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2022 Sales Tax Holiday for Food and Food Ingredients

by | Aug 8, 2022 | ECU Blog

Food and Food Ingredients

Sales Tax Holiday During the Month of August Public Chapter 1131 (2022), effective July 1, 2022, creates a new sales tax holiday starting at 12:01 a.m. on Monday, August 1, 2022 and ending at 11:59 p.m. on Wednesday, August 31, 2022. During this period, food and food ingredients may be purchased tax-free. Food and food ingredients purchased from a micro market or vending machine remain subject to
sales tax.

Food and Food Ingredients
“Food and food ingredients” are defined as liquid, concentrated, solid, frozen, dried, or dehydrated substances that are sold to be ingested or chewed by humans and are consumed for their taste or nutritional value. Food ingredients do not include alcoholic beverages, tobacco, candy, dietary supplements, and prepared food. For more information and examples of food and food ingredients, please see Important Notice 17-20.
The most common example of a dealer selling food and food ingredients is a grocery store. Food and
food ingredients are those items otherwise taxed at the 4% state sales tax rate plus the applicable local
rate.

Reporting Exempt Sales
All dealers must properly report sales made during the sales tax holiday. For the August 2022 reporting period, sales should be reported as follows:
1. Report all sales (taxable and non-taxable) on Page 1, Line 1 (Gross Sales) of the sales tax
return.
2. Report all sales of exempt food and food ingredients made during the holiday period
on Schedule A, Line 10, and Schedule G –

Temporary Exemptions.
The information reported on Schedule A, Line 10, is required in order for the State to reimburse local governments for the loss of local sales tax resulting from the tax holiday. This exemption will only be available for the holiday period. All retail sales of food and food ingredients
made after August 31, 2022, will be subject to sales tax.

For More Information
Visit www.tn.gov/revenue. Click on Revenue Help to search for answers or to submit an information request to one of our agents.
References Tenn. Code Ann. §§ 67-6-102 and 67-6-393. Public Chapter 1131 (2022)

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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Dealing With Debt? A Credit Union Can Help.

by | Aug 8, 2022 | ECU Blog

PUBLISHED:03/11/22 | AUTHOR: MADISON HOMAN

Key Summary Debt can be a major stressor. If you are in this situation, here are some steps you can take: Contact your credit union; Reduce expenses; Increase your income; Contact a reputable counselor.

In 2020, about 29% of Americans had debt in collections. On average, each American with debt in collections owes $1,835, which includes debt from credit cards, medical bills, utility bills, child support, membership fees, and even parking tickets.

If you’re in this situation here are steps you can take:

Contact your credit union

If your debt includes credit union accounts, contact a credit union representative to discuss the possibility of modifying your loan or credit card terms to make payments more affordable.

Credit unions have options that will keep you from resorting to nontraditional lenders, such as payday lenders, who prey upon borrowers who believe they have no other options.

Credit union credit cards, mortgages, home equity lines of credit, and other products generally have lower interest rates and better repayment terms than you can find elsewhere.

For non-credit union debt, contact those creditors as well and explain your situation. They also may be willing to work with you.

Reduce expenses

There usually is wiggle room in spending categories such as dining out or getting take-out, transportation, and entertainment.

Don’t stop there: Scrutinize every expense.

Increase your income

Find an additional job or pick up overtime hours if you can.

Start a side business offering a skill you’re good at such as babysitting, making repairs, or helping the elderly.

If you have an extra room, consider renting it out.

Consider selling assets such as jewelry, an RV, a second car, or collectibles.

Contact a reputable credit counselor

A credit union representative can refer you to a credit counselor within the credit union or to a reputable nonprofit credit counseling agency such as an affiliate of the National Foundation for Credit Counseling. A counselor will look at your financial picture and help you develop an action plan.

Looking for a credit union to help out with your specific situation?  Find your perfect match here.

LET ENBRIGHT CREDIT UNION HELP YOU!

CONTACT ENBRIGHT

When and How to Refinance Your Mortgage

by | Aug 5, 2022 | ECU Blog

When, Why and How to Refinance

A home is more than just a place to hang your hat; it’s one of your biggest investments.

Refinancing through a bank or credit union is one way to tap into that investment. You may know why you want to refinance but are unsure of the best time or how to go about it.

Let’s explore more about why, when, and how to refinance your mortgage so you know what to expect.

Why Should I Refinance My Mortgage?
Owning a home can be one of the best financial investments you make. A home not only serves as a source of pride but can be a great asset to use for future financial purposes. The five primary reasons people refinance are to:

  • Reduce monthly payments.
  • Access equity.
  • Pay off the loan faster.
  • Switch to a fixed-rate loan.
  • Remove insurance such as Private Mortgage Insurance (PMI).
  • Private Mortgage Insurance

When you buy a home with less than a 20% down payment, you may have to add private mortgage insurance (PMI) to your loan. This is not your typical homeowner’s insurance. PMI protects the lender if the homeowner defaults on the loan or goes into foreclosure. PMI can add hundreds of dollars to a monthly home mortgage payment. The good news is you do not need this insurance forever.

After you have 20% equity in the home or property, you can remove PMI from your mortgage. One way you can accomplish this is through a refinance. The specific steps involved to cancel PMI will vary depending on your current insurance. You can contact your lender for more details.

When Refinancing Might Not Be a Good Idea
Refinancing is not always a good idea. It’s important to remember that refinancing does cost you money. Sometimes closing costs and fees are so high that a homeowner could end up paying more for their home over the long run. Here are additional reasons refinancing might not be a good option at this time.

No substantial savings is found with a refinance.
You won’t stay long in the home.
Unaffordable closing costs.
High long-term costs. For example, you could refinance into another 30-year mortgage and reduce your payment, but the long-term costs would remove all savings.

When is the Best Time to Refinance?
Generally, the best time to refinance is when interest rates are lowest. But, even if rates are not at their lowest, it still could be a good time to refinance if it will save you money. Talking with a mortgage lender will help you determine if now is a good time to refinance. Additionally, taking the time to work on your credit score could save you thousands of dollars on the life of the loan.

What Are the Steps to Refinance My Mortgage?
You’re certain that a refinance is in your best interest. Consider these next steps when refinancing your home mortgage.

Ask yourself why you want to refinance. It’s crucial to answer this; it will help you make clear goals and avoid potential debt risks. How To Get Out of Debt

Check credit history and score. A good credit score will raise your chances of getting an outstanding loan with a competitive rate. Before going into a refinance, take the necessary steps to improve your credit rating.
Get all of your paperwork in order. A refi isn’t as involved as buying a home, but it does require a lot of paperwork. This includes income verification, pay stubs, tax returns, and bank statements.
Find out how much home equity you have. Use online home equity calculators or contact your lender.
Shop around for the best loan. Look for low-interest rates and closing costs. Not all lenders and financial institutions offer the same deals. We recommend you compare refinance packages with at least three different lenders. A credit union may have mortgage packages with more competitive rates than traditional banks. Credit Union Matcher.
Prepare for appraisal. Lenders will require a new home appraisal and will verify the home value. Underwriters will then review the appraisal and offer approval for your new loan or give a conditional offer.
Closing time! Expect lots of signing of documents, so be sure to bring proper identification and ask questions if anything seems amiss.

Next Steps
A refinance is not one-size-fits-all. You’ll need to determine what’s best for you, your finances, and the future. The process of refinancing can be bewildering with so many options available. Your local community credit union can guide you through the process. Use the Credit Union Matcher tool, and search for a credit union to help you refinance.

How to Refinance Your Home. (n.d.). Default. Retrieved August 5, 2022, from https://www.yourmoneyfurther.com/personal-money-solutions/mortgages/how-to-refinance-your-home

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13th Annual Credit Union for Kids

by | Aug 5, 2022 | ECU Blog

13th Annual Credit Union for Kids

Yesterday, Enbright Credit Union and US Community Credit Union hosted our 13th Annual Credit Union for Kids Golf Classic! Thank you to our sponsors and volunteers that helped make the event a big success. Big thank you to Ava Paige, CMN National Ambassador for her outstanding performance. All proceeds go to Monroe Carell Jr. Children’s Hospital at Vanderbilt. Children’s Miracle Network Hospitals #EnbrightCreditUnion #VUMC #givingback

What is Credit Union for Kids?

Credit Unions for Kids is a nonprofit collaboration of credit unions, chapters, leagues/associations, and business partners from across the country, engaged in fundraising activities to benefit 170 Children’s Miracle Network Hospitals. Adopted as our movement’s charity of choice, credit unions are the 5th largest sponsor of CMN Hospitals. Since 1996, CU4Kids has raised over $195 million for Children’s Miracle Network Hospitals.

EVENT INFO
LEARN MORE

Know the 4 Components of a Budget

by | Jul 26, 2022 | ECU Blog, Featured News

Key Summary
Building a budget is the first step toward becoming a better money manager. Believe it or not, many people don’t know how much money they earn or how much they spend each month. Learn how to create a budget by using these four components: net income, fixed expenses, flexible expenses, and discretionary spending/expenses.

This guest post is written by La Capitol Federal Credit Union.

Warning: This post may contain math!

Building a budget is the first step toward becoming a better money manager. Believe it or not, many people don’t know how much money they earn or how much they spend each month.

That’s why we create budgets. It’s a financial exercise that sometimes surprises people – even shocks them when they discover the amount they spend each month. It also inspires them to change their financial habits.

Before you break out the calculator, know these four main components of a budget. This will allow you to get all your paperwork in order before diving into equations and spreadsheets.

Net Income

This is the income you take home from each paycheck. Net income is your wages minus taxes, retirement contributions, employer-sponsored healthcare costs, etc. If you’re married, it also includes your spouse’s wages It also includes money you earn through investments, a part-time job, and even alimony.

It’s important to include everything to maintain an accurate budget. You should also make sure to report the income you actually receive and not the income you expect to receive. For example, if you are supposed to receive child support, but do not receive payments regularly, do not include this in your income.

Fixed Expenses

All expenses are not created equal. You need to separate them into three categories to reveal where your money is being spent and pinpoint the areas where you can cut spending if necessary.

Fixed expenses are those that are usually necessary expenses and remain fixed from month to month. They include car payments, mortgage, rent, and even expenses such as HOA fees. Basically, if you can’t change what you pay each month, then it’s a fixed expense.

Flexible Expenses

As the name suggests, these expenses are flexible in how much they cost. They change from month to month but are mostly necessary – although you can easily lower them. They include grocery bills, utilities, cable, and cell phone bills.

Discretionary Expenses

These are your wants. Discretionary expenses are items you don’t necessarily need to survive but still buy them anyway because you want them. These include gym memberships, dining out, morning coffee, and more. They may also include unexpected costs, such as home repairs. When you’re creating a budget and you need to reduce expenses, these are the first to get cut.

Start Building Your Budget

Now that you know the four components that make up a budget, you’re ready to start adding and subtracting your way to a better financial lifestyle.

Many credit unions offer free financial resources including worksheets, interactive courses, publications, videos, and more to help you take control of your financial future. Interested in joining a credit union? 

Source:

Know the 4 Components of a Budget. (n.d.). Default. Retrieved July 26, 2022, from https://www.yourmoneyfurther.com/blog/post/YMF/2021/12/20/know-the-four-components-of-a-budget

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