(BPT) - On June 15, 1976, the U.S. Department of Housing and Urban Development (HUD) instituted the Federal Manufactured Home Construction and Safety Standards — more commonly referred to as the “HUD Code.”

With these regulations, HUD defined the safety and quality standards required for construction of a manufactured home.

This was a pivotal moment for the manufactured home industry. Prior to the HUD Code, these homes were built with portability as a primary focus and were commonly referred to as “mobile homes” — hence the difference in terms.

You will often see the terms “mobile” and “manufactured” used interchangeably. But, according to the Manufactured Housing Institute, the HUD code draws a line of distinction between the two.

A mobile home refers to a home manufactured prior to the standards set by the HUD Code. Back then, the homes were built to voluntary industry standards enforced at the state level in 45 out of the 48 states in the continental U.S.

With the birth of the HUD Code, manufactured home now refers to a factory-built home constructed to those federal standards.

The HUD Code regulates, among other things, energy-efficiency standards, durability, transportability and quality. It also sets standards for the performance of HVAC, plumbing and electrical systems.

While the difference in quality between today’s manufactured homes and pre-HUD Code mobile homes is evident, you may be wondering how the terms “mobile” and “manufactured” are so often confused.

One similarity that may be the biggest contributor to the confusion is titling.

Like the mobile homes built prior to HUD Code, modern manufactured homes also require a title. So what does that mean?

Requirements for titling vary by state, but generally a manufactured home requires a title much like an automobile. This is because a manufactured home is considered personal property.

As personal property, a manufactured home is typically taxed separately from the land on which it sits. Visit https://drivinglaws.aaa.com/ for more general information on state-specific laws regarding the titling of manufactured homes.

State laws determine the process for surrendering the manufactured home title when the home is permanently affixed to the land, becomes part of the real estate, and is no longer considered personal property separate from the land.

Like manufactured homes, modular homes are also constructed indoors, sheltered from the elements. But unlike manufactured homes, modular homes do not require a title. Since they are built to International Residential Code standards and not the HUD Code, ownership of modular homes is treated the same as site-built homes.

For more information from Vanderbilt Mortgage and Finance Inc. about manufactured or modular homes, visit www.vmfhomeloan.com/first-time-buyers/.

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, Licensed by the NH Banking Department, MT Lic. #1561, Licensed by PA Dept. of Banking.

(BPT) - With the Tax Cuts and Jobs Act of 2017 having been signed into law, here are some of the things you should be thinking about as tax season approaches, according to Robert Fishbein, vice president and corporate counsel, Prudential Financial Inc.

2017 tax returns

The new tax law is generally effective starting in 2018, which means that your 2017 income tax return is largely unaffected. However, there may be actions you can take now to benefit from the change. For example, assuming you are eligible, you could fund a traditional IRA before the due date of your tax return; the income exclusion may be more valuable under higher 2017 tax rates.

Lower tax rates and new withholding

The hallmark of the new tax law is lower marginal tax rates for individuals. The IRS has issued withholding tables employers started using in February to reflect these lower rates. While this could mean lower tax withholding and more take-home pay, you should evaluate your personal income tax position to determine if you will pay more or less under the new law and adjust your withholding accordingly.

If you make estimated tax payments, you should also estimate your tax liability under the new tax law and make necessary adjustments to your quarterly tax payments.

Assuming your withholding or estimated tax payments need no adjustment may create an unpleasant surprise if you are under-withheld and owe penalty tax and interest when you file your 2018 income tax return.

Higher standard deduction

The new higher standard deduction of $12,000 for individuals and $24,000 for married couples will greatly reduce the number of taxpayers that itemize deductions. If you did not itemize in 2016, and your tax position is similar now, you will probably not itemize in 2017. The increased standard deduction, combined with lower marginal rates, may mean your tax liability will go down.

If you itemized in 2016, compare your total itemized amount to the new standard deduction. If less, and assuming a similar tax position in 2017, you will likely no longer need to itemize.

For many, this provision will turn out to be the greatest simplification aspect of the new tax law, since they no longer must track itemized deductions or complete multiple associated forms.

No personal exemptions

Some taxpayers will need to look more closely to determine if they will pay less or even more. The new law eliminates personal exemptions and reduces deductible items, such as limiting the total deduction for state and local income taxes to $10,000, reducing the amount of deductible mortgage interest and eliminating the deduction for interest paid on a home equity line of credit. Therefore, if you itemized deductions in 2017 and your deductions were greater than the applicable standard deduction, you will have to consider what deductions are available in 2018 and estimate your tax liability.

In states with higher income taxes and property taxes, it is possible that the loss of itemized deductions will be greater than the benefit of lower rates and your tax liability could increase.

Increased child and dependent credits

The new law increases the child tax credit for children under 17 to $2,000. The income limits to phase out the credit are also significantly increased so more taxpayers will be eligible. In addition, there is a $500 credit for other qualifying dependents. Depending on your tax bracket, this could be better or worse than getting an exemption for each dependent.

Increased AMT exemption

Adding one more layer of complexity to your 2018 planning is the new tax law’s modification of the Alternative Minimum Tax or AMT. The AMT is a parallel tax system that requires you to calculate your income tax under the normal rules and then again under AMT rules, paying the higher of the two. The new tax law increases the AMT exemption, or the amount you can earn and not be subject to this alternative tax. If you have been subject to AMT in the past, you should review the new increased exemption and whether that will change.

The bottom line

The bottom line for most is whether they will pay more or less income tax in 2018 than in 2017. While it is likely many will pay less, you need to consider all the above before you know how you will be impacted by the new tax law.
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Please consult your legal or tax advisor concerning your particular circumstances. The Prudential Insurance Company of America, Newark NJ and its affiliates.

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(BPT) - Every year, nearly eight out of 10 taxpayers receive a federal tax refund. Many of them are more than happy to see that “extra” money drop into their bank accounts. In fact, according to a recent TaxAct survey, 61 percent of tax filers said they’d rather receive a big refund than a larger paycheck throughout the year.

Unfortunately, many of those taxpayers don’t realize they could have that “extra” money throughout the year. That’s right — receiving a refund means overpaying the government in the form of a 12-month, interest-free loan.

“Receiving a refund check simply means you’re getting the money you already earned in the past year,” says Mark Jaeger, director of Tax Development for TaxAct. “It’s money you could have used to pay for things like car payments, student loans, groceries and medical bills — or even that island getaway you wanted to take last summer.”

Fortunately, there is something you can do about it. By making the necessary withholding adjustments to your Form W-4, you can have that money a lot sooner than tax season. Follow these three steps to take control of your finances and help give yourself a raise this year — not a refund next year.

1. Review your current withholdings.

To control your tax withholding and paycheck, you need to adjust the number of allowances (withholding exemptions) you claim on Form W-4. If you’re unfamiliar with Form W-4, it’s the tax document you complete each time you start a job to let your employer know how much money to withhold from your paycheck for federal taxes. To better understand how allowances work, think about it this way:
* To increase your paycheck, claim more allowances to withhold fewer taxes.
* To increase your refund, claim fewer allowances to withhold more taxes.

With one simple form you can make the necessary adjustments to give yourself a raise and put more money in your paycheck instead of waiting to receive it in the form of a tax refund. Take a moment to review your withholdings along with your current financial situation. Is it better for you to receive a larger refund or would additional money in each paycheck benefit you more?

2. Use tools to help calculate the appropriate withholding.

If you are unsure of what number of allowances is appropriate for your tax situation, a variety of tax tools can make calculating your withholdings easier. The Paycheck Plus calculator, for example, will use information like your income and tax deductions to help you determine how to make changes to your W-4 to receive a boost in your refund or more money in your paycheck.

By answering a few quick questions, you can easily adjust your withholdings to see how they impact your paycheck and your tax liability. The tool will also auto-populate your new Form W-4 if you choose to adjust your withholdings.

Using a tool like the Paycheck Plus calculator not only takes the stress out of estimating your withholdings on your own, it also lets you quickly see the potential impact on your finances before you make any official changes.

3. Assess recent life events.

As life changes, so do your taxes. Generally, you should consider adjusting your W-4 any time a major life event occurs, to ensure the right amount of tax is withheld from your paycheck. For example, did you start a new job this year or get a pay raise in your current position? A change in household income can impact your tax situation and require you to modify your allowances.

Did you recently tie the knot? Saying “I do” can affect your tax rate, especially if you and your spouse are both employed. Filing a joint return can lower your tax rate and qualify you for deductions you didn’t have as a single person. The same is true if the opposite occurs — divorce. Untying the knot will place you back in single status and take away many of the tax benefits available to those who are married.

A new baby is also a major life event that greatly influences your tax situation. This is true even if you adopt. Not only can you claim an additional allowance for your new dependent, you may also qualify for various credits, like the Child Care Tax Credit and the Child Tax Credit. Both of those decrease your tax liability. If your withholdings remain the same, you may receive a larger refund, but you will miss out on extra dollars in your paycheck to cover the costs of added expenses, like diapers and formula.

(BPT) - More than 100 million working Americans have no disability coverage other than Social Security Disability Insurance (SSDI). Millennials - now the largest part of the workforce - may be most at risk. Millennials are least likely to have disability coverage offered through their employers or private insurance providers, and most don't understand long-term disability insurance, according to a recent insurance industry study.

However, one in four 20-year-olds will become disabled before they retire, as noted by the Council for Disability Awareness. This is a reality many boomers are experiencing firsthand. Nearly 75 percent of all individuals receiving SSDI benefits today are between the ages of 50 and full retirement age, according to the Social Security Administration.

Life perspectives can be different for millennials, born in the early 1980s to early 1990s, when compared to boomers, born in the 1940s to early 1960s. But there are several practical steps that millennials can take to ensure they are prepared should they experience a disability, says Tricia Blazier, personal health and financial planning director for Allsup.

Understand SSDI eligibility.

Not everyone is eligible for Social Security Disability Insurance benefits. As the name implies, it's insurance and individuals must have worked and paid into Social Security through payroll taxes for five of the last 10 years in order to qualify.

They must also have been disabled before reaching full retirement age, which is 67 for anyone born in 1960 or later. Finally, they must meet Social Security's definition of disability, which means they aren't able to work because of a mental or physical disability that has or is expected to last for at least 12 months, or to result in death.

Know the benefits of SSDI.

Eligible workers last year received an average monthly SSDI income of $1,166. More than half of beneficiaries receive monthly benefits in the range of $700 to $1,400. SSDI income does not replace a full-time wage, but it's an important safety net for the more than 10 million workers and their dependents who rely on it, says Blazier. She added that dependents and spouses may be eligible for additional income benefits averaging a few hundred dollars a month.

She also notes SSDI includes additional support. For example, individuals become eligible for Medicare 24 months after their cash SSDI benefits begin.

Particularly important for younger workers, return-to-work incentives are also available to SSDI recipients. These incentives allow individuals to attempt work through the Ticket to Work program, while still providing disability benefits for a period of time. SSDI also includes provisions to protect a person's future retirement benefits.

Apply for and secure help getting SSDI benefits as soon as possible.

The SSDI application process can be confusing and frustrating. Most people who apply are initially denied. Those who appeal face a national backlog of more than 1 million claims.

"Getting expert help at the very beginning of the SSDI application process increases a person's chance of being awarded at the application level," explains Blazier. "They will have their benefits faster than the months or years many people must wait if they have to appeal."

Participate in employer-provided long-term disability coverage if available.

Some employees are eligible for employer-provided or subsidized long-term disability coverage. Many of these policies have provisions that require individuals to also seek SSDI, Blazier notes. Therefore, even if employees have private coverage, it's important they understand their SSDI eligibility requirements and benefits.

For more information on SSDI eligibility and benefits, call the Allsup Disability Evaluation Center at (800) 678-3276 or visit Expert.Allsup.com.