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Tax Tips for Tomahawk Area Homeowners!

by Northwoods Community Realty LLC

TAX TIPS FOR TOMAHAWK AREA HOMEOWNERS!


Owning a home has many advantages come tax time, and you need to ensure you are taking as many as will apply to your personal situation.

Mortgage Interest- This is one of the best tax breaks for homeowners. Say you have a $250,000 30- year mortgage on your home....this could result in upwards of $10,000 in interest tax relief.  If you own Vacation Property you can also use the interest paid on that as well.

Real Estate Taxes- Deductions paid for local real estate taxes can be substantial. This can result in an even greater tax break than the Mortgage Interest deduction.

Mortgage Insurance- Homeowners who do not have a 20% equity in their home are required to have Private Mortgage Insurance, which results in 0.5-1% of their total loan amount. Deducting these payments can add up.

Mortgage Points- If you recently purchased a home in the tax year, you paid 1% of the total mortgage in points.  You are eligible to deduct your Mortgage Points for your tax year purchased.

Home Office- Work from home and have an IRS approved office? You're in for even greater tax savings in the form of several different deductions; example- square footage of your office. If your office square footage is 5% of your home, you can deduct 5% of your properties utilities, homeowners insurance, taxes and more.

Always consult with your local CPA for the exact Tax Deduction Benefits you are entitled to.

For more Homeowner Tips, visit our website!

Alice in Winterland Ice Fishing Contest is February 4th!

by Northwoods Community Realty LLC

One of the largest fishing contents of the year is right around the corner and being held at Lake Alice. It's call the Alice in Winterland Ice Fishing Festival. The day gets started at 7am and lasts until 5pm. For some of us this might sound like a long day. However, for the men and women out on the boats trying to get that big catch it's certain to go by much to quickly. This is the 18th year of the contest and it's held every year between Anglers and Horseshoe boat landings. There are a whopping 6 categories in which you can participate and prizes are given for the 3 largest fish in each.

At first glance this kind of an event my not sound like a family focused day. However, the organizers this year are making sure that's exactly what it is. If you want your son or daughter to get absolutely hooked on fishing early you'll certainly want to participate. There will be plenty of food, refreshments and even $1,500 in cash raffles! I better not forget to mention that there are 80 door prizes that will be handed out as people arrive. The whole event will only set you back $5.00 for one person or $10.00 for a family. Since the actual fishing only goes to 3pm the fishers and  families will have plenty of time to enjoy the rest of the festivities together. So, get your fishing gear out and ready to get that big catch of the year, or - just head on down to the event for some good family fun.
Visit our website for more exciting community events!

Time for Some Ice Fishing

by Northwoods Community Realty LLC

The ice levels are up and the conditions are perfect to do some ice fishing on Lake Nokomis. To get all the details on the ice conditions check out Lake Link for that and even some commentary from the locals. To get a real feel for what your ice fishing adventure might be like this video from Kyle with OB Outdoors is the only way to go. In this video it's his first time heading out to Lake Nokomis. But that doesn't stop him from getting some awesome catches before the trip is done. He does have some pretty fancy equipment for the trip and at the end of the video he lists everything he used so you can be prepared for the perfect fishing trip. While he does provide a website where you can order all the gear; you may want to get a feel for how the locals get it done. So, stop by the Aquatic Arts Fishing Pro Shop for the best selection of fishing tackle and bait and be sure to ask them about their guide services.

Let's head out to the lake with Kyle to see what Lake Nokomis just might have in store for your ice fishing trip.

Snowmobiling the Tomahawk Way

by Northwoods Community Realty LLC

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The snow is falling and it’s time to hit the trails, the snowmobile trails that is. Tomahawk offers some of the best trails available for some amazing winter fun. According to the snowmobile reports most of the main trails opened last week and are ready to ride. You have some different options for your snowmobile adventure. You can go it on your own, which might be a little scary for a first timer or even a first time in the area. Or, you can join the Knight Owls and be part of something bigger and enjoy some of the most well groomed trails anywhere.

 

I should probably also mention that they ride at night! If you thought going during the day was amazing give the night ride a try to get a whole new experience. There are some preparations that will need to be made before hitting the trails. You’ll need to hit the AWSC website to get your trail passes and snowmobile permits. Don’t stop there as the AWSC is an excellent resource for all kinds of information about the trails and other snowmobile clubs that are available in the area. You can also get all the updates you need on trail conditions.

Maybe we’re putting the snow before the snowmobile. If you don’t have your snowmobile yet that’s not a problem. Take some time to visit The Tomahawk Sports Center to get equipped with the right vehicle for you and just about everything else you might need for the perfect ride. If you just moved to Tomahawk you might have taken a small chunk out of your bank account and a brand new snowmobile isn’t in the budget right now. The Tomahawk Sports Center won’t let that stand in your way as they have used vehicles and even rentals available so you can get out and enjoy the winter weather while it lasts.

One of the most important things to ensure your snow journeys are full of fun is to make sure you understand the proper safety guidelines. The AWSC also offers a list of safety classes you can take before hitting the trails. These classes will teach you everything from noticing marked trails to ice safety. You now have everything you need to enjoy the great Wisconsin winter the Tomahawk way; so get out there and have fun!

Happy New Year!

by Northwoods Community Realty LLC

Should I Buy a Home Now?

by Northwoods Community Realty LLC

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 1-6 of 6

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