January 2012

TRULY BLESSED!

(Slidell, LA) “The Lord has blessed us real good!” says new NHS-Northshore first-time homeowner Jason Reavis. The Reavis family moved into their new house in November, 2011. This is the first time that Jason, his wife and two children were able to host a Thanksgiving Holiday Dinner and celebrate Christmas in a home of their own.

Jason Reavis came to an orientation held for City of Slidell employees by Neighborhood Housing Services-Northshore and Metairie Bank in May of 2009. For nearly two and a half years he received intensive pre-purchase counseling, and attended homebuyers’ and financial fitness fitness training. Receiving these services and steadfastly building a savings allowed him to access $12,000.00 in IDA grants from Southern University and United Way of Southeast Louisiana. Mr. Reavis was also able to secure a 1% home mortgage loan thru the United States Dept of Agriculture, (USDA). The USDA, Southern University and United Way of Southeast Louisiana are all NHS-Northshore partners.

When asked what he likes most about his new home, Jason responded, “The stability it provides for the kids”. His wife Tanya said that being able to make your own decisions and do what you want is what she likes most. Son Gage, is excited about having his own room and being able to go outside and play in the oversized, fenced back yard. Daughter Destiny says she can now lock the door to her bedroom and most importantly, “The whole family can sit at the kitchen table and eat together.”

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GET TAXES DONE FOR FREE!

If you make $50,000 a year or less, you can have your taxes done at no cost at NHS-Northshore! In partnership with the IRS and United Way of Southeast Louisiana, NHS-Northshore has two Volunteer Income Tax Assistance (VITA) sites:

Bogalusa -- 2030 S. Columbia St. -- 985-732-0064

Mandeville – 1400 North Lane – 985-809-9472

Returns will be completed by appointment throughout the end of tax season (deadline: April 15, 2012). A trained NHS-Northshore counselor, IRS consultant or volunteer will work with you at the time of your appointment. Returns will be e-filed. Some restrictions do apply. We will not be able to complete your return if you are self employed and it is necessary to prepare a Schedule C form.

Call now to make an appointment to get your taxes done for free!

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2011 TAX TIPS & CHANGES

Earned Income Credit (EIC)

Amount of Credit Increased

For 2011, the maximum credit is:

• $3,094 with one qualifying child

• $5,112 with two qualifying children

• $5,751 with three or more qualifying children

• $464 with no qualifying child

Earned Income Amount Increased

To be eligible for a full or partial credit, the taxpayer must have earned income of at least $1 but less than:

• $36,052 ($41,132 if Married Filing Jointly) with one qualifying child

• $40,964 ($46,044 if Married Filing Jointly) with two qualifying children

• $43,998 ($49,078 if Married Filing Jointly) with three or more qualifying children

• $13,660 ($18,740 if Married Filing Jointly) with no qualifying child

No More Work Pay Credit for 2011

Standard Deduction Increases

The standard deduction for taxpayers who do not itemize deductions on Schedule A (Form 1040) has increased. The standard deduction amounts for 2011 are:

• $11,600 – Married Filing Jointly or Qualifying Widow(er)

• $8,500 – Head of Household

• $5,800 – Single or Married Filing Separately

Exemption Amount

The amount a taxpayer can deduct for each exemption increased to $3,700 for 2011.