Rates COULD be in the Upper 4% by Tomorrow

This is the actual press release from the Federal Reserve which could cause rates to lower, we'll find out tomorrow.


Press Release

Release Date: March 18, 2009
For immediate release
Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. U.S. exports have slumped as a number of major trading partners have also fallen into recession. Although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions, together with fiscal and monetary stimulus, will contribute to a gradual resumption of sustainable economic growth.
In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.
In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion. Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months. The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses and anticipates that the range of eligible collateral for this facility is likely to be expanded to include other financial assets. The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of evolving financial and economic developments
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

Kansas City's St. Patrick's Day Parade

Aye me little wee lads and lassys.... it's St. Patrick's Day again in Kansas City, Missouri.
Kansas City has a very active Irish following, along with an Irish Fest that happens over Labor Day, we have a great St. Patrick's Day parade downtown!
This year the parade will run Broadway - 33rd Street (Linwood) to 43rd Street from 11 AM to 1 PM.
This is the 36th edition of this Kansas City tradition and the weather appears to be very cooperative!
Follow this link http://www.kcirishparade.com/ for more information....

First TIme Home Buyers Tax Credit Information....

I have heard that here in Kansas City there have been a couple of instances where accountants have been telling their first time home buyers that they cannot apply for the $8000.00 tax credit until 2009.

THAT is NOT TRUE!

I have a copy of the blank 1040. Go to page 2, under line #69 where it says attach form 5405. I also have also a copy of form 5405 that you will need. You can look at "C" at the top. You can claim it now if purchased in 2009. If they purchase in July, 2009, they can file an amended return and get their $8000 immediately.

However, the drawback is that the EZ form which most of them would file does not accommodate this so they will have to file the regular 1040.

I would be willing to share these forms with whomever wants them.......... just email me at franwhite@kc.rr.com........... in the subject line put TAX FORMS and I'll send them to you as PDF file you can print out.

And if you know someone who is wanting to buy, NOW is the time to do it.....if they are looking in the Kansas City North area, have them give me a call 816-682-3897

Until next time.......

Missouri Sales Tax Free Holiday 2008

We're in the heat of the summer and I can remember as a kid HATING to go shopping for fall/winter clothes right before school starts!

CHA-CHING! Now as an adult with the Missouri Sales Tax Free Holiday coming up August 1,2,3,2008 I can see how parents can save $$$$ shopping during those days!

Some will read this and say, "What are you talking about Fran?"

Missouri has this great holiday which begins at 12:01 AM on the first Friday in August and it ends at midnight three days later.

It means that you get tax free purchases on certain back-to-school needs like clothing, school supplies, computers and computer software.

The sales tax exemption is limited to:



Clothing - Any article having a taxable value of $100 or less.
School Supplies - Not to exceed $50 per purchase
Computer Software - Taxable value of $350 or less
Personal Computers - Not to exceed $3,500
Computer Peripheral Devices - Not to exceed $3,500
Be sure and consult the Missouri Department of Revenuefor a complete listing of items that are Tax Exempt.

KEEP IN MIND..... that some cities and counties choose not to be a part of this holiday..

Beverly Hills, Missouri, North Kansas City, Oak Grove, Platte Woods, Platte City and Smithville I've been told are opting out for this year (2008). But for a complete list of areas not participating be sure to check the Department of Revenue website. They have non-participants listed as:

Sales Tax Holiday - Cities Opting Out

Below is the list of cities that will not participate in the 2008 sales tax holiday. City sales tax in these locations will still be collected on the sale of qualifying holiday items.

Alton
Ashland
Ash Grove
Aurora
Ballwin
Battlefield
Bellerive Acres
Berkeley
Beverly Hills
Black Jack
Blackwater
Bland
Bloomfield
Bolivar
Boonville
Branson
Brentwood
Bridgeton
Byrnes Mill
Cabool
Camdenton
Cameron
California
Canton
Carl Junction
Carthage
Cassville
Centertown
Chamois
Charlack
Chillicothe
Clayton
Clinton
Collins
Columbia
Cool Valley
Cottleville
Crystal City
Des Peres
DeSoto
Desloge
Doniphan
Edmundson
Eldon
Eldorado Springs
Ellisville
Ellsinore
Elsberry
Everton
Fair Grove
Farmington
Fayette
Fenton
Ferguson
Festus
Flint Hill
Freeman
Freemont Hills
Frontenac
Fulton
Garden City
Gerald
Glasgow
Granby
Grandin
Grant City
Green City
Greendale
Half Way
Hartville
Hawk Point
Hayti
Higginsville
Hollister
Holts Summit
Houston
Ironton
Jane
Jefferson City
Joplin
Kennett
Kingdom City
Kirkwood
Koshkonong
Ladue
Laurie
Leadington
Liberal
Licking
Loma Linda
Malden
Manchester
Maplewood
Marble Hill
Marceline
Marlborough Village
Marshfield
Marthasville
Merriam Woods Village
Meta
Moberly
Montgomery
Moscow Mills
Mountain Grove
Mountain View
Mount Vernon
Naylor
Neosho
New Haven
New Madrid
New Melle
Nixa
Noel
Norborne
North Kansas City
Northwoods
Oak Grove
Oakland
Osage Beach
Overland
Owensville
Ozark
Palmyra
Paris
Pattonsburg
Pevely
Platte City
Platte Woods
Poplar Bluff
Purdy
Qulin
Reeds Spring
Richmond
Richmond Heights
Riverside
Rockaway Beach
Rock Hill
Rolla
Savannah
Sedalia
Seligman
Shelbina
Shrewsbury
Skidmore
Smithton
Smithville
Springfield
St Ann
St Mary
St Peters
Ste Genevieve
Stockton
Sugar Creek
Taos
Thayer
Town & Country
Trenton
Twin Oaks
University City
Urich
Vandalia
Velda
Walnut Grove
Warson Wood
Washburn
Waynesville
Webster Grove
West Plains
Willard
Willow Springs

Do You Know What Crime Is Going On In Your Neighborhood?

I've just learned of www.crimereports.com .... a great website that no matter where you are in the U.S. you can put in an address or a zip code and see what kind of crime is happening in your neighborhood.

It appeared that there was a place to also search for sex offenders.

They give you the option of signing up for e-mail notifications of crimes in a certain area. Of course I had to sign up and see how it worked!

Safety First

In the summer, people tend to look for ways to light up outdoor spaces for family gatherings, like patios, yards and pool areas. While warm weather brings people outdoors, it is important to be careful when using electrical devices, whether it is a gardening tool, a bug zapper or even just a radio.
Although summer is a time for fun, it's worth it to take a few minor safety precautions that could prevent a major mishap. Most importantly, do not use electrical appliances in wet area — ever ! Be careful using cords around pools, ponds or damp areas. Even wet grass can create a hazard. If you must use electrical appliances around these locations, be sure to use only Ground Fault Circuit Interrupter (GFCI) protected outlets or extension cords that have the GFCI built into the cord.

Why do I need Ground Fault Circuit Interrupters (GFCIs)?
GFCIs can help prevent electrocution. "Ground faults" are often the result of damaged appliance cords or consumers who use electrical products in wet environments, such as bathrooms or swimming pool decks. GFCIs detect any leakage of electrical current in a circuit that might be flowing through a person using an electrical device. When such a loss is detected the GFCI turns electricity off before serious injuries or electrocution can occur.

There are three types of GFCIs. The most common receptacle type GFCI, is similar to a common wall outlet. Additionally, circuit breaker GFCIs are often used as replacements for standard circuit breakers and provide GFCI protection to all receptacles on that individual circuit. Temporary or “plug-in” GFCIs are frequently used in outdoor settings with electric tools, mowers, trimmers and similar devices. Temporary GFCIs should never be used as a permanent alternative to a regular GFCI.

How can I install GFCIs in my home?
An estimated 400 million GFCIs are installed across the country, but there are still many older homes without GFCIs. By installing GFCIs in every home in the United States, the U.S. Product Safety Commission (CPSC) estimates that more than two-thirds of the approximately 300 electrocutions occurring each year could be prevented!

Consumers are encouraged to use a qualified electrician to install receptacle and circuit breaker-type GFCIs. The portable GFCI requires no special knowledge or equipment to install, but it does require testing before every use.

Do I have to test the other GFCIs in my home?
Like all electronic devices, GFCIs can be damaged or wear out, and may need to be replaced over time. Many consumers, however, don't check their GFCIs to verify they are working. And while the electrical receptacles in a GFCI may continue to function, the GFCI circuit may no longer work. As a result, the National Electric Safety Foundation (NESF) encourages a simple test once a month and after any violent thunderstorm.

Whether you have a receptacle-type or circuit breaker-type GFCI, pushing the TEST button should turn off the power of the circuit.

To test a receptacle-type GFCI:

Push the RESET button located on the GFCI to assure normal GFCI operation.
Plug a nightlight (with an ON/OFF switch) or other product (such as a lamp) into the GFCI and turn the product ON.
Push the TEST button located on the GFCI. The nightlight or other product should go OFF.
Push the RESET button again. The light or other product should go ON again.
If the light or other product remains ON when the TEST button is pushed, the GFCI is not working properly and a certified electrician should be called in to assess the situation and, if necessary, rewire or replace the GFCI.

Testing your circuit breaker GFCI:

• Locate the circuit breaker box.
• Verify that the breaker toggle is in ON position.
• Press the TEST button on the circuit.
• The toggle switch should snap to the TRIPPED position.
• RESET and return the toggle to the ON position. Power will be restored.

If the circuit breaker fails to trip when the test button is pressed, it must be checked by a qualified electrician immediately.

GFCIs are Not a Replacement for Common Sense Safety
It is important to remember that GFCIs are only back-up safety devices — you must always use common sense with electrical products. Be sure to take extra care wherever water and electricity are present. Even with GFCIs, electricity and water do not mix.

Fountain Hills Common Area Gets BLING

If you don't live around the water retention pond you might not have noticed but it recently got some BLING!

Numerous ornamental trees (Redbud and Serviceberry) were planted to dress up the area.

They will be a great addition to Spring, which we all desperately want!