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Tax breaks are available to homeowners

October 12th, 2010

Buying a home comes with some tax perks if you’re willing to file the IRS long form

April 15 may seem like a long time away, but if you’ve just bought a home, you can make tax time less stressful now. Proper tax planning now may reap deduction benefits next year. Tax breaks are available for property owners, but only if you itemize your deductions instead of filing the short form.

Tax breaks for property owners include:

  • Mortgage interest­–For most homeowners, the biggest portion of your house payment goes to interest. All of the interest is tax-deductible. In the beginning of your loan, a much smaller part begins repaying the debt.
  • Real estate taxes­–Also known as property taxes, this is the annual tax that most state and local governments charge on the assessed value of your real property.
  • Points–These are lender fees associated with getting a mortgage. Each point equals 1% of the loan principal. Points can add up to thousands of dollars, with one to three points common on most home loans. You can deduct points in the year you paid them if the loan is to purchase or build you main residence.
  • Moving expenses–You could deduct moving expenses if you are self-employed or an employee, if your move is related to starting work at a new job location.

You also have a new address and to make life a lot simpler before tax time, you need to notify several agencies, including the Internal Revenue Service, the U.S. Postal Service and your employer. If you’ve had a name change too, notify the Social Security Administration so that your Social Security number will match when you file your tax returns.

The IRS requires that you file Form 8822. That form is downloadable at IRS.gov or by calling 800.829.3676. If you’ve had a name change, it’s necessary to filed Form SS-5, which is an application for a new Social Security card. That form is returned to your local Social Security office.

With a bit of advanced planning, tax deductions can make your home sweet home sweeter than ever!

Calendar of Events

February 1st, 2010

The Big Read
Foundry Art Centre
The 2010 BIG READ, featuring Mark Twain’s classic novel The Adventures of Tom Sawyer. Events include book discussions, live theatre, music, film screenings, concerts, an essay contest, lectures, field trips, interactive art projects and culminate with an ice cream social and raft building contest. The Big Read is sponsored by the Foundry Art Centre and St. Charles Community College Library. For a full list of events, go to the Foundry’s website and download the schedule.

Friday, February 5
Peter Martin Music: The Duo featuring Dianne Reeves
8 p.m.
The Sheldon
Peter Martin Music, a new concert series by St. Louis’ own, jazz pianist Peter Martin. He brings jazz home to St. Louis with this exciting new series featuring Martin on piano along with special guests. The first in the series will be The Duo, featuring four-time Grammy® Award winner Dianne Reeves.
For info, call MetroTix at 314-534-1111 or go to The Sheldon website.

February is a month of celebration for Mardi Gras lovers, and everyone who likes a good time. Check out the family celebration in Frenchtown, and all the activities offered during the month at the St. Louis Mardi Gras.

Saturday, February 6
Frenchtown Mardi Gras Parade
3 p.m.
The Frenchtown District of St. Charles is hosting an alcohol-free, family friendly Mardi Gras parade from Sundermeier RV Park to Transit, left on 2nd Street, Left on Clark, and ending at the Foundry Art Centre.

Saturday, February 6-Thursday, February 18
Mardi Gras, St. Louis style
Various times/events
St. Louis is one of the premier Mardi Gras celebrations, second only to New Orleans. The Soulard neighborhood comes alive with spectacular events for all. The big day, Saturday, February 13, is the River City Casino Grand Parade, but there’s plenty to do before then, beginning with the Southern Comfort Taste of Soulard on February 6 and 7, the Beggin’ Pet Parade, the wiener dog derby, the Mayor’s Mardi Gras Ball and lots of music featuring St. Louis’ best, plus bands from New Orleans. For a full schedule, go to the St. Louis Mardi Gras website.

Wednesday, February 10
Cheesemaking
6-9 p.m.
Primrose Farm, St. Charles Park District
Learn how to make cheese and see each stage of the processing from whole milk to culturing, pressing and aging.
$20 per resident. Advanced reservations required. Call the St. Charles Park District at 630-513-6200 for registration details.

Friday February 19-Sunday, February 21
Working Woman’s Survival Show
Fri. 11 am-8pm, Sat., 10am-8pm, Sun, 11-5pm.
Saint Charles Convention Center
More than 350 exhibitors present products, workshops, financial tips, fashion shows and fun for a perfect girls’ day out. For detailed information go to the Working Woman’s Survival Show website.
Adults $8.50, 6-11 yrs. & 60+ $6.50, 6 & under free.

Friday, February 12
Mom and Son Pottawatomie 500
6:45-8:30 p.m.
Pottawatomie Community Center
A fun-filled race themed night for moms and sons. Dancing, games, refreshments and a special memento for each son. Look for the Daddy and Daughter event in March.
$11.50 per resident. Advanced reservations required. Call the St. Charles Park District at 630-513-6200 for registration details.

Wednesday, February 24
Music as Medicine
1-2:30 p.m.
Barnes-Jewish St. Peters Hospital
Learn about the power of music for the restoration, maintenance and improvement of mental and physical health. Offered in partnership with OASIS.
Free

Thursday, February 25-Sunday, February 28
St. Louis Builders Home and Garden Show
Thursday-Saturday, 10 a.m.-9 p.m.
Sunday, 10 a.m.-5 p.m.
America’s Center and Edward Jones Building
St. Louis
The Builders Home and Garden Show is actually 5 complete shows in one – Lawn and Garden, Pool and Spa, Kitchen & Bath, Interior Design and Building Products. Enormous feature gardens, local and national celebrity speakers and family fun areas. More than 600 exhibitors, here’s the place to get ideas for your spring home and garden projects.
Adults: $9;Children 6-12: $4; Children 5 and Under: Free

Written by Myra Vandersall

Calendar of Events

December 2nd, 2009

December 2009 Calendar of Events 11.30.09

Ongoing through Saturday, December 26
St. Charles Christmas Traditions
Christmas gets that much better with the historic celebrations on Main Street. Shops open their doors with special holiday gift ideas, Victorian carolers roam the streets singing traditional songs of the season while the Legendary Christmas Characters tell of Christmas lore past. Ice skating at Frontier Park, carriage rides and Santas abound. For full schedule, go to the St. Charles Christmas website.

Friday, December 4
VFW Fish Fry
VFW Post 2866, 66 VFW Lane
3-8 p.m.
Tired of turkey? Try the catfish, walleye, crappie, cod, fried chicken and shrimp dinners at the VFW. Sandwiches are a reasonable $5.50 and plates go for $8.00.

Fridays, December 4 and 11
Augusta’s 26th Annual Christmas Candlelight Walk
5-10 p.m.
Tour this charming river town during the holiday season for a wide variety of food, wine, live music performances, shopping and holiday experiences. Augusta will be lighted with luminaries to show the way. View an old-fashioned cedar Christmas tree hung with antique ornaments, popcorn strings, gingerbread figures. The Ebenezer United Church of Christ hosts a Christmas carol sing-a-long from 7-9p.m. For more information, go to the Augusta Chamber of Commerce website.

Saturday, December 5
Las Posadas
6 p.m.
Begins on South Main Street and ends in Frontier Park
Beautiful re-enactment of the Spanish tradition of Las Posadas (the Inns) with Mary and Joseph looking for shelter as the proceed down South Main with thousands of visitors carrying luminaries and sing carols. The Christmas story is told in Frontier Park, the Christmas trees is lit and carols are sung around the Yule log bonfire.

Saturday, December 12
St. Charles West Warrior Bands 24th Annual Arts and Crafts Fair
St. Charles West High School Drive, 3601 Droste Rd.
150 crafters, homemade cookies, attendance prizes and concession stand
Free

Friday, December 18–Sunday, December 20
Scrooge, The Stingiest Man In Town
7 p.m. Friday and Saturday, 2 p.m. matinee Saturday and Sunday
Donald D. Shook Fine Arts Building Theater, St. Charles Community College campus,
4601 Mid Rivers Mall Dr. Cottleville
The Young People’s Theatre of St. Charles Community College presents this traditional musical production of Christmas past, present and future. Area St. Charles County youth are highlighted in this production
$7 for general admission, $6 for students/seniors.

Saturday, December 19, 2009

Candlelight Concert
6 pm – 8 pm
 First Missouri Capitol State Historic Site, 200-216 S. Main Street
”Papa and Jackie Wright” will narrate and perform “The History of Christmas Music” in this candlelight concert. This warm holiday show with marimbas, drums, and various instruments will leave you with the holiday spirit. Lit entirely by candles, the concert is held in the legislative chambers.
$6. Reservations are needed
For more information call 636-940-3322

Tax Credit is Extended

November 9th, 2009

Good news all around today–the $8,000 tax credit for first time homebuyers has been extended to June 30, 2010. This action will encourage a robust housing market in the first quarter of 2010 and affect home prices.

The legislation also includes a $6,500 tax credit for people who currently own a home and want to buy up. Qualifications are owning and occupying a home for at least five of the past eight years. Buyers must have a signed contract in hand by April 30 and close by June 30.
And, the income limit has been increased too. The ceiling for single buyer income is now $125,000 and for married couples $225,000. Increasing the income limit will stimulate more purchases of pricier properties.

Merle Schneider, co-owner/broker and vice president of operations for SCHNEIDER Real Estate, is very optimistic about the future of the St. Charles housing market. “These new tax credits will encourage potential buyers who weren’t quite ready to purchase take another look around at properties in St. Charles.

“The first tax credit, which helped more than 400,000 homebuyers, is a success and now gives confidence to more homebuyers. This comes at a great time, ready for the spring 2010 buying and selling season.”

More positive indicators were released this week. Grant Hickman, a real estate expert with SCHNEIDER, notes that existing homes sales are up 9.4% in September, and pending home sales are also up, 6.1% in September. “These findings by the National Association of Realtors are exciting,” he says.

“We are making progress toward recovery. With the tax credit extension, inclusion of current homeowners, and the income increase, more buyers will see what a bargain St. Charles County is. We have a great atmosphere, excellent services and a wide range of housing stock. This week’s government actions will serve our area very well.”

Written by Myra Vandersall

Calendar of Events

October 30th, 2009

Month of November
Native American Heritage Month
St. Charles Community College celebrates Native American Heritage Month Festivities with concerts, documentary films, panel discussions, and a luncheon event, “The True Story of the First Thanksgiving.
For schedule, go to www.stchas.edu
Or call 636-922-8544 FREE

Wednesday, November 4
Medicare Update 2010
10-11 a.m.
Progress West HealthCare Center Community Room
CLAIM is a Medicare and insurance counseling program that provides free confidential and unbiased counseling. Learn changes in Medicare for 2010, how to access services, Medicare Part D. To register, call 636-344-2273.

Tuesday, November 10
Back In Time: Explore History
St. Charles :Les Petites Cotes
7 p.m.
Kathryn Linnemann Branch, St. Charles City-County Library Don and Dianna Graveman will discuss and sign their new book. In 1769, French Canadian fur trader Louis Blanchette built a cabin on the Missouri River in what is today St. Charles. He called the settlement Les Petites Côtes, or the little hills. Today St. Charles hosts many annual events to celebrate its history and transport visitors to the past.

Wednesday, November 11
Veterans Day Memorial Service
11:00 AM
At the Veterans’ Memorial at Bishops Landing along the riverfront.

Wednesday, November 11
THANK YOU, VETERANS!
McClay Branch, St. Charles City-County Library
10:00-2:00 p.m. Honor the veterans who have served or are serving in our Armed Forces. Make a thank-you card for a veteran and enjoy coffee and doughnuts. Supported by the Friends of the Library.

November 27-December 26
St. Charles Christmas Traditions
Historic South Main Street
Opening ceremonies at 11 a.m. at the Gazebo at 400 S. Main Street (Kister Park) with Santa’s arrival and hanging of the greens.

Holiday festivities include Santa Parade every Saturday and Sunday at 1:30 p.m., carolers, special shop hours, ice skating, fife and drum corps, carriage ride

November 27-December 30
Celebration of Lights
Fort Zumwalt Park, O’Fallon
Hours: Sunday, Tuesday-Thursday 6:30pm-9pm & Friday and Saturday from 6:30pm-10pm
Holiday light display of more than 1 million lights and a 1-mile display of holiday scenes.