this year, with new rules that make it easier than ever for some to claim a deduction.

 What's a home office?

 A home office is generally a room in your home, a portion of a room in your home, or a separate building next to your home (such as a converted garage or barn) that you use to conduct business activities. In order to deduct associated expenses, though, certain requirements apply.

Basic requirements

 Your home office must be used regularly and exclusively as your principal place of business, or as a place where you meet or deal with clients, patients, or customers, in the normal course of your business. If you have a business outside your home, but conduct substantial administrative and management tasks for your business at home (e.g., billing clients, keeping books and records) you may qualify, provided that you have no other fixed location where you could conduct these activities.

 The portion of your home used for business purposes (i.e., your home office) must be used exclusively for business purposes. You will not qualify for a deduction if the portion of your home is also used for personal purposes. There are two exceptions, however, relating to the storage of inventory and product samples, and the use of part of your home as a day-care facility.

 Separate structures 

 What if your home office is in a separate unattached structure next to your home, like a shed or garage? In this case, the office doesn't have to be your principal place of business, or a place where you regularly meet with clients. However, to qualify for the deduction, you must use that office regularly and exclusively in connection with your trade or business.

Employees can claim deduction 

 If you're an employee and use part of your home for business, you may qualify for the home office deduction. You'd have to meet all other requirements (i.e., your home office must be used regularly and exclusively as your principal place of business), and in addition, your home office must be for the convenience of your employer. You also can't have an arrangement in which you're renting that portion of your home to your employer.

 Regular method of determining allowable deduction 

 Under this method, you determine your actual expenses relating to your home office. Deductible expenses can include both direct expenses and indirect expenses. Direct expenses are costs that apply only to your home office, like the cost of a second telephone line used exclusively for your business.

 Indirect expenses are costs that benefit your entire home. Only the business portion of your indirect expenses is deductible as part of the home office deduction (even if you don't claim a home office deduction, some of these indirect expenses may be deductible as itemized deductions on Schedule A of Form 1040). Some examples of indirect costs include rent, deductible mortgage interest, real estate taxes, and homeowners insurance. The business percentage of your home is determined by dividing the area exclusively used for business by the total area of the home. For example, if your home is 2,000 square feet and your home office is 200 square feet, your business percentage is 10% (200 divided by 2,000). In such a case, if you rent your home, you can deduct 10% of your rent as part of your home office deduction.

New simplified option available 

 Starting in 2013, a new simplified option is available for calculating the home office deduction. Under this method, instead of determining and allocating actual expenses, you calculate the home office deduction by simply multiplying the square footage of the home office by $5. There's a cap of 300 square feet, so the maximum deduction available under this method is $1,500. You can't use this method if you are an employee with a home office and receive advances, allowances, or reimbursements for expenses related to the business use of your home under an expense or reimbursement allowance with your employer. Each year, you can choose whether to use the regular or simplified method of calculating the deduction. If you use the simplified method in one year, and in a later year use the regular method, special rules will apply in calculating your allowable depreciation deduction. Additionally, if you are carrying forward an unused deduction from a prior year (because your business deduction exceeded your business income in a prior year), you will not be able to claim the deduction in any year in which you use the simplified method--you'll have to wait for the next year you use the regular method to claim the unused deduction.

REFER A FRIEND

Legacy Investment Advisors, LLC (“Legacy”) is a registered investment advisor located in Mt. Laurel, New Jersey, in the suburbs of Philadelphia. Legacy and its representatives are in compliance with current registration and/or notice filing requirements imposed upon registered investment advisors by those states in which Legacy maintains clients. Legacy may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Any direct communication by Legacy with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. Legacy does not make any representations or warranties as to the accuracy, completeness, or relevance of any information prepared by an unaffiliated third party provider. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. The information contained herein does not represent a recommendation or offer to buy or sell securities. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. Past performance is no guarantee of future results.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013.

Just my thoughts on the School District

This morning I woke up thinking about the fact that Philadelphia boasts 3 black mayors. Each one left a dark spot oh this city. Wilson Goode Sr. still is a force working with the incarcerated masses, but he will always be remembered as the mayor who dropped a bomb in a residential neighborhood. Mayor Street who leaves a legacy of making minority participation on public contracts mandatory, but he will be remembered mostly as the mayor on whose watch “Pay to play” came under investigation, Ron White died and poor Cory Kemp took the downfall.

This present mayor – Michael Nutter – will also leave a legacy. I can’t think of one positive contribution he’s made to the city in the last 7 years. In my opinion, his legacy is the most heinous of all. His legacy hurts the most innocent citizens of this city – and our future. His legacy hurts the children. Before I tear into Nutter, let me say this. In my opinion, all the mayors mentioned walked into a situation that was already into existence. They just became the fall guys. I believe that to be true with Nutter as well. What makes me so angry about him is that he knows it. He knows he’s a puppet and allows himself to be used - Him and Dr. Hite. This issue with the school district ain’t nothing new. I said it before and I’ll say it again…THEY GAVE US A BLUEPRINT OF THEIR PLAN IN 2009 WHEN THEY RELEASED THE FACILITIES MANAGEMENT PLAN. They told us they were planning to close 27 school 4 years ago. Nobody paid attention. They’re using Dr. Hite (and paying him quite handsomely) to act as the fall guy/scape goat to move the plan forward to make public schools in Philadelphia non-existent. I’m heartbroken for the kids. For too many students, school was an outlet for them - A kind of haven for them to go for 7 hours each day to get away from the madness at home. It was a place where they knew they’d at least receive one meal that day. Yes, sadly the schools had become a place where kids could get the social services they so desperately needed. That’s what Dr. Ackerman realized and that’s why she worked so hard to put the mechanisms in place to help save our children. And it worked!!! But once she started tampering with the good ole boy network and gave a contract that normally went to them to one of our own…that was the beginning of her end.

I said all this to say what? I don’t really know. My oldest daughter just received her Master’s in Education this year. What’s she gonna do with that? What are these kids gonna do this school year? It wasn’t bad enough that they were combining schools and lacking in support staff, now they’re talking about just not opening until October? Where’s the money? You can’t tell me there’s no money. I don’t believe it. Oh, that’s right. They’re building more prisons. That’s the new education system for Philadelphia kids.

Mid-Year Reality Check: Covering Your Bases in Uncertain Times

Legacy Investment Advisors, LLC
Albert Sturdivant Financial Advisor Wealth Management
3000 Atrium Way Suite 520A Mount Laurel, NJ 08054
Voice:(856) 751-7909 Fax: (856) 751-1141
legacy@legacyria.com
www.legacyria.com

Imagine playing a complicated game, but the rules of the game are changing, and the new rules have yet to be announced. That's what income tax planning is like this year. In fact, if there was ever a year to spend some quality time with your financial professional, this is it. Here are a few items to discuss. How will higher rates next year affect you? Federal income tax rates are scheduled to jump in 2013, with the bottom (10%) rate disappearing, and the top rate increasing from 35% to 39.6%. Starting in 2013, high wage earners--those with wages exceeding $200,000 ($250,000 for married couples filing jointly and $125,000 for married individuals filing separately)--will also have to pay an additional 0.9% in the hospital insurance (HI) portion of their payroll tax, commonly referred to as the Medicare portion.

Could the current federal income tax rates be extended again? Of course, but it's far from a certain bet, and the odds are that any action would not take place until after the presidential election. That means any financial plan you put in place has to account for this uncertainty. And the uncertainty extends beyond just tax rates, because a number of popular tax breaks are also scheduled to expire at the end of the year, while others have already expired. So, any potential moves have to be considered in the context of several "what if" scenarios. For example, if you have the opportunity to defer compensation to next year, you have to really think about whether that makes sense, or if you would be better off paying tax on the income at this year's rates. Potential investment moves.

In addition to increased tax rates on earnings, the rates that apply to long-term capital gain and qualifying dividends are scheduled to increase in 2013. The maximum rate on long-term capital gain will jump from 15% to 20%. And while qualifying dividends currently benefit from being taxed at the rates that apply to long-term capital gain, in 2013 they'll be taxed at ordinary income tax rates. Also beginning in 2013, a new 3.8% Medicare contribution tax will be imposed on the net investment income of individuals with modified adjusted gross income that exceeds $200,000 ($250,000 for married couples filing jointly and $125,000 for married individuals filing separately). That means someone in the top tax bracket could potentially end up paying tax on some investment income at a total rate of 43.4%. Potentially higher rates in 2013 could be a motivating factor in your investment strategy. For example, you might want to consider selling investments that have appreciated in value to recognize long-term capital gain in 2012, before the maximum rate is scheduled to increase. Alternatively, you might consider timing the sale of an investment to postpone the recognition of a capital loss until 2013, when it could be more valuable. Roth conversions--is this the year?

If you've been on the fence about converting traditional IRA funds or pretax 401(k) contributions to a Roth account, you ought to give the matter one last hard look before the year ends. That's because when you convert a traditional IRA to a Roth IRA, or pretax dollars in a 401(k) plan to a Roth account, the converted funds are subject to federal income tax (to the extent the funds represent investment earnings, tax-deductible IRA contributions, or pretax 401(k) contributions) in the year that you make the conversion.

If tax rates go up next year, so will the effective cost of doing a Roth conversion. Additionally, qualified distributions from Roth IRAs and Roth 401(k)s are free from federal income tax. That could make a big difference in retirement if you're paying tax at a higher rate at the time. Whether a Roth conversion is right for you depends on a number of factors. If it makes sense for you, though, it might pay to think about acting now, rather than later.

To find out more click here

Legacy Investment Advisors, LLC (“Legacy”) is a registered investment advisor located in Mt. Laurel, New Jersey, in the suburbs of Philadelphia. Legacy and its representatives are in compliance with current registration and/or notice filing requirements imposed upon registered investment advisors by those states in which Legacy maintains clients. Legacy may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Any direct communication by Legacy with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.
Legacy does not make any representations or warranties as to the accuracy, completeness, or relevance of any information prepared by an unaffiliated third party provider. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. The information contained herein does not represent a recommendation or offer to buy or sell securities.
The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. Past performance is no guarantee of future results. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013.

IMPACT 2013 VENTURE SUMMIT | Basecamp Business

IMPACT 2013 VENTURE SUMMIT | Basecamp Business

*REGISTRATION IS NOW OPEN!

Hosted by Fox Rothschild LLP

October 22 & 23

The Ritz-Carlton, Philadelphia and the Crystal Tea Room

PACT’s annual venture conference, IMPACT 2013 Venture Summit Mid-Atlantic, is the most established venture conference in the northeast. For over 20 years, IMPACT has been showcasing the best and most promising investment opportunities in the Technology, Healthcare, and Early Stage sectors. IMPACT’s Featured Companies have raised more than a $1 billion in venture financing and are some of the region’s most recognizable names such as iPipeline, Protez Pharmaceuticals, and The Neat Company.

The Gala is on October 23rd at the Crystal Tea Room.

Build your credit wisely

Few Americans can afford to pay cash for everything they want or need — a car to get to work, a house to live in, or a college education to increase earning potential. For most people in our modern society, some form of credit has become a necessity. And the way in which a person's credit history is established often affects the interest rates that lenders are willing to offer and the likelihood that loan applications will be approved. So it's important to build credit wisely.
Following are three tips to help establish your credit worthiness in the eyes of potential lenders.

• Cash is still king. Just because a financial institution offers to extend credit, don't forget that it's often wiser to defer purchases until later. Pushy sales people may claim that you can "afford" the minimum monthly payments on a luxury automobile that costs more than a lakeside bungalow. But when your bills stretch the limits of every paycheck, you may be headed for financial disaster. Ironically, avoiding certain debts is often a prudent way to establish good credit.

• Take it slowly. Apply for one credit card, use it sparingly, and pay off the balance every month. That's the golden rule for bolstering your credit score. Opening multiple accounts over a short time may signal to lenders that you're overextended. When you take out a loan for a car, make sure you can meet the monthly payments even if your other expenses spike in a given month. In other words, establish some wiggle room in your budget. Don't assume that expenses will always remain at current levels. Emergencies happen. Plan for them so you don't end up missing a minimum payment on a loan or credit card bill.

• Beware of increased credit limits. As your credit score climbs, banks and other financial institutions will likely allow you to borrow more. Use caution. Remember that lenders have a vested interest in lending money to folks who pay on time. When you take out loans, they make money. Maybe you can borrow; that doesn't necessarily mean that you should borrow. Again, the choice to acquire debt in the form of loans or credit card purchases should be driven by a plan — not an impulse.

For more ideas about building strong credit, give us a call.

aconner@atconnercpa.com

Basic market research can be a valuable business tool

Whether you're developing a business from scratch or expanding your existing product line, it's vital to understand your market — your target customers, your competition, and the environment in which your company operates. A little basic market research can help you avoid costly mistakes, such as loading your warehouse with unmarketable products or spending your advertising budget on wrongly directed campaigns. Conversely, digging into the details of your market may uncover exciting new opportunities.
Say, for example, your firm manufactures solid oak furniture for an upscale clientele. You've been reading trade journals lately, and the next surefire product in your industry seems to be hand-crafted wooden toys. Should you start tooling up for this new product line — hiring skilled craftsmen, buying new machinery, and contacting new suppliers? Maybe. But conducting low-cost market research might save you thousands of dollars and loads of stress. You might find, for example, that your current customers really aren't interested in wooden toys. They want the latest electronic gadgets for their kids and grandkids. Or you might learn that customers in your current market are already buying wooden toys from a competitor at a lower price than you can offer. On the other hand, your market research might uncover a hidden demand for such items, and lead you to introduce the new product line in a test market.
If you're considering market research on a budget, here are two ideas that won't break the bank.

• Use publicly available information. This is known as secondary market research. It's a low-cost way of pulling together data that's readily available from public sources. Trade journals, government publications, surveys conducted by other companies — these can provide valuable insight into your market and target demographic. Many of these sources are available online. The downside of secondary research is that it may be unspecific, outdated, or biased. So proceed with caution.

• Conduct your own research. This might include interviews, online surveys, or focus groups. Start with current customers and if they show significant interest in your idea, expand the sample to other potential customers. Primary research is often more valuable than research from public sources because it tends to be more specific and current. But be sure to talk to real customers (not just your friends and colleagues), and try to avoid leading questions that will tend to bias the results.

                                             contact: aconner@atconnercpa.com 

Pay attention to mortgage loan processing fees

If you're planning to apply for a home loan, be sure to scrutinize the processing charges. By law, these costs must be disclosed to consumers. You'll first see them in a Good Faith Estimate (GFE), a statement of estimated costs that's filled out when you first apply for a home loan. At the end of the process, when you're sitting in the escrow office for the actual closing, the form will appear again. It will then include actual costs for processing and closing the transaction.
The standard form that's used at closing is called the "HUD-1" (also known as the settlement or closing statement). A few years ago the GFE was incorporated into the HUD-1, so now it's easier to compare the estimated costs at the beginning of the process to the lender's actual charges at the back end.
Setting up a home loan typically runs thousands of dollars, and mortgage payments often represent a huge slice of the family budget. So it pays to shop around and take a hard look at the processing fees. Here are some of the charges you may encounter on the HUD-1 settlement statement:

• Loan origination fee. Generally expressed as a percentage of the loan amount, this fee covers the lender's cost to evaluate and prepare your loan. Percentages vary among financial institutions, so this is a good candidate for comparison shopping.

• Title search and insurance. This is a legitimate charge for searching property records to establish legal ownership and identify outstanding liens. Charges for this service also vary, so be sure to compare lenders.

• Application fee. Even if your loan is denied, you'll be charged this fee. It's intended to weed out folks who are just "kicking the tires." Watch out for the same fee being charged more than once. It may be called an "underwriting fee" on one part of the statement and a "processing fee" further down the page.

• Document preparation fee. This fee is charged for drawing up legal documents. Again, make sure you aren't charged twice for this service: once by the lender and again by the escrow agent.

• Appraisal fee. If your property was recently appraised, a lender may be persuaded to waive this charge.

• Inspection fee. This charge covers the lender's cost to have the property inspected. Your job? Make sure the home was actually inspected. If it wasn't, why should you pay for an inspection?

© MC 2013

contact: aconner@atconnercpa.com

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