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| NARI Touchpoints: Tax Reform
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NARI
Congress has embarked on the immense task of reforming our nation’s tax code. If successful, this will be the first sweeping reform for taxes in over 30 years. The House has passed its tax reform legislation and the Senate plans to take up its plan this week.
IF successful the two bills will go into conference where both the House and the Senate will compromise on key differences and present a single bill that will need to be voted on again in both chambers. Pressure is on to send a bill to the president’s desk before the end of the year. This week, NARI Touchpoints will focus on the “Deduction Provisions” in both bills as they relate to tax incentives and may influence our remodeling business.
Below is a summary of some of the key tax incentives or penalties (depending on your point of view) that impact REMODELERS.
Standard Deduction:
Under current law the standard deduction is set at $12,000. Both the House and Senate Bills would increase the standard deduction to $24,000.
Mortgage Interest Deduction:
• Under current law, a home owner is allowed to deduct interest on up to $1 million of mortgage debt.
• The House bill reduced this mortgage debt ceiling to $500,000.
• The Senate bill preserved the MID as it is in current law.
Mortgage Interest Deduction for Second Homes:
• Under current law, the $1 million home mortgage debt ceiling on which interest can be deducted could be used on two homes – up to $1 million.
• The House bill would eliminate the ability to deduct interest on a second home.
• The Senate bill preserves the ability to deduct interest on a mortgage to purchase a second home with an aggregate mortgage ceiling of $1 million.
Second Mortgage Home Equity Line of Credit:
Under current law, the interest on a second mortgage home equity line of credit of up to $100,000 is deductible. Both the House and Senate bills would eliminate this deduction.
Deduction for Real Property Taxes:
• Under current law, all real property taxes are deductible.
• The House bill would limit the deduction for property taxes to $10,000.
• The Senate bill would eliminate the deduction for real property taxes altogether.
Energy Efficiency Tax Incentive:
Currently, the tax credit we know as 25C (currently up to $500) for energy efficiency improvements expired in December of last year. Both the House and Senate bills do not contain extensions of energy efficiency tax incentives.
Please take a couple of minutes to answer three questions related to the proposed tax bill and how it may impact your business. Click here.
NARI
NARI and the National Remodeling Foundation are working together to solicit donations to support Hurricane Harvey recovery efforts in the Texas Gulf Coast. All donations go to Rebuilding Together Houston, who has an extensive network to support those in need. Make a donation, learn more, and support recovery in the Texas Gulf Coast.
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Kitchen & Bath Industry Show
The Kitchen & Bath Industry Show (KBIS) is North America’s premier annual event dedicated to the kitchen and bath industry, and NARI HQ will be exhibiting in Booth S5068. Register today with discount code ORLANDO to receive your FREE exhibit hall pass!
National Association of the Remodeling Industry
DCW features the co-location of the NKBA's Kitchen & Bath Industry Show ® (KBIS) and the NAHB International Builders' Show ® (IBS). In 2018, this synchronization of tradeshows and markets occurs in Orlando, Florida, again January 9-11. The fifth annual DCW will bring together 80,000+ design and construction professionals in the largest annual gathering of the residential design and construction industry. NARI members receive special discounts to explore the exhibit floors of both shows—a combined total of 2,100+ exhibits! Register for your DCW expo pass today.
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Even if you haven't made a mistake, defending a lawsuit can be costly for your business.
Our licensed insurance agents can help you choose the right coverage.
Buy online at hiscox.com/nariOr CALL TODAY: (888) 767-4075 Mon-Fri 8:00am - 10:00pm ET. #encouragecourage |
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HIVE
HIVE is the marquee event in the nation that touches every aspect of housing. Join the best and brightest construction and design professionals, academics, and thought leaders from an array of industries passionate about design, business strategies, and innovation to stimulate new ideas and shape the future of how people live, work and play in Los Angeles, CA, December 6-7, 2017. Register today with code NARI to receive a discounted rate!
NARI
The final deadline to submit an entry is December 5, 2017, at 5 pm local time. The 2018 CotY National Awards program is open for entries for projects completed between December 1, 2015, and November 30, 2017. All NARI remodelers are invited to participate in this annual competition. Enter today!
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NARI
Be a part of the only regional trade event for builders, remodelers, contractors and their crews, and other light construction pros! JLC LIVE Northwest will be November 29 – December 1, 2017, in Portland, Oregon. NARI is a proud show partner of JLC LIVE Northwest and will be exhibiting in Booth 305. Register with promo code NARI for a FREE expo pass!
National Association of the Remodeling Industry
 The 2018 NARI Achievement Awards recognize outstanding achievements by an individual, company, or NARI chapter that has worked to promote or enhance professional remodeling. These honors are bestowed annually across 11 categories celebrating leadership, professionalism, and dedication to the remodeling industry. The deadline to submit a nomination is December 18, 2017. Click here for all the details.
NARI
Long live diligence. It’s not found everywhere or in everyone, but in those who pay attention to detail and take pride in their finished work. And it’s found in Ram® trucks. Now during Ram® Fall Commercial Truck Season, NARI Members receive an extra cash allowance on top of most national and local incentives. Plus, we’re extending this offer to NARI Employees and same household Family Members. Diligence can be passed on, and now so can these savings. See your local dealer or WWW.NARI.org/FCA for more information.
| Save up to 34% on UPS Shipping Services
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NARI
 As a member of NARI, you receive special members-only pricing on UPS shipping services. UPS delivers overnight to more zip codes by 8am than FedEx and has dedicated account reps to help with all your shipping needs including routing, scheduling and more! CLICK HERE to learn more.
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Contractor Connection is the nation’s largest managed repair and remodeling network, comprising 5,000 growth-minded contractors serving large membership associations who partner with us to provide their members access to our network. Our contractors are held accountable not only through our stringent credentialing process but also through ongoing performance management.
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National Association of the Remodeling Industry
NARI’s partnership with The Home Depot can help your members reduce expenses, and keep job costs competitive. Your members can take advantage of the following benefits:
- Earn up to 2 percent cash back on every purchase semi-annually*
- Next-day delivery
- Procurement options with real-time pricing & availability
- Dedicated account support and concierge service
- Consolidated purchase tracking & reporting
This year, The Home Depot is helping NARI members earn even more. We’re serving your members at the local level by joining all NARI chapters. Learn more.
For assistance enrolling call 866-333-3551 or watch this short video.
*After meeting a $12,500 semi-annual purchase minimum, the rebate is paid from the first dollar.
 Increase sales with NARI BuildingBucks™! Did you know that NARI’s BuildingBucks™ program offers better rates versus going directly to EnerBank? Another key benefit of participating in NARI’s BuildingBucks™ program is marketing support. Marketing materials are branded with NARI, a trusted, un-biased resource for consumers. Learn More or contact Cindy Foley with any questions.
National Association of the Remodeling Industry
Starts: January 8, 2018
The Universal Design Certified Professional (UDCP) Program addresses the concepts of Universal Design: client’s needs assessment, design applications, construction techniques, electrical systems and plumbing systems.
The UDCP develops universal design and construction competencies in the professional conducting residential remodeling projects. The UDCP course serves as a prep course for UDCP Certification.
WHERE: Room S310C Orange County Convention Center
WHEN: Monday, January 8, 2018 from 8:00 AM to 5:00PM
LENGTH: This is an 8 Hour class.
The exam associated with this class will be held on January 9, 2018, 8:00 to 12:00, room S310C
The first 4 people to enroll and attend the class and certification exam will receive a VTFI 3 day pass.
Click here for more information and to enroll
Starts: January 22, 2018
Are you a full service remodeler?
Do you support the remodeling industry as a trade contractor or supplier?
Are you looking for a way to set yourself apart from the competition?
If so, then NARI’s CR, CRS, or CRA designation may be for you.
The CR Study Group will fine tune your competencies in all areas essential to success as residential remodeling professional. The CR Study Group is a facilitated program that will build your knowledge in all areas of residential remodeling and serves as preparation for the Certified Remodeler (CR) exam. It also supports the preparation for the Certified Remodeler Specialist (CRS) and Certified Remodeler Associate (CRA).
WHERE: Virtual, teleconference
WHEN: Starts Monday, August 28, 5-7 pm Central
LENGTH: Twelve consecutive weeks every Monday for two hours
This Study Group will prepare you for the May 2018 CR, CRS, or CRA exam.
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Fast, flexible disaster response
With nearly two decades of experience and a huge national network, PODS® is the smart choice for fast, flexible, cost-effective disaster response solutions. CONTACT US TO LEARN MORE |
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SILGRANIT® II Sink Collections
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Inspired by artists, proven by scientists and fueled by decades of German engineering, SILGRANIT® II is in a class by itself. With eight universal colors, our durable stone innovation resists scratches, stains and fading... like no other. And being the standard in granite sinks, also sets the standard in confidence. Gain peace-of-mind and choose the brand that transcends hype.
Read more
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Presented by: Brenda Brunk, Product Planner, Marvin Windows and Doors
INSIDE OUT: BRINGING INDOOR-OUTDOOR LIVING SPACES TO YOUR CLIENTS’ REMODEL
As the indoor-outdoor living trend continues to grow, so does the demand from your clients. From living areas to backyard kitchens, indoor-outdoor trends can give a home an inside-out twist. Creating seamless transitions between these spaces is an important consideration when remodeling a home -- one design change can blur the lines between indoors and outdoors and can have a great impact on the way your clients experience everyday life.
Join us for this webinar to learn about things to consider and the solutions available when designing a new indoor-outdoor space into a remodel.
Click here to view
Pro Remodeler
From tracking time to organizing jobs to finding inspiration, these apps belong in your digital toolbox
The adage that “there’s an app for that” has a ring of truth to it, and the business of remodeling is no exception. Whether you’re trying to organize projects, keep track of time, find inspiration, or take measurements, there’s likely a way to accomplish it on your smartphone or tablet. Here is a handful of helpful apps from inside and outside the industry that can make your job—and your life—easier.
Pro Remodeler
These innovative materials make use of stuff that would otherwise have been thrown away
There is a tower in Queens, N.Y., albeit a temporary one that was built using mushrooms as a base material. It’s the first of its kind but probably won’t be the last, if a new report from the design, engineering, and business consultancy Arup is any indication.
In its report, the London-based group identifies a dozen organic waste products that can be used for building, as well as how they can be used. We’ve profiled half of them here:
Remodeling
I used to be a terrible boss: Over-reacting to things, carrying a dark cloud with me, and constantly distracted by the “crisis” of the moment. I even drove myself crazy!
The above is all true, if overstated a bit. However, the pain I caused myself, not to mention other people, became too much. I knew I had to change.
That work has taken a long time and will never be done. I am grateful for the progress I have made.
Remodeling
Winter is approaching fast, and the busiest time for home remodeling is coming to a close. If you have spent the last few months working on home improvement projects, you might be sitting on a pile of demolition waste.
But there maybe be a cheaper, more environmentally friendlier way to deal with these materials then simply throwing them in a dumpster.
Recently, the practice of reusing building materials has gained in popularity. Economically, it helps reduce construction costs because it lowers the costs for materials. Recycling building materials also has a positive effect on the environment.
Qualified Remodeler
Like a lot of naive new remodeling business owners, I chose my first accountant based on his price. That was, unfortunately, a costly mistake. A financial planner I started working with looked at my business’s first tax return and suggested I seek a new accountant. She even offered me a referral to someone who was already working with construction businesses.
The way that first accountant filed my tax returns for my first year in business caused me to pay about $5,000 more in taxes than I would have if I had only claimed my income in a different and entirely legal way. At $2,500 my second accountant was twice the price of the first. However, I quickly came to learn what I paid was actually an investment in my future and life, not an expense to my business.
How about you? Do you have a proactive accountant helping in ways so that you make more money and don’t pay more in taxes than you have to? Or do you have a historian? You know, someone who tells you what happened after it’s too late to do anything about it?
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7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063
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