Stu and Win Damon chat with Tom Mcgee of Klone Lab Inc on WNBP.com FM 106.1 Newburyport

I enjoy working with and learning from entrepreneurs in all stages of the business life cycle and Tom McGee (on the left in photo) of Klone Lab Inc (www.klonelab.com) fits the bill perfectly.  He is looking to move his 20 person international design firm to Newburyport in an abandoned building on the waterfront next to the water treatment facility.

Currently this building is not being used and would be great for the economy of Newburyport.  20 or more workers will be working downtown and the firm would be able to attract talent from the Boston area who would take the train and the rail trail to the work place.

It is ideas like this that stem from the mind of entrepreneurs that contributes so much to why I love my job.  Some businesses are barely seeds in a persons mind, and I love to help germinate those seeds to help manifest the business idea.  In this case, Klone Lab is a going concern it is really about locating the business in Newburyport in a city where Tom is raising his family.

I certainly hope the mayor and others involved including David Hall who designed the Tannery (among other spaces) in Newburyport can come together and make this abandoned space workable soon.  All of us here in the great city of Newburyport benefit when the economy improves.

Listen below to our chat with “Morning Guy” Win Damon on WNBP FM 1061.1 and streaming on the web at WNBP.com.

 

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About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

Stu and Win Damon chat with Bob Pezzella of RMS Mortgage

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Stu Steinberg and  Win Damon of WNBP FM 106.1  in Newburyport had a great chat with local mortgage expert Bob Pezzella (NMLS #112811) .  As a local tax guy and entrepreneur, I love to bring others on WNBP for my weekly chats.  Bob fits perfect of course, and now is an amazing time to buy a home.  Click on our radio chat below.

Diligent, meticulous, laser-focused.  This should be your mind-set if you are preparing to buy a home or getting ready to sell the one you’re in…

This holiday-post-election season finds us in a bull market trading off of the idea that lower personal and corporate income taxes will stimulate the economy coupled with the belief that deregulation has been constraining growth.  All week and today the DOW has seen unprecedented highs breaking through 19,000.  A rate hike from the FED next week is virtually 100%.

What does this have to do with your new home sale or purchase?  Higher interest rates will cost you more money per month and for the long haul and can also affect your borrowing power.  You can help minimize this impact by carefully monitoring your credit score and financial profile to ensure that you qualify for the best rates and programs available.

When you’re out holiday shopping and you open a new store charge to reap the large discount that’s offered, make sure you get that first bill and make timely payments. Credit card late payments can crush your credit score, knocking you out of qualifying for the best mortgage opportunities.  In short, get organized now, speak with your financial planner, accountant,  loan office, realtor.  If you’re thinking “Spring Market” NOW is when that preparation starts!

Like what you have read? Please share with friends.

About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

 

Stu chats Home Buying with Mortgage Banker Bob Pezzella

A few times a year I love to bring Mortgage Banker Bob Pezzella on the radio with me in my trusty Tuesday am slot with morning guy Win Damon.  Talking about buying a home is stressful, and the rules put in place to help the consumer have actually made the process harder, more costly, and its taking longer to complete deals.

In other words, it PAYS to be proactive when even THINKING about buying or refinancing.  Get all your ducks in a row and you won’t be let down if you find your dream house and you just are not ready to buy it.

Listen to our chat below on WNBP FM Radio 106.1 In Newburyport, MA.  Streaming live at WNBP.com.

About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

 

Stu Steinberg chats with realtor Ron April of Remax in Newburyport

iStock_000062644558_FullThe real estate market in the Newburyport area is booming and should continue says Ron April of Remax Realty.  Ron and I joined morning guy Win Damon on WNBP to chat about the market here in town and discuss strategies for selling and buying a home.

Now there is so little inventory on the market that anything even half decent gets bids right away.  The spring market really gets going far earlier than it has in the past  It takes one warm day in early February to kick off the spring market.  

One important point from Ron.  It is vital to stage your home and get it in the best shape it can be for selling.  Also,  hire a great realtor, not a good one!   You pay the same either way!

Listen to our chat below on WNBP FM radio 106.1 Newburyport.

 

Stu chats mortgages on Radio WNBP with Bob Pezzella

iStock_000062644558_FullI recently spoke with local mortgage banker Bob Pezzella about the real estate market here in the beautiful seaside city of Newburyport.  Bob has been at his craft for close to 20 years helping families navigate the mortgage world and helping them buy and refinance homes. It is always great to have someone on your professional team who fully understands the ins and outs of the mortgage world and who genuinely cares about you and your family.

Rates are still at historic lows and now may be a great time to check in to see if a deal can benefit you.  We can help you analyze your current debt structure and see if a new mortgage will work. Or maybe you are considering selling your home and moving into a new home.  Either way it pays to be proactive and get all the information you need before making such a big decision.

Listen below to our chat on FM 106.1 WNBP Newburyport and streaming live on WNBP.com. We talk about the new mortgage disclosures that are required and how it is more important than ever to get pre-approved for any mortgage you may want.

The Mortgage Interest Deduction

Mortgage Interest Deduction

Many of us who own homes can write off the mortgage interest paid on Schedule A. But who in America benefits most from the mortgage interest deduction, and what may happen to the real estate market and the overall economy if the deduction is limited in any way? These are key issues that are being hashed out in Washington, and tax reform in this particular area could very well be on the way.

A PEW research study in 2010 showed some interesting facts.  Only 1/3 of the federal filers take the mortgage deduction, and only ½ of the homeowners.  States on the east coast and west coast generally had the highest number of filers and highest average amounts of mortgage deduction taken.

Currently, the deduction is limited to 1 million total of mortgage debt.  The amount of the deduction depends on the income tax bracket of the taxpayer.  So if you are in the top bracket of 39.6%, you benefit tremendously from the deduction, far more than if you are in one of the lower brackets.  Over the 5 year period the mortgage interest deduction is expected to save the American taxpayer $380 billion.

Ideas to limit include lowering the total debt amount to $500k or $750k, not allowing interest deduction on second homes, or making the interest deduction a credit with a certain maximum as opposed to a deduction for only those who itemize.  This will allow more lower and middle income taxpayers to benefit from the write off. Many feel that the deduction should be restructured to potentially benefit those in the lower brackets, and spur them into home ownership as opposed to renting.

While we are talking about mortgage interest:  There has never been a better time to look at your debt and make sure your house is in order.  Rates are so low and it is my goal to consult with each and every one of my clients to make sure they have the best mortgage possible for their particular situation.

Click on the link below to hear Stu and Win Damon talk about this very topic on WNBP FM 106.1 and WNBP.com every Tuesday morning at 8:30.


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With more than 23 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He also uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

Source:  CNN Money

Podcast: Renting a Home vs Buying a Home

Pete Falconi of Radio 1450 WNBP in Newburyport chats with Stu about the housing market and Renting vs. Buying. People are on both sides of this issue as is the case with many issues. Mortgage Rates are so low and values are depressed making this the best time to buy ever! It is still tough for many to buy however due to limited funds, low credit scores, or not enough income. As a result the rental market is booming in many communities. Please explore the best option for you and your family!

 

With more than 23 years of experience as a credentialed tax professional, Stu Steinberg, CPA, MBA brings a broad depth of knowledge to his work. He has worked with small business entrepreneurs for many years helping them plan their businesses more effectively. He can be reached at stu@erocktax.com or (781) 247-5569 anytime.

5 Tips for Sellers of Real Estate

My wife and I sold our home and bought a new one in 2011.  It was a truly crazy process and involved our home being under agreement 4 times before finally being sold!  What an ordeal.  Thank you so much Ron April of Remax in Newburyport for being slow and steady throughout the entire process, which for us lasted close to 2 years in total! Also big thanks to Ron for for educating us along the way. I have been in public practice for over 20 years and I have seen many real estate transactions come and go.  Here are 5 top tips for folks who are trying to sell their homes:

1) First, hire a quality real estate broker to help you through the process.  The broker should provide you with independent advice that is in your best interest. He or she will know the local market inside and out and may even know the right buyer for your property. I have found that is best to hire a realtor from a direct referral, someone who has used them before.  Do you research here as this is a very important step in the process!

2) According to Ron April, staging your home is the most important thing a seller can do.  Repaint the crazy colors that may look great to you (we had amazing orange in our kitchen) and paint a neutral color. Use what I call the DTRS method:  Donate, Trash, recycle, Store.  Go through your entire home and clean it out!  Donate as much as you can to charity and get a tax deduction.  Trash what needs to be trashed and recycle the rest.  It is often most important to store furniture and items you want to take to your next home that are cluttering the home.  You must make the home look as attractive to potential purchasers as you can.  A great professional stager can help you with all this, and it is well worth the money they charge.

3) Get your financial ducks in a row before the home is on the market. Pay off your credit cards, car loans, or personal loans if possible.  Square away the work situation that may be hanging over your head.  Get your bookkeeping or financial planning in order.  Take the necessary steps to improve your credit score. All these steps and more are often avoided or simply neglected by sellers and by the time their home sells, it is often more costly to buy a new one!

4) Don’t overvalue your own home – it is worth more to you than any buyer obviously!  This is mistake number 1 that sellers make.  They totally overvalue their own home and can not believe that it is not worth what they feel its worth.  Please do not make this mistake.  Your taste in homes in your own and does not represent that of the potential buyer.  Understand the market, both the other homes for sale in your area and the vital statistics of the potential buyer

5) Take hold of the BIG picture – long term rates and home ownership.  Know the financial landscape in your area.  How many homes are for sale in your hometown? How long have the homes been on the market? What are interest rates for fixed and variable rate loans?  All these factors and more will help you form a realistic opinion of the real estate market and help you with the home selling process.

 

Listen below as Win Damon of WNBP in Newburyport and I review this topic on radio 1450 AM

Stuart Steinberg, CPA, MBA has been in public practice for over 20 years.  He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.  He can be reached at stu@erocktax.com or (978) 247-5569

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