July, 2013 | The Beliveau Law Group - Attorneys at Law

Apartment rents continue to increase

Apartment rents are continuing their steady climb, as the growing demand for residential rental space keeps pushing up prices. The average monthly apartment rent in the U.S. was $1,048 in the last quarter of 2012. That’s an increase of 3.8% over a year earlier, according to research firm Reis, Inc., The year-over-year increase is the largest since 2007. A number of large communities saw year-over-year increases of more than 5% last year, including Seattle, San Francisco,

Short-term rentals can lead to long-term neighbor problems

The number of people who rent a home or condo while on vacation – instead of a hotel or motel room – is skyrocketing. This can be a great thing for a vacationer, who may get a lot more space and convenience at the same or lower cost. But it’s not necessarily a great thing for neighbors, particularly if several homes in a neighborhood are rented on a frequent basis. On a quiet residential street, short-term

U.S. Government issues new rules for home mortgages

A federal government agency has issued new rules for home mortgages that will rewrite the way that banks decide who gets a home loan. The rules are designed to prevent a replay of the housing crisis that resulted from a flood of easy-money loans a few years ago. However, the new rules could have the effect of tightening the availability of mortgages, at a time when banks are already being extremely strict about granting loans. Under

Tax filing reminder:

July 31 is the deadline for filing 2012 retirement or employee benefit returns (5500 series) for plans on a calendar year.

Budget issues force IRS closures

The IRS will close all of its operations on June 14, July 5, July 22, and August 30, 2013. The current budget situation, including the sequester, has made these closures necessary. IRS employees will be furloughed without pay on these days. Taxpayers should continue to file returns and pay any taxes due as usual, though on these days the IRS will not answer toll-free hotlines or accept or acknowledge receipt of electronically filed returns. Electronic deposits

Recordkeeping: How to get all that paper under control

It’s spring cleaning time, and that includes your tax paperwork. While it can get a bit confusing, there are some general guidelines that you can follow. Income tax returns. These should be kept indefinitely. You would be amazed how many times the IRS will “lose” a tax return, and this is your only way to prove original filing. You should also keep the various back-up documents associated with the return, such as W-2 forms, mortgage interest

Give your children a good financial education

Financial illiteracy appears to be rampant in the younger generation. The same kid who is adept at using a smartphone or iPad may have trouble with basic math skills, balancing a checkbook, or managing money. Knowing about money – how to earn it, use it, invest it, and share it – is a critical life skill. Unfortunately, such skills are often given short shrift in our education system and homes. Recent surveys have highlighted an astonishing

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Beliveau Law Group

July 2013