Is It a Good Deal…for Me…Now?

Some good thoughts from my friend Greg McNey of American Signature Mortgage...

Is It a Good Deal…for Me…Now?

Should I buy a home? Thanks to the tv
game show of the 1950s, we sometimes call this the $64,000 question. In truth,
its implication can be much greater and far reaching, so we often worry and
avoid making the decision.

Here’s a little tool that might help you
decide whether making a large investment such as purchasing a home is for you.
Ask these questions:

“Is it a good deal?” You have to look for a little
while to spot a bargain, but it’s a great feeling when you know you’ve found
one. Do your research, online and in person. Turn over a few stones, kick some
tires, and acquaint yourself with the market. Finding a house isn’t that hard,
finding a deal takes a little more work. Have you done yours?

“Is it a
good deal for me?” Finding a bargain on a 1,500 square foot house is meaningless
if you need 2,500. And the converse is true as well. Don’t be allured by
upgrades you don’t need or can’t use. If you’re not prepared to care for a big
lawn, the house with a manicured acre lot may not be for you.

“Is it a
good deal for me now?” Perhaps it’s a good deal, and maybe it matches your
housing needs perfectly, but if you can’t afford it on today’s income, you might
need to pass. What a person can “afford” by lending standards and what a person
is willing to “afford” by standards of personal spending may be two different
things. Even though your lender will approve your purchase, if it means
decreased spending in other areas of your life, you will have to decide if “now”
is the right time.

None of us is able to predict the future. When
decisions are to be made, you can only work with what you know now, today. Count
on it, circumstances will change, and events you didn’t expect will arise.
Still, making a decision, even if the decision is “not now,” is better than
worrying.

Tax Free Weekend

FOR IMMEDIATE RELEASE

CONTACT: SARA JO HOUGHLAND

• (615) 741-2461 (OFFICE)
• (615) 545-1745 (CELL)

SAVE ALMOST 10 PERCENT DURING THIS WEEKEND'S SALES TAX HOLIDAY

HOLIDAY PROVIDES BIG SAVINGS FOR ALL TENNESSEANS

NASHVILLE, Tenn. - The annual Sales Tax Holiday begins this Friday, providing timely savings to Tennesseans who are experiencing the effects of a slowing national economy here in the state. Shoppers can save almost 10 percent on tax-free clothing, school and art supplies and computer purchases.

The holiday begins at 12:01 a.m. on Friday, August 1 and ends on Sunday, August 3 at 11:59 p.m. During the designated three-day weekend, consumers may purchase select clothing with a price of $100 or less per item, school and art supplies with a price of $100 or less per item, and computers with a price of $1,500 or less without paying Tennessee's state and local sales tax. Visit http://www.tntaxholiday.com/ for more information on the holiday, including an audio news release available for download from Revenue Commissioner Reagan Farr.

“Since 2007, Tennesseans have saved more than $8 million by purchasing tax-free items,” said Revenue Commissioner Reagan Farr. “We are hopeful that Tennessee shoppers will continue to save during this holiday while generating business for our retailers.”

The average family will spend nearly $600 on back-to-school purchases, according to a National Retail Federation estimate. Although anyone can take advantage of the holiday, back-to-school shoppers looking to save money can save almost $50 on supplies by purchasing them during the holiday, equaling a significant portion of one visit to the gas pump.

Consumers can also save money by shopping at home and saving gas money. The holiday also includes purchases of qualified items sold via mail, telephone, e-mail or Internet if the customer orders and pays for the item and the retailer accepts the order during the exemption period for immediate shipment, even if delivery is made after the exemption period.

Please visit the Sales Tax Holiday Web site at http://www.tntaxholiday.com/ to learn more about the items exempt from sales tax. The Tennessee Department of Revenue also offers assistance to consumers via e-mail, Salestax.Holiday@state.tn.us, and through its toll-free statewide telephone hot line, (800) 342-1003. Staff is available to answer questions Monday through Friday 7 a.m. to 5 p.m. Central Time. (Out-of-state and Nashville-area callers, please dial (615) 253-0600.)

Examples of exempt items include:

• Clothing: Shirts, dresses, pants, coats, gloves and mittens, hats and caps, hosiery, neckties, belts, sneakers, shoes, uniforms whether athletic or non-athletic and scarves
• School Supplies: Binders, book bags, calculators, tape, chalk, crayons, erasers, folders, glue, pens, pencils, lunch boxes, notebooks, paper, rulers and scissors
• Art Supplies: Clay and glazes; acrylic, tempera and oil paints; paintbrushes for artwork; sketch and drawing pads; and watercolors
• Computers: Central processing unit (CPU), along with various other components including monitor, keyboard, mouse, cables to connect components and preloaded software (Note: While the CPU may be purchased separately, other items must be part of a bundled computer package in order to be eligible.)

The Sales Tax Holiday is an ideal way to prepare your children for a successful school year, but school supplies are not all that is needed. Ensure a healthy school year for your children by enrolling them in CoverKids, Tennessee’s free health insurance program for children 18 and under. Please visit http://www.covertn.gov/ to learn more or enroll.

The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws established by the legislature and the collection of taxes and fees associated with those laws. The Department of Revenue collects approximately 92 percent of total state tax revenue. During the 2007-2008 fiscal year, the department collected $11.2 billion in state taxes and fees. In addition to collecting state taxes, $1.9 billion of local sales tax was collected by the department for local governments during the 2007-2008 fiscal year.

Besides collecting taxes, the department enforces the revenue laws fairly and impartially in an effort to encourage voluntary taxpayer compliance. The department also apportions revenue collections for distribution to the various state funds and local units of government. To learn more about the department, log on to www.Tennessee.gov/revenue.