Wednesday, January 15, 2020

Tax Tips For Homeowners

Tax season is here, and if you are a homeowner, this can be an important time of year! It’s always important to touch base with your tax professional when you have questions about your taxes, but if you need to know what questions to ask or what to start thinking about, here are a few tax tips to keep in mind in as you get ready.


Start Looking Back and Planning Ahead

It’s time to start thinking about last year’s tax season in preparation for this year. You can dig out your 2018 tax return if you would like to review the detailed information of what you collected last year. There are things you will need to collect again this year regarding itemized deductions, business use of home or car and equipment depreciation. If you have questions about this, you can schedule an appointment with your tax professional or visit: https://www.irs.gov/.

Get Organized

Receipts, invoices, canceled checks, online bill pay or automatic deduction logs, mileage logs and other documents are needed to substantiate deductions. If applicable, you'll need to gather documentation for the following:

  • Charitable Gifts
  • Equipment Purchases
  • Memberships to Professional and Trade Organizations
  • Mileage for Business
  • Mileage for Volunteering
  • Office Supplies
  • Phone and Data Bills
  • Subscriptions to Professional and Trade Publications
  • Utility Bills (for Business Use of Home)


Start organizing your paperwork now so that when you need something specific you can find it.

Start Thinking Ahead for Next Year

If this year has you feeling frenzied, you can start an organization method to make next year easier. Start by creating a meaningful and easy-to-follow record system. Having one place to keep your documents can make it so much easier. Of course, that’s the easy part - the hard part is dutifully putting invoices, receipts, and other documentation in there as it comes in. You can utilize a file folder or box to make them easily accessible. Another option is to make use of electronic scanning and storage to help keep things in an easy to find location - but it could be a bit more time consuming if you don’t have a plan in place.

The Basics: Tax Benefits of Home Ownership In 2020

There are tax benefits available for people who buy or sell a home - and it can make it a great financial decision. There are various tax benefits put in place by the government to encourage consumers to purchase homes, which means that buying could be a great choice for you this year. There are two big areas where homeownership can really save money:

Interest Expense: Did you know that homeowners can deduct interest expenses on up to $750,000 of mortgage debt from their income taxes? Keep in mind that when you itemize these deductions, you forgo other deductions available - if you need the specifics, you can speak with your financial advisor or visit www.MortgageCalculator.org

Capital Appreciation: While the home increases in value during ownership, these gains are not taxed at the federal level. This means that homeowners can utilize exclusions in home appreciation when figuring capital gains.


Ready to Buy a Home in 2020?

If a plan for 2020 was to buy a vacation home at the Lake of the Ozarks, this is where Team Lasson can help. We have been assisting homeowners for over 20 years, and we are proud to help homeowners at the Lake of the Ozarks make their purchase. Whether you are planning to buy a vacation home or a primary residence, we would like to help you get started. Visit our website to learn more about our company as well as fill out the application! 2020 is going to be a great year to make your real estate dreams come true, and Team Lasson is looking forward to helping!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Wednesday, January 8, 2020

2020 Mortgage Considerations

2019 was a great year for buying a home, but if you weren’t able to make your purchase, all hope is NOT lost! 2020 is continuing on with the great interest rates, and awesome reasons to buy a home at the Lake of the Ozarks. Team Lasson wants to help you get your vacation home at the Lake of the Ozarks purchased and ready for you to enjoy as soon as possible, so here are a few things to keep in mind about mortgages in 2020, we think it’s pretty exciting!


Rates Are Still Low

If you were watching rates in 2019, you know that they were amazing. The good news is that rates are continuing to stay around the same low levels. There is no way to really predict exactly what the rates will do throughout the year, the only thing you can be sure of is what they are today and what you do about it.

The Home Search Could Be Hard

Realtor.com is predicting that in 2020, home inventory could reach a historic low as a steady flow of demand, especially for entry-level homes. If you’ve been considering purchasing a home at the Lake, NOW is the time to get started. Start by visiting our website at www.yourlakeloan.com and applying for your pre-approval, then find your real estate agent and start looking for your dream property. If there is going to be a shortage of homes and condominiums on the market this year, getting started early could be a huge advantage.

Get Prepared

The first and best thing you can do is to start getting prepared. This can include tracking your spending, saving up for the down payment, improving/maintaining your credit score, and getting pre-approved with Team Lasson. Start gathering documents like your tax returns, paychecks stubs, bank and asset statements, and W-2 information. If you want more information about preparing financially for your real estate purchase at the Lake of the Ozarks, you can check out our blog: New Year’s Resolutions that Help with Homebuying.


Now is a Great Time to Purchase

Mortgage rates have been at historic lows which makes it a great time to buy real estate. Team Lasson has enjoyed helping many homebuyers become homeowners over the past few months, and there’s still time to make that happen for you. If you have been hoping to buy a home at the Lake of the Ozarks, this really is a great season for it. With rates looking good, and a few more months before Summer starts, you can have the vacation home of your dreams just in time!

Visit our website (www.YourLakeLoan.com) to learn more about our business, as well as submit your application. We look forward to working with you!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Thursday, January 2, 2020

New Year’s Resolutions that Help with Homebuying

2020 is here, and if you have been considering purchasing a new home at the Lake of the Ozarks we would love to assist. As people finalize their resolutions, set goals, and think about what they want to achieve in 2020, this is a great time to start planning for your vacation home at the Lake of the Ozarks. Here are a few things to keep in mind as you prepare for, start, walkthrough, and finish the mortgage process!


1. Evaluate Your Finances

If you considering a real estate purchase in 2020, the very first step is to take a look at your finances and start working with your mortgage lender at the Lake of the Ozarks. Take a look at what you earn, your expenses, and how much you have in savings. This can help you determine whether you are ready to buy a home or what you need to do to be ready.

2. Be Smart With Credit

Your credit score will be key when determining your interest rate. Taking the appropriate steps to improve your credit can make a huge difference when it comes to buying a home. Set up a meeting with your mortgage lender to discuss the different steps you can take to help with your credit score.

3. Keep Your Goal in Sight

Once you have evaluated your finances, you can see where there is room for improvement, or get the green light to pursue your purchase. If you are saving money for your downpayment, you can start by reducing optional expenses at the start of the year, and set up a monthly automatic deposit into your savings account.

4. Start the Pre-Approval Process

Even before starting the house-hunting process, the most important thing you can do is secure your pre-approval letter from your Lake of the Ozarks lender. The information in the application will allow us to determine the maximum amount you are qualified to borrow for a home loan. When you have your pre-approval letter prior to looking for a property, it can make the process smoother, faster, and it can be very helpful in competitive markets.

5. Organize Your Paperwork

There can be a lot of paperwork involved when buying a home, so it’s important to get organized as early as possible. When you are applying for your home loan, you’ll want to have copies of your tax returns, paycheck stubs, bank and asset statements and W-2 information. There may be additional documents that you will need, so having a system for organizing your paperwork can be key.

6. Build a Team You Trust

When you are purchasing a home, the team that you count on to help you through the process can make all of the difference. You can count on Team Lasson to help you navigate the home buying process! Our team has over 20 years of experience helping individuals purchase the home of their dreams, and we look forward to helping you through the process.


2020 Is Your Year!

Owning a home at the Lake of the Ozarks is a dream come true for so many homebuyers! If you have been thinking about making an investment in a vacation home, there is no time like the present! In fact, now is one of the best times to purchase a home! The market has been great for our homebuyers and we want you to be one of them. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, and you can also fill out your pre-approval application as well (www.YourLakeLoan.com). Happy New Year from Team Lasson! We look forward to working with you this year!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.