FIRESIDE GATHERINGS MOVE TO THE BACKYARD

That's right. It's the latest trend in backyard landscaping: the outdoor fireplace. And we don't just mean a wood-burning pit in the ground. The Weintraubs of Bath, Ohio, recently spent $60,000 on a gas-burning outdoor fireplace that stands 16 feet tall and features a built-in stereo system.

Backyard fireplaces are springing up in the backyards of a growing number of homeowners who have the means to afford their rising price tags. Interestingly enough, the demand for backyard fireplaces seems strongest in the Northern and mid-Western states in which the winters are just too cold to even stay outside and enjoy the fire.

Theories vary as to why this trend has taken off: Jim Weidner of Weidner Group Landscaping thinks that with the real estate market slowing, home owners are deciding to stick around and invest in their homes. Others postulate that multiple electronic "entertainment options," such as iPods, TVs, TiVo, computers and video games, leave little room for quality family time. The fireplace provides a peaceful gathering place to reconnect.

Of course, there's always the idea that these tall-standing, high-priced fireplaces can serve as a conspicuous status symbol.

In any case, a lot of people just want to "enjoy a fire."

To read Christopher Maag's article in its entirety, go to Family Hearth Moves to the Backyard

RISE IN FORECLOSURES IMPACTS STOCK MARKET

Stocks fell last Tuesday in the wake of a report indicating that things will get worse before they get better when it comes to the housing market. A record number of homes were in foreclosure in the fourth quarter, and even strong markets like California showed a growth in default rates.

While the economy remains relatively strong and unemployment drops, subprime lenders are feeling the squeeze as their shares fall. New Century Financial had to stop making loans last week, and even Countrywide Financial--the nation's largest mortgage lender--is deciding on more strict standards.

Some mortgage company executives stress that there is nothing to worry about--that the streak of credit problems is contained within the subprime category--but Senator Christopher Dodd of Connecticut says that there is a possibility the government will need to step in and provide aid to struggling homeowners or those who have lost housing.

To read the entire article by the New York Times' Vikas Bajaj, please go to Bad Loans Put Wall St. In A Swoon

MOUNT RAINIER REBUILDS BUT CLIMATE CHANGE CONTINUES

Back in November the Nisqually River blew out its banks, washing out parts of roads, destroying footbridges and nearly sweeping away the historic buildings of Mount Rainier National Park in Washington State.

Now in the process of re-enforcing the main road, officials now need to be concerned not with reopening the park but predicting the future activity of the rivers in the face of climate change.
Paul Kennard, a geomorphologist at the park, says that the glaciers are "by far at their historic
minimum."

The focus of the current repairs is "access and safety." In addition, there is of course the preservation of the park's landscape and wildlife--a concern that makes it harder to balance the desire for public access with preparation for changing environments.

To read this article in its entirety, please go to Park Tries To Balance Access and Nature As It Rebuilds.

THE LOUVRE OF THE ARAB WORLD?

How much does it cost to rent the Louvre's name? $520 million for 30 years, apparently. That's how much the Abu Dhabi, the capital of the United Arab Emirates, is paying.

The Louvre Abu Dhabi is scheduled to open in 2012 as part of a "tourist and cultural development" on Saadiyat Island and will be overseen by the International Agency for French Museums.

In addition to the $520 million price tag put on the museum's name, Abu Dhabi has also agreed to donate$32.5 million to help refurbish a wing of the original Louvre in Paris. France will also rotate hundreds of pieces of art through the Louvre Abu Dhabi, and offer "management expertise" to the new museum.

Though leaders from both France and Abu Dhabi seem hopeful about this new relationship, many French traditionalists critique their government for "selling" its museums.

To read the article in its entirety, please go to The Louvre's Art: Priceless. The Louvre's Name: Expensive.

HIDDEN TAX BREAKS & THE PHONE-TAX REBATE

By Kevin McCormally


You can count on getting at least a $30 to $40 fatter tax refund this spring – or you'll owe that much less when you file – thanks to the government's effort to redress an error that has its roots in the 19th century.

At issue is a levy on long-distance telephone calls born in 1898 as a 1% luxury tax to help finance the Spanish-American War. Last year, the government conceded that collecting the tax was, well, illegal.

The problem was that tax applied to charges based on the time and distance of the call. Although your grandkids might not remember, you know that's the way things used to work. The farther away you called, the more you paid for each minute you talked. In recent years, though, the distance part of the equation has disappeared. And that's the rub.

Over the past few years, some big companies, including Home Depot and Hewlett-Packard, challenged the government and won case after case. Finally, the government gave up and hung up on the long-distance tax effective August 1, 2006. Uncle Sam promised refunds of money collected since March 1, 2003. (The IRS says the statute of limitations won't let it refund taxes collected before that date.)

How to Get Your Money

The IRS has come up with an easy way for most of us to claim a refund. You'll find a line in the payment sections of your tax return to claim your credit, so you get the benefit even if you don't itemize deductions. For those of you who don't file a return, the IRS has created a special form, the 1040EZ-T, to request a tax refund.

Don't want to plow through 41 months' worth of old phone bills? You can claim a standard credit based on the number of exemptions you take. A single person who claims one exemption gets $30, while a couple gets $40. A couple with one dependent child gets a $50 credit and couples with two or more children get $60 – the top credit allowed. The IRS says it came up with the figures based on telephone usage data, and that the amounts include interest back to the time the money was collected.

If you spent an average of more than $25 a month for long-distance service during the refund period, you can seek more than the standard credit. But you might decide it's not the worth the effort once you see the new Form 8913. Basically, you need to tote up the federal tax you paid on long-distance calls between March 2003 and August 2006, group the payments in three-month increments and then figure the interest you're due on each quarter's tax.

There's no one-size-fits-all refund for business owners. Businesses can use a formula that bases their credit on total phone charges during the refund period rather than the actual tax paid. For more details, visit the Telephone Tax Refunds section of the IRS website.

Hidden Tax Breaks

Although the telephone tax credit is easy to find on the tax forms, that's not the case for three tax savers that Congress revived in December – after the IRS sent the forms to the printer. These tax breaks were set to expire without action by lawmakers. You're affected if:

• You qualify to deduct state sales taxes (which you surely do if you itemize and live in a state that does not have its own income tax).
  
• You qualify to deduct college tuition paid during 2006.
  
• You qualify to claim the special $250 deduction for expenses paid for classroom materials by teachers and teachers' aides.
  

Although none of these breaks is mentioned on the forms, all are available for 2006. You can find information on how to claim your deductions at http://www.irs.gov/ or by calling 800-829-1040.

Reprinted with permission. All contents © 2007 The Kiplinger Washington Editors, Inc.

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