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Don't Wait for Tax Time to Look at the Bottom Line
A curious thing happens to entrepreneurs in the spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But wait, shouldn't a business owner already KNOW how...
How To Drive The IRS Crazy
Looking for an easy way to increase your business deductions? Look no further than your driveway. First, the general rule: your vehicle is deductible to the extent you use it for business. So, if you drive your car 100% for business, all car-...
How to Make the Most of an At Home Money Making Business Opportunity
An at home money making business opportunity can be a great way to stay home and earn money. However, as with any opportunity, you should ask questions. First, examine the product the opportunity sells. Would most people want it? Would you want...
RRIF'S + DEATH = TAXES
First Published Summer 1992 The Registered Retirement Income fund, known as a RRIF, is the most popular option chosen when converting RRSP's into retirement income. In the past, most people would start with a RRIF and only convert to an annuity if...
State Taxes
Small businesses owners are dependent upon each state for their
liability when it comes to payroll taxes for their state of
operation. Each state varies, and there are even some states
that do not withhold state tax and require no state income...
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Real Estate Investors - Don't Close Your Eyes To Closing Costs.
When buying or selling real estate closing costs can come as
a shock. Here's an explanation of the various expenses:
Down Payment
Most lenders require a down payment of from zero to 20% for
a normal home purchase.
Lender's Loan Origination Fee
Government regulations allow 1% origination fee on FHA or VA
loans. Conventional loan fees can vary from 1 to 3 points or
more. A point is 1% of the loan.
Appraisal Fee
About $300-$500. Non refundable.
Credit Report
$50-$60. Non refundable.
Tax Service Fee
In some areas a charge of approximately $75 by a tax service
company to verify to lender that taxes are actually being
paid.
Assumption Fee
Fee of approximately $250 up to 1% of the loan balance charged
by existing lender for permission to assume existing loan.
Pest Inspection Fee
A fee of $100 - $175 is charged for inspecting property for
wood destroying organisms (termites). Customary for the seller
to pay.
Optional Fees
At buyer's option: property inspections that cover foundation,
electrical, plumbing and overall construction at a cost of
$300-$400. Roof inspections cost $75-$125. Geological reports
about $100. Septic $200-$400. Radon $50-$100. Asbestos
$75-$125.
Title Insurance
Cost determined by a rate chart and is based on the loan
amount.
City Transfer Tax
Imposed within the corporate limits of some cities.
The VA does
not allow the veteran buyer to pay any portion of
this cost.
Miscellaneous Costs & Fees
$150 should cover notary, recording documents, endorsements, etc.
Hazard/Fire Insurance Reserve
Two month's premium is usually collected for the impound account
if required. Paid by buyer.
Prepaid Interest
Interest must be paid from close of escrow to 30 days prior to
the first regular mortgage payment.
Mortgage Insurance
Required on all conventional loans greater than 80%.
Cost ranges from about 1/2% to 1% per year. 14 months premium is
collected in advance. For benefit of lender in case of default.
Tax Impounds
When new loan is going to have an impound account, lender will
require from 2-10 months taxes be deposited in impound account.
If taxes are prorated, buyer's total charge for taxes should
equal about six month's taxes.
Escrow Fee
$750-$2500, depending on the sales price. Can be paid by buyer,
seller or split. Everything is negotiable.
We have listed examples for typical closing cost. Closing
procedures and costs vary from area to area.
Your real estate agent and loan agent can provide estimated
closing costs. Don't neglect to add them to all the other
costs of buying real estate when determining the affordability
of a property.
About The Author
Mark Walters is an investor and author. You can find his
published material at http://www.CashFlowInstitute.com
http://cfiblog.blogspot.com/
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| Internal Revenue Service |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
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| Welcome to the Vermont Department of Taxes |
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