Month: April 2024

2024-04-04T23:01:00

(BPT) – Whether you are in the market for a new home or ready to upgrade your current residence, investing in energy-efficient home improvements could help you save money thanks to the Inflation Reduction Act.

Signed into law in August 2022, the federally funded Inflation Reduction Act includes a record $370 billion reserved spending for energy initiatives, including significant tax credits, rebates and other incentives for homeowners who replace or upgrade their HVAC systems, appliances and insulation. Combined with additional state, local and manufacturer’s programs, these energy-efficient home improvements can help you save considerably at tax time — and lower your utility bills in the long run.

When you’re ready to enhance your home’s efficiency, here’s what you need to know:

Energy-Efficient Home Improvement Credit: Beginning with products installed on Jan. 1, 2023, and extending through the end of 2032, energy tax credits have been expanded from previous programs with increased cost-saving values. They now offer homeowners a rebate up to 30% of eligible expenses up to $1,200 per year each year that the program is active. Homeowners considering an energy-efficient heat pump can save even more money with an additional rebate up to $2,000 available. Eligible upgrades include:

• Home energy audits
• Heat pump HVAC or water heaters
• Biomass stoves and boilers
• High-efficiency gas furnaces
• High-efficiency central air conditioning
• ENERGY-STAR certified doors and windows
• Insulation enhancements
• Electric panel and wiring upgrades
• Clean energy equipment installation

High-Efficiency Electric Home Rebate Program: The High-Efficiency Electric Home Rebate Act, or HEEHRA, is a 10-year program that provides homeowners with rebates up to 100% of the cost of eligible projects up to $14,000. HEEHRA rebates are based on income and can help to fund home improvements such as switching to electric appliances, installing a heat pump or updating your home’s circuit panel. The value of each rebate varies by project and includes up to $8,000 for eligible households to install heat pumps.

State and local rebate programs: In addition to federally funded programs, many state, local and utility rebates are available to incentivize energy-efficient home improvements. These offers can vary so it’s best to speak to a local expert such as your HVAC contractor, or use this zip code-based HVAC savings database at York.com/residential-equipment/rebates-and-savings as a point of reference.

Manufacturer rebates and financing options: When it comes to your home’s efficiency, heating and cooling often account for the most energy consumption — and the highest utility bills. Because of this, upgrading the HVAC system can often provide the greatest payback.

Regardless of your home comfort needs, manufacturers such as YORK have an extensive offering of energy-efficient systems, including electric heat pumps, that may be eligible for certain rebates. Plus, your contractor can discuss available financing options to help with the upfront equipment costs to maximize savings.

2024-04-04T08:13:00

(BPT) – A single day in construction can prompt just about every emotion — the pride of seeing a project near completion, the frustration of project delays and the anxiety that comes with accidents and injuries. Safety controls help mitigate risk, but accidents can still occur. If something goes wrong, insurance can help protect your livelihood.

“Fluctuating material costs, weather changes and staff shortages are a few of the many things outside a contractor’s control,” says John Lack, former general contractor and current construction consultant at Acuity Insurance. “Given the industry’s unpredictability, it’s important to manage what you can. By not being adequately insured, many contractors are leaving themselves vulnerable to the potentially business-ending impacts of accidents and injuries.”

If it’s been a while since you’ve reviewed your insurance coverage or you are not sure what’s in your commercial policy, consider the following coverages and whether it’s time to call your agent to discuss.

Workers’ Compensation Insurance

When an accident occurs, you want to get your staff healthy and back to work. Choosing an insurance partner equipped with additional services can help your employees get back to work sooner, have better outcomes and save you money. Acuity Insurance offers a nurse helpline that helps streamline access to nonemergency care for injured workers. Acuity also reviews every bill incurred to make sure the treatment is applicable to the injury and charges are billed correctly. This means you’ll only be incurring costs for what you should. These services help ensure employees are cared for and reduce expenses.

Liability Insurance

General liability policies help protect a business when someone takes legal action against it. Acuity’s general liability policies apply the policy aggregate limit separately for each project and each location, satisfying your contract requirements and protecting your interests. Contractors’ errors and omissions coverage protects your business if someone sues you for work performed incorrectly. Voluntary property damage coverage applies to accidental damage to customer property you are not working on left in your care or control at a work site. These coverages provide financial protection if things go wrong.

Commercial Auto Insurance

Any business that owns or leases vehicles or has employees drive their personal vehicles for business purposes should have commercial auto insurance. Commercial auto insurance covers many business vehicle types, from cars to semitrucks. Commercial auto insurance covers your vehicle’s liability you assume while driving. Unfortunately, accidents happen, and they can get expensive quickly. Commercial auto coverage can help you get back to work after an accident.

Property Insurance

You have a lot of things worth keeping safe. Your building is your home base, and we know you rely on your tools and equipment to keep your work going. Working with your insurance company to tailor your coverages and limits should give you peace of mind that you can quickly return to work if something goes wrong.

Insurance is an important way to secure your business’s financial well-being. Choosing the right coverages and partner can make the difference between being able to rebound from financial loss and having to shut down.

“Construction is a challenging, rewarding and sometimes risky industry,” Lack says. “It’s wise to work with an independent insurance agent who understands your business and can help to ensure ongoing protection for your business.”

2024-04-02T09:01:00

(BPT) – By: Konda Pollard and Brent Suriano, Synovus Bank

According to recent research, while 74% of Americans engage in financial planning, only 15% have a written plan and 30% lack any long-term financial goals. With April being Financial Literacy Month, many people are seeking advice on how to get their finances in order. With a well-laid and continually updated financial plan, people can feel more in control of their financial future and more confident in meeting their goals.

Over the past few decades, financial products have become more accessible to the public, which has led individuals to have more bank and investment products than ever before. Between bank accounts, credit cards, auto loans, mortgages and multiple investment accounts, it can be tough to begin organizing. Together with a financial advisor, taking a holistic look at where your money is going may help you find places to cut down on spending and save money toward your goals.

To implement a financial plan that works for you, consider the following:

• Find the right advisor for you. Start by asking yourself, “Do I have the time and energy to be the best financial advisor for myself?” The answer may be no, which is why experts are readily available to help. A Synovus financial advisor can help you build out a goal-based plan. It is simple to aim to “save more, spend less,” but a trusted advisor can help you highlight specific goals to work toward, which will strengthen your emotional connection to achieving those goals. For example, envisioning saving up for a tropical family vacation or buying a luxury item can strengthen your commitment to a financial goal more than aiming to save a certain dollar amount.
• Work backward to arrive at a plan. Consider where you want to be in 5 or 10 years, and then discuss what you need to start today to get yourself on track. Discuss short-term and long-term priorities with your advisor, and work toward setting realistic goals. Planning for retirement, which may be several decades away, can feel daunting, but working with the end goal in mind can provide perspective for the short-term goals.
• Consider your life stage. There is no “one size fits all” plan for achieving financial goals. Someone who is fresh out of college will have vastly different goals and cost outlays than a 50-year-old with a family. Working with trusted experts will help craft a plan that is unique to you, your life stage and your individual goals. Once you have your financial plan in place, make sure it evolves with your lifestyle, needs and family dynamics. Aim to meet annually (or more often) with your advisor to ensure your plan is staying up to date with any lifestyle changes, such as a new job, new home, marriage or children, and is maximizing your money given the economic conditions at that time. Having regular check-ins to make small updates will be much less mentally taxing than updating a financial plan that hasn’t been reviewed in several years. And remember it is never too late to get started.
• Celebrate wins. Create milestones in your financial plan and celebrate when they are achieved. Big or small, recognizing progress will give you an emotional boost to keep striving for the next goal.

Life is full of uncertainties, but your financial future doesn’t have to be one of them. Financial Literacy Month is a great time to take a closer look at your finances and assess your goals with a trusted advisor that can help set you up for success in April and beyond.

Konda Pollard and Brent Suriano are directors of private wealth at Synovus Bank.

2024-04-02T14:33:00

(BPT) – With spring finally here and summer right around the corner, this means one thing for a lot of people: vacation! As we enter the warmer seasons, many people are prepping their summer plans and travel arrangements.

While it’s fun to see a new place or visit family and friends, there are already plenty of costs that add up during this time of the year. Vacation costs can pile up with airfare, hotels, car rentals and more, but you can alleviate some of these costs with your credit card rewards. These programs allow you to make the most out of your travels. Rather than worrying about the price tag, you can focus on enjoying your getaway.

There are so many types of credit cards out there, so it’s important to look at the variety of rewards that different cards offer before you decide on which one to get. For instance, several credit cards offer signup bonuses, different earning rates and redemption options by simply choosing the card. Once you’ve signed up for the card, you can start using all the great benefits!

Many different credit cards cater toward travel expenses and offer a long list of deals that you wouldn’t have access to otherwise. Not only can you use rewards points toward your flight, but there are also other travel perks with credit card rewards that you may not have even known about, such as airport lounge access, travel insurance or baggage protection, to name a few.

Additionally, there is usually a list of hotels, car rentals, restaurants and more that partner with these different rewards programs to give you access to low-rate stays and premium options for less. Depending on what you value as a traveler, there is a reward card to meet every consumer’s needs. If you haven’t already, take advantage of your credit card benefits, maximize the value of your travel rewards, and start packing for your next vacation!

But things could change in the future. Proposed legislation could impact credit card rewards, potentially limiting these travel benefits. Learn more about the Credit Card Competition Act and how it might impact your credit card rewards.

2024-04-02T14:37:00

(BPT) – As the longer and sunny days quickly approach, your credit card can be a valuable ally in navigating the seasonal spending spree wisely. Beyond being a convenient and safe payment method, credit cards offer many benefits for consumers to leverage during their spring travel and shopping. Whether you earn travel miles or cashback rewards through your credit card, spring break is a great time to maximize your credit spending while also ensuring financial responsibility. Take a look at the three best ways to use your credit card during the spring season!

1. Maximizing Credit Card Rewards

We’re sure you’ve heard of a multitude of options available in terms of rewards when applying for a credit card. Choosing a credit card that offers generous rewards for purchases allows you to gain points and miles, which can then be redeemed for discounts or freebies. These credit cards present a valuable opportunity to offset spring expenses, effectively turning your spending into savings!

By strategically choosing when and where to use your card, you can maximize these rewards, ensuring you get the most value for every dollar spent. It’s a smart and savvy way to make your shopping not only enjoyable but financially rewarding.

If you’re planning to travel, using a credit card that offers great miles is also extremely beneficial. Nowadays, many airlines and payment networks collaborate on co-branded credit cards that offer great perks. You can beat the spring break rush by having access to security lines and airport lounges.

2. Utilizing Cash Back to Your Advantage

Cashback programs offered by credit cards can help savvy shoppers harness the power of these programs to add a sprinkle of savings to their seasonal splurges. Whether it’s for that perfect spring formal dress, beach gear for your getaway, or ingredients for a family gathering, you’re not just spending; you’re earning back a percentage in cold, hard cash or statement credits.

Choosing the right cashback rewards program can help you save money and ensure your credit score stays high. As you embark on your spring shopping sprees or plan your spring break adventures, remember: with the right cashback rewards program, every purchase becomes an opportunity to save.

3. Building Your Credit

Building your credit by using a credit card during spring shopping can be advantageous for consumers in several ways, such as improving your credit score, establishing a good credit history, and enhancing security measures.

Responsible credit card usage contributes positively to your credit history, demonstrating to creditors that you can manage credit responsibly. Timely payments on your credit card can boost your credit score over time, opening doors to better loan terms, lower interest rates, and increased financial flexibility in the future.

Credit cards often come with robust fraud protection measures. Using your credit card for spring travel or shopping can enhance security, and if unauthorized transactions occur, you are typically not held responsible for fraudulent charges.

Overall, as you declutter for spring cleaning now is a great time to prioritize using your credit cards to ensure a financially rewarding and responsible experience. By maximizing your rewards and cashback opportunities you can make larger purchases for your friends and family, while also building an effective credit history.

2024-04-02T16:27:00

(BPT) – As spring blooms and summer approaches, it’s prime time for consumers and small businesses to leverage the power and convenience of credit cards for their spending habits. In a society where digital payments thrive, credit cards emerge as essential tools, offering many benefits for both retailers and consumers.

Here’s why credit cards are a frequent payment choice, catering to the needs of consumers and small businesses:

Credit card perks for consumers:

1. Spring break and summer getaways: With warmer weather on the horizon, many consumers are gearing up for their summer vacations. Credit cards come with enticing rewards programs like cashback, points or miles, enabling consumers to save on travel expenses. More than half of Americans rely on their rewards programs. Whether it’s booking flights, accommodations or rental cars, these rewards make dream vacations more affordable and within reach.
2. Protection against fraud: Data security is a top priority as consumers embark on their spring and summer shopping sprees. Credit cards offer robust fraud protection measures, giving consumers peace of mind when booking travel arrangements. New legislation could jeopardize consumer data security by leaving banks with little control over transaction routing systems that protect consumers when they swipe their card.
3. Convenient shopping experience: Amid the excitement of spring break and summer vacations, convenience is vital for consumers. Credit cards facilitate hassle-free transactions, whether pre-booking hotel rooms, renting equipment for outdoor activities, or indulging in seasonal wardrobe upgrades. The ease of payment with credit cards helps ensure a seamless shopping experience, even amid limited stock or fluctuating inventory due to market uncertainties.

Benefits for small businesses:

1. Seamless payment options: Accepting credit cards is non-negotiable for small businesses catering to spring breakers and summer tourists. Consumers are more likely to have their cards on hand, offering small business owners the flexibility to accommodate various payment preferences, whether in-store or online.
2. Building brand loyalty: Offering branded credit cards can be a strategic move for small businesses to foster customer loyalty and drive repeat purchases. These cards serve as a transaction tool and offer insights into consumer behavior, allowing small businesses to cater their benefits to meet the needs of their customers.
3. Streamlined financial management: Amid the hustle and bustle of the spring and summer seasons, small businesses benefit from the financial control of credit card transactions. From tracking expenses to ensuring timely payments, credit cards streamline financial management processes, contributing to improved cash flow and overall business stability.

Credit cards help consumers and small businesses, offering security, rewards and convenience. Some lawmakers are advocating for a credit card routing bill that could potentially eliminate rewards programs and reduce data security every time consumers pay with their credit card. Lawmakers should thoroughly examine this bill’s potential impacts on the economy, small businesses and American families.