Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Being named as the executor of a family member's estate is generally an honor. It means that person has been chosen to handle the financial affairs of the deceased individual and is trusted to help carry out his or her wishes. Settling an estate, however, can be a difficult and time-consuming job that could take several months to more than a year to complete. Each state has specific laws detailing an executor's responsibilities and timetables for the performance of certain duties. If you are...
Got kids? We know that sometimes they can be jokingly referred to as "our little tax deductions", so let's begin at the beginning. When little Susie is born, her parents (you) must apply for a social security number (SSAN) for her before you leave the hospital. In the case of a home birth, you must apply and receive a SSAN before you can claim her as a dependent on your tax return. The IRS requires you to list a social security number for each dependent you claim on your tax return. Susie now be...
Health Insurance Some of you will receive a Form 1095 (do not throw this away, we will need the information to prepare your 2017 federal tax return). If you have not received a Form 1095, we are required to ask you several questions about your health care coverage to help you avoid penalties and comply with the federal requirements. If you received a reduction in your health insurance premiums based on information you furnished Covered California, the IRS will match your income and household...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. You may spend decades contributing to your IRA and 401(k). But, eventually, you'll need to use this money. Before that day arrives, you'll want to be familiar with the rules governing withdrawals – and you'll want to know just how much you should take out. To begin with, withdrawals from traditional employer-sponsored retirement plans like these fall under the Internal Revenue Service's "required m...
Today, there are over 50 million small business owners in America. With the advent of new companies such as Uber and Airbnb, having your own business seems easier than ever. New business start-ups are exploding whether the plan is to go full-time or just to have a little something on the side to make some extra cash. This phenomenon is reshaping the American economy creating more and more self-employed entrepreneurs. It is easy to start a new business, and you want to make sure you don't overloo...
It's not tax season yet, but it is time to start thinking about your 2017 taxes. I always encourage my clients to sit down with their Tax Pro during the 4th quarter of the year. It's good time to see how you are doing and what adjustments need to be made. There are a lot of things you can do to minimize your tax liability, but you need to take action before the bell tolls at midnight on December 31st. (If you are on a calendar year) Also, take a look to see what changes have been made to the...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. You may spend decades contributing to your IRA and 401(k). But, eventually, you'll need to use this money. Before that day arrives, you'll want to be familiar with the rules governing withdrawals – and you'll want to know just how much you should take out. To begin with, withdrawals from traditional employer-sponsored retirement plans like these fall under the Internal Revenue Service's "required m...
This article is taken in its entirety from www.consumer.ftc.gov/blog/2017/09/equifax-data-breach-what-do. If you have a credit report, there's a good chance that you're one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation's three major credit reporting agencies. Here are the facts, according to Equifax. The breach lasted from mid-May through July. The hackers accessed people's names, Social Security numbers, bir...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Mother's Day and Father's Day may get more attention, but National Grandparents Day, observed on Sept. 10, has gained in popularity. If you're a grandparent, you might expect to receive some nice cards, but if you want to make the day especially meaningful, you may want to consider giving some long-lasting financial gifts to your grandchildren. What might come to mind first, of course, is helping your...
Your chances of requiring some sort of long-term care increase as you age, and long-term care insurance (LTCI) can help you cover your long-term care expenses. Although tax issues are probably not foremost in your mind when you buy LTCI, it still pays to consider them. In particular, you should explore whether your premiums will be deductible and your benefits taxable. You may be eligible for an income tax deduction You may be able to deduct all or part of the LTCI premiums you pay for...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Mother's Day and Father's Day may get more attention, but National Grandparents Day, observed on Sept. 10, has gained in popularity. If you're a grandparent, you might expect to receive some nice cards, but if you want to make the day especially meaningful, you may want to consider giving some long-lasting financial gifts to your grandchildren. What might come to mind first, of course, is helping your...
But not a used computer like you’re probably thinking. I’m talking about a refurbished computer. You can buy a refurbished computer direct from the manufacturer, e.g., Dell, HP, Apple, etc., or you can buy one from a company that specializes in refurbishing computers. The refurbished computers that come directly from the manufacturer were probably returned by a customer for some reason. The manufacturer checks out the computer, replaces any parts that need replacing, and then does the same fin...
This is the third and probably the last of the historical collaborations between my brother Bill Deaver and me to write our columns. Bill did most of the writing on this one; however I provided the memories needed for names of people from the past. What prompted this trip down memory lane was the building known as the Poole Building in Mojave suffering damage from a fire recently. This began as a major discussion in my family and with many of the community speculating on how the old building...
Extensions Whether you file a tax return by the April due date, or obtain an extension to file, filing an annual tax return is mandatory if your income is above a certain level, which will vary depending upon your filing status. Reasons to file an extension include waiting for an important document such as a late 1099 or K-1 form showing income which needs to be reported, you may be overseas and unable to file by the April deadline, or you may just be a habitual procrastinator. Whatever the...
Tax-related identity theft occurs when someone uses a taxpayer's stolen Social Security number and name to file a tax return to claim a fraudulent refund. Often the taxpayer doesn't know this has occurred until they try to file a legitimate tax return and have their return rejected with an error code stating that a return has already been filed using that name and Social Security number. This article discusses the steps to take when a taxpayer's identity has been stolen, along with helpful...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. It’s tax time again – which for many Americans means that a tax refund is on its way. If you’re going to get a refund this year, how can you use the money to your best advantage? Of course, it’s always tempting to spend the check from Uncle Sam on something fun. But a tax refund could be sizable – the average amount in 2016 was $2,857, according to the IRS – so putting this money to work could help...
Today, We Honor The Overall Man Classic Bill Mead With everybody tossing rotten tomatoes at the beleaguered Internal Revenue Service these days, I thought you might like to hear that the IRS did have a sense of humor at one time. I will violate one of my sacred principles just this once and tell you the absolute truth. Many years ago, I converted our garage into an office for my consulting business. Foolishly, I made it big enough that it encouraged my wife and daughters to cram it with their...
Proving tax deductions without cancelled checks There is a growing trend toward remote deposit of checks. Because of the increasing sophistication of smartphones, you can now photograph a check written out to you and digitally send it to your bank for deposit. All this and more became possible after the Check Clearing for the 21st Century Act (Check 21) became effective in 2004. As a result of this act most banks discontinued the practice of retaining a paper version or copy of your checks....
I have noticed confusion in the people I talk to regarding tax credits and tax deductions. A tax deduction reduces the amount of income that is subject to tax. The itemized deductions for mortgage interest, real estate taxes, contributions, etc are examples. If you earn $60,000 but have $15,000 in itemized deductions, you pay tax on $45,000 of income. If you are in a 15% federal tax bracket, a $15,000 tax deduction reduces your tax $2,250 ($15,000 x 15% tax rate). A tax credit reduces your tax b...
Affordable Care Act (Obamacare) Let’s begin with changes under Obamacare. The Internal Revenue Service has 5 tax forms as part of your federal tax return. Some of you will receive a Form 1095 (do not throw this away, we will need the information to prepare your 2016 federal tax return). If you have not received a Form 1095, we are required to ask you several questions about your health care coverage to help you avoid penalties and comply with the new federal requirements. This additional work we...
It is now the fourth quarter of the year, how are you doing? This is the time of year that it makes sense to look back and review your company's performance. Why now? Well, you still have time to make adjustments before the end of the year. Most small business owners focus on generating revenue, and while that's important, they often neglect maximizing what they have. You work hard for your money, so it is important to keep what's yours by legally taking advantage of the tax benefits available...
Whether you are starting a business or have been in business for some time, what do you do about taxes? There are strict tax laws in the United States that make this is an important question, but most small business owners are focused on making money without any concern for the tax consequences. How you legally structure your business will determine how and when you pay. The first thing to do once you start a business is to get an Employer Identification Number (EIN) otherwise known as a...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. If you’re an older member of Generation X – that is, if you were born in the early- tomid-1960s – you may have a lot of “balls in the air.” You are saving for your own retirement – which might not be that far away – while at the same time possibly wanting to help pay for your children’s college education. And you may also be assisting your aging parents in some ways. How can you manage this juggling a...
Income Taxes – As long as you are the trustee or a co-trustee, no separate income tax returns are required to be filed for your living trust. The taxpayer identification number for the trust is your social security number and all income and deductions related to the assets held in the trust are reportable on your individual income tax returns. When you are no longer a trustee of your trust, then income tax returns must be filed by the trustee, reporting all of the income and deductions relating...
Tax Identity Theft is a growing problem. The General Accountability Office (GAO) reported that in 2013 the IRS paid out approximately $5.8 billion to thieves. They admit that the real number may be much higher because they are not sure how much theft goes undetected. The GAO is also reporting that they expect the fraudulent losses to continue to climb due to the way that information is received and processed by the IRS. One estimate is as high as $21 billion per year. The losses are staggering and they affect all of us directly or indirectly....
