Jayme Chandler

 

Jayme Chandler NMLS# 1242365
Mortgage Network Inc NMLS# 2668

Does it feel like owning your own home is an unrealistic dream?  Do you find yourself thinking, there is no way I could ever afford a mortgage in my situation?  Not only can Jayme Chandler help you turn that dream into a reality, she has been on the other side of the table.  Jayme came to Lancaster from Chicago, IL 22 years ago as a single mom with a 9 year old daughter, $20. and a car that would not pass inspection.  After 3 months of living at Water Street Rescue Mission and HarbAdult (TLC now) she was able to rent her first home in Lancaster.  Two years later she bought her first home using LHOP and she still owns and lives there today.  Jayme knows from personal experience exactly how precious having a home is and exactly what it takes to get there.  The struggle is real, but not impossible!

Jayme has been in the real estate industry for a total of 9 years now.  The first 5 years she worked as a PA licensed Real Estate Agent. The last 4 years she has been a PA licensed Loan Officer.  Jayme’s training includes completion of the Real Estate certification program from the College of Lake County, Grayslake IL.  She has completed all education required by the state of PA for Real Estate and Mortgage Loan Officer titles.  

Jayme is proud to work for Mortgage Network, Inc.  The company offers excellent service and a variety of loan products for the purpose of buying a home.  Mortgage Network, Inc doesn’t shy away from the tough cases….it is all about getting the customer to the place of purchase.

Her favorite part of the job is telling a first time home buyer that they are qualified to purchase a home. Ultimately sitting at the settlement table with the borrower and watching them sign the documents for the purchase of their home is a euphoric moment.  Jayme says that she relishes the work involved in putting the puzzle together to make everything work so my customer can buy a home.

The best way for potential customers to get in touch with Jayme is via email jchandler@mortgagenetwork.com or by phone with a call or text at 717-598-7008.  

 


Tax Debt and Your Passport

 

Tax debt will begin to affect travel plans for those wishing to leave the United States this year.  The FAST (Fixing America’s Surface Transportation) Act, was signed in December 2015 and is being enforced beginning this month.  Anyone with “seriously delinquent tax debts” is subject to having their passport suspended, revoked, or their application/ renewal denied.  A seriously delinquent tax debt is considered for anyone with $51,000 or more in unpaid taxes, interest, and/or penalties.  It does not apply to anyone who is bankrupt, has been the victim of tax-related identity theft, resides within a federally declared disaster area, or has endured similar hardships.  Additionally, for anyone serving in combat with a serious tax debt, passport suspension is currently suspended.

If this applies to you there are several options available to consider.  You can pay the debt in full , pay under an approved payment plan agreement, or pay in full with an approved compromised offer.  

  • To request a payment plan agreement with the IRS, please complete Form 9465 which can be mailed with your tax return or bill.  An online payment agreement is also available if you prefer to complete online.

 

  • To determine if you qualify for a compromise offer, the IRS has additional information on their website.  The IRS will use your income and assets to determine your ability to pay.  Curious about whether you are a good fit?  Check out the Offer in Compromise Pre-Qualifier link ahead of time!

Health Savings Accounts and Tax Time

 

 

Health savings accounts (HSA) are tax-deductible savings plans, generally paired with the high deductible health insurance plan option.   They allow you to save pre-tax money for unexpected future medical expenses, or retirement.  Rather than pay for an insurance plan and not need the coverage, HSAs allow you to pay in at a chosen amount and the money is there when you do need it.  The downside is, if you do require lots of medical services throughout the year, you will pay a lot to meet the high deductible first.  HSAs are available to anyone regardless of income type.

With an HSA for an individual, you can contribute $3,400 per year.  That amount increases to $6,750 for a family, with an additional $1,000 allowed to these amounts for anyone over 55.  This money can be used to put braces on your child’s teeth in 3 years, or help meet your deductible this year.  The money is available for present and future medical expenses.

This flexibility along with the fact that the money rolls over from year to year makes HSAs attractive to many.  In the event of a career change, you can roll over your HSA to the next employer.  Above and beyond these advantages are the tax savings to be realized with an HSA.  The money you contribute to your HSA can be deducted, without being itemized, at tax time.  As long as you spend the money for medical expenses, you are not taxed when utilizing the funds.

How can you take advantage of this deduction?  A Form 8889 is used to report the HSA contributions to the IRS.  The amount is then deducted from the adjustments to income section of your 1040.  Contributions for the 2016 tax year include savings made between January 1, 2016, and April 15, 2017.  Interest and dividend earnings on the HSA are federally tax-exempt and not included on your annual tax return.

For additional details on HSAs and their effect on your taxes, please contact our office or check out the IRS website.

 


Tax Credits for Solar Improvements

 

Is 2018 the year you plan to make some energy efficient changes to your home?  The IRS offers tax credits, up to 30% of the expenditure, to place solar electric or make solar heat improvements.  This credit is available through 2019 at 30%.  In 2020 and 2021 it will still be available but at a smaller percentage.  The IRS website explains the exact breakdown of these tax credits for solar energy improvements.

Why solar?  As described on energysage, solar energy is great for our environment and provides more jobs for the US economy.  It is however a more expensive energy system to install, in most cases.  Because of this, the government is willing to offer tax incentives to help grow the industry.  Financial savings, as outlined on this same website, can come in the form of investment or state tax credits, cash rebates, solar renewable energy certificates, or performance based incentives.  The availability of incentives does vary from state to state. The solar tax credit is not offered for solar improvements made to rental properties, unless you reside in the rental yourself for a portion of the year.  In this case, your credit is reduced to the percentage of time you live in the rental property during the tax year.

With federal tax credits, the credit will reduce the amount that you owe on your taxes by the credit amount.  It does not result in a refund if you owe nothing (or owe less than the credit amount) on your taxes.  Generally, the excess credit amount can be saved and carried over to the following tax year.  An IRS Form 5695 will help you calculate your credit amount before entering on your 1040.  Still have questions?  To determine how the credit will benefit you, it’s always good to seek the advice of a qualified tax preparer!


Whom May I Claim As A Dependent?


When determining if you may claim a potential dependent, the general rule of thumb states that between food, lodging, clothing, and other necessities, you must have provided at least half of their total support for the tax year.  Additionally, the dependents can have their own tax return, but they may not file a joint tax return for the year – unless it’s strictly to claim a refund.  They must be either a U.S. citizen, a U.S. national, or a resident alien.  Finally, they will need a taxpayer identification number which is usually a Social Security Number, but can also be an Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN).

Child

The most typical dependent falls under the category of your own child.  The child must live with you for at least half of the year and be related to you as either your own child, stepchild, foster child, or a descendant of any of those.  Age requirements state 18 or younger throughout the tax year, or under 24 if they are a full-time student for at least 5 months of the year.  The 5 months however don’t have to be consecutive.

Parents and Other Qualifying Relatives

Parents are another category of dependents and this group has some different requirements than children.  Your parents can live in a nursing home or other housing, but if you are responsible for at least half of their household expenses throughout the year, even if they don’t live with you – you can claim them as a dependent.  In the case of various family members sharing in this responsibility, anyone who provides more than 10% of the yearly total support can complete a Form 2120.  This Multiple Support Declaration is available through the IRS and is required to be eligible for a tax break.  When multiple taxpayers are claiming a parent as a dependent, you will need a Form 2120 for each of those claimants. 2120s will all be submitted together by the individual who is claiming the parent.

There are additional requirements that come from claiming a parent or other qualifying relative.  In 2017, the individual cannot have a gross yearly income over $4,050.  You cannot claim the person if someone else is claiming them.  Finally, is the person is not related to you, they must have lived with you for the entire year to qualify.

The most surefire way to determine if your potential dependent qualifies will take about 15 minutes of your time.  IRS.gov has an online questionnaire that requires some basic information to get started.  Be prepared to answer questions such as what is your marital status, your relationship to the dependent, the amount of support you provided during the tax year, as well as your adjusted gross income.  Sometimes support for a dependent is shared among taxpayers.  If no single person supplied more than half of the potential dependent’s support, you will need the terms of any multiple support agreement and a Form 2120, as described in this writing.


Happy New Year from File For a Cause!

Happy New Year from all of us at ITP Taxes LLC!  If you’ve made a New Year’s resolution to help others, we have the perfect option for you this tax season.  File online via File For A Cause and a $10 donation will be made to a very worthy local organization, Excentia.

Unsure about the ease of filing online?  If you are considering online filing as an option this year, but have questions at any point during the process, ITP is here to help!  To learn more about the advantages of online filing, read more at ITP Taxes.

Interested in learning more about Excentia?  This organization has been helping individuals with disabilities live their best lives.  Excentia provides developmental services from birth through adulthood.  Their Employment First Program has placed participants in every kind of job from barista to law office reception assistant to arborist.  They can be found at Excentia or File For A Cause Supports Excentia.

To find out more about this great opportunity to give back to your community when filing your taxes, please check out the website at File For A Cause!