Broward Directory Blog

From First Trust Mortgage

If you used a credit card to make what turns out to be an unsatisfactory purchase, you should first seek a refund or a replacement from the merchant that sold you the item. But if you have no luck there, you may have some recourse through the credit card company.

There are some requirements. First, you must have used the credit card to purchase the merchandise for personal (not business) use. Second, if you’ve already paid the credit card bill on which the sale is listed, the credit card company generally won’t help you.

Additionally, the unsatisfactory purchase must have been made either with a charge card issued by the merchant or with a bank’s card. If the item was not purchased with the merchant’s own card, then the item must cost $50 or more.

Further, unless you used the merchant’s own card, the purchase must also have occurred within your home state or within 100 miles of your billing address. Catalogue sales, Internet sales, and orders placed by telephone may be considered in-state purchases. State laws may vary, but these purchases are generally protected.

If you’re unable to resolve the matter with the merchant, be sure to write the credit card company within 60 days of when the charge first appeared on your statement. Include in your letter your name, account number, information about the unsatisfactory item, and what you’ve done to try to resolve the matter with the seller.

The card issuer will usually investigate the matter, and you may withhold payment on the unsatisfactory merchandise until the matter is resolved. (Until then, no interest or late fees will be charged.) If the investigation reveals you are right and the merchant is at fault, you won’t have to pay for the item or any finance charges on it. However, if the card issuer doesn’t believe the merchant is at fault, you’ll be expected to pay for the item. If you want to continue the dispute with the merchant, you’ll have to do so in court.

Certified Mortgage Planning Specialist
South Florida Mortgage Broker
First Trust Mortgage
2933 W Cypress Creek Rd, #201
Ft Lauderdale, FL 33309
954-771-1828 ext 229
954-771-1719 Fax
E-mail: Contact Page

From First Trust Mortgages

Despite passing three major pieces of tax legislation in the past year, Congress is still considering a host of expired and expiring provisions. While it’s likely that several of these provisions will be renewed for the 2008 tax year, the uncertainty creates a challenging planning environment. With the window of opportunity for many tax-saving moves closing on December 31, it makes sense to focus on the basics, while staying ready to take advantage of any late-breaking legislative developments.

Timing is everything
Year-end tax planning is as much about the 2009 tax year as it is about the 2008 tax year. There’s a real opportunity for tax savings when you can predict that you’ll be paying taxes at a lower rate (for example, if your income will be significantly different) in one year than in the other. If that’s the case, some simple year-end moves can pay off in a big way.

For example, you may be able to defer a yearend bonus, or delay the collection of business debts, rents, and payments for services. Similarly, you may be able to accelerate deductions into 2008 by paying some deductible expenses in December rather than in January.

Alternative minimum tax (AMT) facts
If you’re subject to the AMT, traditional yearend maneuvers, like deferring income and accelerating deductions, can actually hurt you. The AMT–essentially a separate federal income tax system with its own rates and rules– effectively disallows a number of itemized deductions, making it a significant consideration when it comes to year-end moves. For example, if you’re subject to the AMT in 2008, prepaying 2009 state and local taxes won’t help your 2008 tax situation, but could hurt your 2009 bottom line.

Legislation signed into law in December 2007 brought the most recent in a long series of temporary “fixes” for the AMT, but this temporary fix (in the form of increased AMT exemption amounts) expired at the end of 2007. If Congress doesn’t act, the number of taxpayers subject to AMT could reach 25.7 million in 2008 (Source: Joint Committee on Taxation, JCX-38-07, June 25, 2007). Congress is likely to take some action, but the specifics are uncertain, making it important to stay up-to-date on any new developments.

Don’t overlook IRA and retirement plan opportunities
Traditional IRAs (assuming you qualify to make deductible contributions) and employer sponsored retirement plans, such as 401(k) plans, allow you to contribute funds pretax, reducing your 2008 income. Contributions you make to a Roth IRA or Roth 401(k) aren’t deductible, so there’s no benefit for 2008, but qualified Roth distributions are completely free from federal income tax–making these retirement savings vehicles very appealing.

For 2008, the maximum amount you can contribute to an IRA has increased to $5,000, and you can contribute up to $15,500 to a 401(k) plan. If you’re age 50 or older, you can contribute up to $6,000 to an IRA, and up to $20,500 to a 401(k). The window to make 2008 contributions to your 401(k) closes at the end of the year, while you can generally make 2008 contributions to your IRA until April 15, 2009.

If you qualify, consider whether it makes sense to convert some or all of your traditional IRA assets to a Roth IRA. Funds that you convert, to the extent the funds represent investment earnings and deductible contributions, are considered taxable income. Nevertheless, the potential future tax benefit could outweigh the current tax bill.

Expired provisions likely to be renewed

In addition to AMT relief, watch for action on other provisions that expired at the end of 2007, but are likely to be renewed, including:

• Election to take an itemized deduction for state and local sales tax in lieu of state and local income tax
• Above-the-line deduction for qualified tuition and related expenses
• Above-the-line deduction for certain expenses of elementary and secondary school teachers
• Tax-free distributions from IRAs for charitable purposes of up to $100,000 per person, per year

It’s always difficult, at best, to anticipate what Congress will do. In an election year, it’s even more unpredictable. If the last few years are any indication, though, it’s not unreasonable to assume that we might see some legislation late in the year, so stay alert.

Certified Mortgage Planning Specialist
South Florida Mortgage Broker
First Trust Mortgage
2933 W Cypress Creek Rd, #201
Ft Lauderdale, FL 33309
954-771-1828 ext 229
954-771-1719 Fax
E-mail: Contact Page

First Trust Mortgage was founded in 1996 and provides residential mortgages in Florida. Allen's vision for First Trust Mortgage was based on two principles. First was to help his clients make informed decisions regarding residential mortgages. Second was to build long lasting relationships with his clients and referral partners. Over the past 5 years Allen has concentrated his education and efforts in the area of managing Real Estate equity through mortgage planning. Allen was one of the first certified mortgage planning specialists in the State of Florida and is a regular guest of Steve Pomegranate's "On The Money" radio program on NPR and Ray West's "Talk About Money" radio program on WAFG. Allen also teaches continuing education classes to certified financial planners and insurance professionals around the subject of managing equity in real estate.

Why do you need a Broward Certified Mortgage Planning Specialist?

• We can help you save money in obtaining your mortgage by utilizing our experience
• Trained to increase cashflow and help reduce debt
• Understand how to implement mortgage strategies
• Certified Mortgage Planning Specialist professionals demonstrate financial knowledge and expertise regarding the tax and financial planning implications of various mortgage and real estate investment strategies.

Certified Mortgage Planning Specialist (CMPS) professionals have demonstrated financial knowledge and expertise regarding the tax and financial planning implications of various mortgage and real estate investment strategies.

Therefore, Certified Mortgage Planning Specialist professionals can better advise you when it comes to:

• Broward Single Family Mortgages
• Condo – Townhome Mortgage Loans
• Commercial Real Estate Loans for Dade, Broward and Palm Beach
• Office and/or Warehouse Condominiums Mortgages
• Conventional – FHA Mortgages
• Debt Consolidation
• Home Improvement
• Jumbo Loans
• Adjusting Arms
• FHA stream line Refi
• Reverse mortgage

We can help you get the lowest available mortgage rates from the Nation's Top lenders in the industry

Allen Robinson – CMPS,CMA,TEAM,CLA
Certified Mortgage Planning Specialist
First Trust Mortgage
2933 W Cypress Creek Rd, #201
Ft Lauderdale, FL 33309
954-771-1828 ext 229
954-771-1719 Fax

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