For the affluent couple planning a lavish six-figure
wedding, the declining economy will have little effect on
their wedding spending, but for the rest of us budget-minded
folk, our failing economy and the uncertainty of a stable
financial future can mean drastic cut-backs in wedding spending.
Planning a wedding on a shoestring budget, however, doesn't
have to mean skipping the day of your dreams altogether.
Here are some tips on how to save a few dollars, but still
have a wedding to impress.
Achieve the Right Mindset
First of all, you need to always keep in mind that
the actual wedding ceremony is what's really important.
Joining hands with the one you love and pledging your undying
love, faith, and devotion is what this day is really all
about. The rest of it - the party - is a celebration of
your union, and it should be a bit more lavish than a back
yard kegger, but it really is just that - a party - and
sinking yourselves into debt for years to come for one night's
party is simply irresponsible. Attack your wedding plans,
and budget, always with the mindset that the actual ceremony
is what is important and the rest of it is icing on the
wedding cake.
Get Brass Tacks About the Money
Before looking into any of the individual details
of planning your wedding, the two of you need to sit down
together and get real about the money. Who is paying for
it? How much can each of you realistically afford to spend...
that's realistically, not skipping a car payment so you
can spend an extra $300 on... |
The Homebuyer Tax Credit has now passed! President Obama
has approved the homebuyer tax credit extension through
April 30, 2010.
As part of a $24 billion economic stimulus bill, the
Homebuyer Tax Credit has been extended. It provides for
an $8,000 tax credit for first-time homebuyers, as well
as $6,500 to current homeowners seeking to relocate. With
the kick-off of the wedding season right around the corner,
extension of the tax credit couldn't come at a better time
for newly engaged couples considering their first home purchase
together.
Who is Eligible
1. |
First-time homebuyers (those who have
not owned a principal residence for the last three years)
are eligible for up to an $8,000 tax credit.
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| 2. |
Existing homeowners who have lived in their principal
residence for five consecutive years out of the last
eight and are purchasing a home to be their principal
residence (“repeat buyer”), are eligible
for up to a $6,500 tax credit.
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| 3. |
All U.S. citizens who file taxes are eligible to participate
in the program.
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What Else You Need to Know...
| 1. |
Income limits apply. Typically, single
or head-of-household buyers must have a modified adjusted
gross income of less than $125,000 to qualify for the
full tax credit; for married couples filing jointly,
the income limit is $225,000. Single or head-of-household
taxpayers who earn between $125,000 and $145,000, and
married couples who earn between $225,000 and $245,000
are eligible to receive a partial credit.
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| 2. |
The eligibility period is binding sales contracts
entered into between November 6, 2009 and April 30,
2010, provided the closing takes place on or before
June 30, 2010.
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| 3. |
All homes with a purchase price of less than $800,000
qualify, including newly-constructed or resale, single-family
detached, townhomes or condominiums, provided that the
home will be used as the principal residence. Vacation
homes and rental properties do not qualify.
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The tax credit is a true credit. It does not have
to be repaid unless the home owner sells or stops using
the home as their principal residence within three years
after the purchase. Additionally, the tax credit is “refundable,”
meaning that you will receive the tax credit regardless
your refund status at tax time.
For more information or to find a home in your area, call
or email Kim Kissel, REALTOR®, Century 21 Pro-Team,
815-436-4416, kkissel@c21proteam.com, or visit the Century
21 Pro-Team website at www.c21proteam.com. You can also
read more about the Homebuyer Tax Credit at www.nahb.org.
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