Monthly Archives: April 2011

The check is not in the mail

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When it comes to Social Security, Veterans and other federal benefits, the check will not be in the mail beginning Sunday.

At least not for new applicants.

Those applying for Social Security  and other federal benefits will have to arrange to get their benefits electronically beginning Sunday.

Paper checks for new applicants ends Saturday. So anyone applying for benefits will need to have a direct deposit arrangement to get their allotments. When applying, they’ll need to have their account number and routing transit number handy. Those without an account at a bank or credit union can direct their payments to a prepaid debit card (visit www.GoDirect.org for more info about that).

Those currently receiving benefits can still get their checks by mail for nearly two more years. But they must make the switch by March 1, 2013.

With more than 18 million baby boomers  — 10,000 a day — reaching retirement age in the next five years, the change is expected to pack a wallop. With the cost of issuing a paper check costing the government 92 cents more than direct deposit, that’s expected to save taxpayers $1 billion over the next 10 years.

To make the switch, visit www.GoDirect.org or call the Treasury Department’s free helpline at 1-800-333-1795 or talk to a representative at your bank or credit union.

If you’re getting your payments electronically, relax. You’ve got it covered.

 

Invest in real estate now, experts say

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If you got the dough, now is a great time to invest in real estate, says experts like consumer advocate Clark Howard.

With prices still dragging, you’ll get “ a steal of a deal” on rental properties, Clark said on the latest edition of Headline News cable show.

And  you’ll make money, he promises.

The catch is you’ll have to hang on to that property a long time to do it.

“I don’t believe there is a fast recovery in those prices,” he said. “You need to hold those properties  as an invester, as a landlord renting to people for years to come.”

Another reason it’s a good time for investment real estate is rents are on the rise around the country.

“So here you are as an investor, buying a property at a great price and then being able to get firmer rents than you could even six months ago,” he said.

The exception, he says, is condos, which are not good investments for landlords because of the many rules that make renting them difficult. If you want to buy a condo to live in, however, it could be a good time to buy as well, he said.

 

Mall comings and goings

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It is hard to keep track of stores coming, going and moving at Miller Hill Mall (especially when mall management typically do not return my phone calls).

So rather than waiting for a call back that rarely comes, I headed out there today and walked through the mall. I may have missed a few store changes, but here’s my list:

Charlie’s Grilled Subs opened this month in the food court in the former site of Steak Escape. By the looks of things they’re doing great so far.

Famous Footwear has moved into space  near Sears, in the former site of KBF Uniforms and before that, Waldenbooks. The self-service shoe store opened Thursday and plans to have a grand opening celebration on Saturday (April 16) with giveaways and other fun stuff.

KBF Uniforms has moved from their former site by Sears to store space just outside Penney’s in the mall.

Kay Jewelers will open May 6 across from Helzberg Diamonds, a move from its current mall site across from Zales Jewelers.  The new location will be bigger, a staffer said.

As would be expected, several kiosks have changed, most notably the one that sold watches by the food court. It’s now gone, replaced by another wireless retailer.

Speaking of the food court, two empty spaces remain, the one where Burger King operated for years and the one next to it on the end that sold soft yogurt.

I still miss that yogurt.

Know of more changes? Let us know!

ADDED LATER: Oops. Turns out Dakota Watch Company is still at the mall,  down the corridor towards Sears.

Tax filers miss these credits

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If you already filed your income tax returns, this is too late for you. So move on to other news.  But if you are a procrastinating tax filer who waits to the last days to do your taxes, read on…

Lots of us are missing out on tax savings by not taking credits that we’re entitled to, Jackson Hewitt Tax Service points out.

A big one is the Earned Income Tax Credit for households with less than $48,362 income in 2010. Credits — based on filing status, income and number of children — range from $457 (for taxpayers without kids) to $5,666 (for those with three or more children).

Child Tax Credit: For each dependent child under 17, taxpayers could claim up to $1,000.

Additional Child Tax Credit: If you didn’t use all the child tax credit and you made at least $3,000 last year, you can get a credit of up to $1,000 per child.

American Opportunity Tax Credit: A credit of up to $2,500 is available for higher education expenses, including tuition, books, fees and software.

Alternate Motor Vehicle Credit: If you buy a new vehicle that uses a qualifying alternate fuel, you may be eligible for this credit.

And there’s more good news for you procrastinators. The deadline for filing this year has been extendd to Monday, April 18.

Le Bistro to close April 16

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Le Bistro restaurant in the former City/County Complex in Superior will close April 16, a victim of the sluggish economy.

The fine dining restaurant, in operation nearly five years at the complex at 1409 Hammond Ave., will  keep its normal Tuesday-through-Saturday hours serving lunches and dinners until then, says owner Barbara Krause

“When we first opened, business was good,” she said. “Then, every year it just went down a little bit and a little bit.”

And as business dropped off, she would have to lay off staff, she said.

From a high of 35 employees, the restaurant now employs 12, said Krause who took on more roles as her staff shrunk.

She blames the closure on the poor economy and road construction.

“It’s been pretty tough,” she said. With the majority of their customers coming from Minnesota, she said any time there was road construction or bridge work, business was hurt. And more bridge work is coming this summer, she said.

“It’s a sad thing,” Krause said. “I wish it wasn’t happening, but that’s the way it goes. We really had some wonderful clientele. And I think the people who did come to our restaurant truly enjoyed it.”

News of the closing was posted Thursday on the  restaurant’s website, thanking those who have supported them over the past 4½ years. It gave a special thanks to the ladies from the Red Hat Society for their continuous patronage and support.

“We will miss you all,” it said.

Dubh Linn puts down roots

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It is safe to say Dubh Linn Pub is a downtown Duluth success story. In its five years in business, the Irish pub has grown from being a bar with a game room to also a restaurant and soon will have its own on-site brewery.

It’s become a popular night spot and its comedy nights pack them in.

But it wasn’t until a couple of years ago that the owners considered actually buying their building in the heart of downtown at 109 W. Superior St. the former site of Snyder’s drugstore.

Their expansion to include a kitchen last year changed that, said Mike Maxim Jr. who owns the business with his father, Mike Sr.

Last month, their purchase of the building, from Eric Ringsred for $450,000 became final, city records show.

“Eric was looking to sell it,” Mike Jr. explained. “Before the food, we wouldn’t have considered it.”

Now, it’s clear they’re in it for the long haul. And that’s good for downtown.

Will Buffett buy Cliffs Resources?

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Through Berkshire Hathaway, billionaire investor Warren Buffett’s acquisitions have included Burlington Northern Santa Fe for $26 billion in 2009 and Lubrzol Corp. for $9 billion just this month.

Now Buffett is looking for more big companies to buy with $38 billion in Berkshire Hathaway mad money, according to a Reuters story this week. Buffet serves as chairman and CEO of Berkshire Hathaway, a conglomerate holding company that manages numerous subsidiary companies.

“In Berkshire’s annual report, Buffett said he is on the lookout for possible acquisitions — making references to going big-game hunting with an elephant gun,” the story said.

By the end off the year, that Berkshire Hathaway cash cache will grow to more than $50 billion, Reuters said.

So what does this have to do with Cliffs Natural Resources?

Cliffs made a list of companies, compiled by Reuters, that met Buffett’s usual criteria for acquisition:

—It’s a growth industry.

—It’s an industry leader with a strong balance sheet.

—It has a history of profitability.

—It has little debt.

—It’s available on the cheap.

Other companies that made the list include Rolls-Royce Group, ITW, Eaton and AkzoNobel. One informed source quoted in the story believes a Buffett acquisition bigger than Burlington Northern is coming this year.