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Jennifer L. Bamonte contacted me within one hour of my initial phone call to LegalShield.  In talking with her, she understood my sense of urgency in this matter and did not rush me off the phone.  She is a real class act.  I’ve experienced rare customer service – Thank you! Member from Bear Creek Township

Attorney McAnulty responded very quickly, and educated me on my rights and the process involved with my issue.  I felt confident with my new membership and that the attorney was there for me every step of the way. Member from Effort, PA

I am truly blessed to be a member of LegalShield Services.  It makes the legal situations that occasionally plague my life a relief.  I know I have polite, caring, knowledgeable and dependable attorneys at my fingertips and ready to put my mind at east.  Thank you LegalShield and Attorney Vera McAnulty for the great years of service. Member from Bethlehem, PA.

The U.S. Bureau of Labor Statistics puts the number of home-based businesses currently operating at 18.3 million. Other organizations say the number is closer to 38 million. The vast majority of these businesses are sole proprietorships (unincorporated entities). This article focuses on those businesses. If your business is a corporation or LLC, some of the rules will apply but there are differences. With a home-based business, you may be able to deduct part of your rent or take a depreciation deduction if you own your home. This tax break is commonly called the home office deduction. The home based activity can’t be a hobby or to manage your investments. A house, apartment, condo, mobile home, motor home, boat or just about any other place with sleeping and cooking facilities can qualify for the home office deduction. To claim a home office deduction, your home office must meet all of the following criteria: The principal place of your business. If your only job site is your home, you meet this criterion. But if you meet clients regularly somewhere outside of your home (e.g. local coffee joint), your home can still qualify as a home office if you do the administration or management of your business at home AND you have no other fixed location where you conduct those activities. Maybe you’re a plumber and all of your calls are at customer locations. You should qualify for the deduction provided that you meet the next two criteria. Separately identifiable space in your home. The space in which you work must be separate from the rest of your home to qualify for the deduction. A separate structure (studio or converted garage or barn) works best as proof for the IRS. But for most folks, this is not practical so they instead carve out a part of their living space as a home office. If you convert a spare bedroom you should remove personal items and the bed. It needs to look like a business office. Take a picture for your records. If you store inventory or samples at home, you can also deduct the square footage used for storage space, even if you use the space for other non-business purposes. Regular & Exclusive Use. “Exclusive” means you can’t use the separately identifiable space for any other purpose. Thus no kitchen table or den where you watch Steelers or Eagles games with the neighbors. What “regular” means has generally been kind of fuzzy with the IRS. If you do your paperwork once a month you probably satisfy this requirement. You may want to keep a log of activity for which you use the space in the event of an IRS inquiry. → TIP Business travel expenses from your home office are deductible. If you travel to or from your home office for business – using your car or the subway or bus – you can deduct those travel expenses if you qualify for the home office deduction. For more information, See IRS Publication 587, Business Use of Your Home Next Topic: Calculating Your Home Office Deduction

The service was exceptional.  I needed to have my will updated before I traveled outside the country.  I faxed over the document and less in than 30 minutes, Attorney Bamonte was on the phone with me.  My will was updated before I boarded the plane.  I feel obligated to tell all the people I know, love and respect about this amazing service. Member from Chambersburg, PA

“Attorney Spoke in terms that were clear and understandable and advised me as if the problem were her own.” Member from Leechburg, PA

I will never, ever, be without my LegalShield Membership.  I am so very thankful to all the Attorneys at Welch, Gold, Siegel & Fiffik and to LegalShield for offering this necessary service. Member from Kingston, PA

Very Informative!  Explained options in detail, responded in a timely manner and put forth the extra effort to wrap things up quickly!! Member from Clinton, PA

I was thrilled at the lawyer’s knowledge and skill in handling my situation.  I was immediately put at ease and grateful to have the Attorney as a member of my team. Thanks, Member from South Park, PA

Thanks for your help, I’ll tell you, every corporation should operate the way you guys do! Member from Franklin, PA

Partner Michael E. Fiffik, Esquire was the keynote speaker at a recent event sponsored by Concordia Lutheran Ministries, one of the state’s largest providers of senior care, physical rehabilitation and home care services.  Concordia is accredited by the Commission on Accreditation of Rehabilitation Facilities for a wide variety of aging services.  Read more about the event.

By Michael E. Fiffik, Esquire Private mortgage insurance (PMI) protects the lender if you stop making payments on your loan. Lenders may require you to purchase PMI if your down payment is less than 20 percent of the sales price or the appraised value of the home. PMI premiums are added to your monthly mortgage payment and can be as high as $100 per $100,000 borrowed. If you’ve taken out a mortgage in the last five years, you can reduce the length of time you pay PMI by taking a few simple steps. This can save you six to twelve months of PMI payments. For most loans, you pay mortgage insurance premiums until your loan-to-value ratio (LTV) — this is simply the amount of money you borrowed divided by the value of the property you bought — hits 80 percent. For example, let’s say you bought a $100,000 home and put down 10 percent, or $10,000, and got a $90,000 loan to pay the rest. Your LTV in this case would be $90,000 divided by $100,000, or 90 percent. The longer you pay down your mortgage, the lower your LTV will become. On government loans, mortgage insurance is normally required regardless of the LTV. Lenders must give you a written statement explaining that you have PMI and when you’ll be allowed to cancel it. That statement is probably buried in the reams of paper that you didn’t have time to read but signed at your closing. Dig it out and look at it – it can save you money. Conventional Mortgage insurance rates vary — usually, the lower your down payment and/or the lower your credit score, the higher the premiums — but typically the premiums can range from $30-70 per month for every $100,000 borrowed. So, if you bought a $200,000 home, you might pay about $100 per month for mortgage insurance. On FHA loans, there is an up-front MIP (mortgage insurance premium) and annual premium which is collected monthly. VA loans have an up-front fee (funding fee) and no annual or monthly premiums. The Homeowners Protection Act of 1998 governs PMI and gives homeowners certain rights to cancel PMI payments. Once you’ve built up a certain amount of equity in the house, typically 20 percent, the mortgage insurance policy usually may be canceled. The lender usually won’t automatically cancel PMI until you’ve reached 22 percent equity based on the original appraised value of the home, but you can request cancellation at 20 percent of the current market value. You can get to 20 percent equity by paying down the principal or if there’s appreciation of your home’s value due to the market or improvements that you have made. How do you know what your home is worth? Homeowners can contact a local appraiser and ask whether they do “PMI Cancellation Consultations.” Some local appraisers will do a quick check for you for a small fee. BUT, that will only tell you if you’re in the ballpark. The good news is that most of these appraisers will credit that small fee towards the full appraisal you’ll need to cancel PMI. Expect to pay about $300 for a full appraisal. The amount you can save in PMI payments can more than make up for this fee. In order to request cancellation of your PMI payments, you must have a good payment history on the loan and submit a written request to your lender. A sample written request can look like this: Attention Customer Service: Subject: [Your loan number] [Names on loan documents] [Property and/or mailing address] This is a “qualified written request” under Section 6 of the Real Estate Settlement Procedures Act (RESPA). I am writing because: I believe that my loan-to-value ratio has reached 80 percent due to [number of payments, appreciation in value of home, etc.] Attach copies of any related written materials [such as a recent appraisal]. List a day time telephone number in case a customer service representative wishes to contact you. I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must act upon my request within 60 business days. Sincerely, [Your name] The request should not be sent with your mortgage payment. Your lender probably has a different address for correspondence not including payments. If you aren’t sure, you can check your lender’s website or call customer service. If you are a LegalShield member, we encourage you to call us for a consultation on your PMI situation. We can review and help you understand whether you are eligible to request cancellation of your PMI and submit the request on your behalf to the lender. You can initiate that request with us by calling (800) 375.3089.