Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Nikki to MB – Nikki Cummings turned over the post of president of the Greater Tehachapi Economic Development Council (GTEDC) to Mary Beth Garrison on Jan. 6 at the council's meeting in the Tehachapi Police Department community room. Cummings' three-term tenure as president was a period of robust growth and expansion for the organization, whose mission is to encourage economic growth in the Tehachapi area. When she first became involved with the GTEDC, she said, "I was the youngster hanging o...
As the year draws to a close, there might be a slew of tasks on your to-do list. One task to consider is setting up a meeting with your financial professional to review your investments. If you take the time to get organized now, it may help you accomplish your long-term goals more efficiently. Here are some steps that might help. Evaluate your investment portfolio During the meeting with your financial professional, review how your overall investment portfolio fared over the past year and...
IRAs The longer you delay retirement, the longer you can contribute to your IRAs, up to a point. If you have a traditional IRA, you have to start taking required minimum distributions (and stop contributing) once you reach age 70½. If you fail to take the minimum distribution, the IRS will assess a 50 percent penalty on the amount that should have been distributed. If you have money in your current employer's retirement plan, as long as you are not a more than five percent owner, the required mi...
Age-Based Tips for Making the Most of Your Retirement Savings Plan No matter what your age, your work-based retirement savings plan can be a key component of your overall financial strategy. Following are some age-based points to consider when determining how to put your plan to work for you. Just starting out Just starting your first job? Chances are you face a number of financial challenges. College loans, rent, and car payments all compete for your hard-earned paycheck. Can you even consider contributing to your retirement plan now? Before...
The Tehachapi Police Department is warning the community of several IRS Scam’s that have recently been reported. In these scams, the caller places a phone call to the potential victim and alleges they are calling from the Internal Revenue Service. The victim is told they owe money to the IRS and they could have criminal charges filed against them or even be arrested if they do not pay. Often times the victim is asked to make payment through a pre-loaded debit card or wire transfer. The goal of the scam is to obtain personal identifying i...
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 reason, filing an extension will grant you another six months...
I owe a large amount of money to the IRS. Can I pay what I owe in installments? Unfortunately, not everyone gets a refund during tax season. If you are in the unenviable position of owing a large amount of money to the IRS, you may be able to pay what you owe through an installment agreement with the IRS. With an installment agreement, the amount of your payment will be based on how much you owe in unpaid taxes and your ability to pay that amount within the agreement’s time frame. Although you a...
You might not think that 70½ represents any particular milestone. But when you do reach this age, you will have to make some decisions that affect an important aspect of your life — your retirement income. Here’s the background: Once you turn 70½, you will need to start taking withdrawals from your 401(k) or similar employer-sponsored retirement plan and from your traditional IRA (but not your Roth IRA). Actually, you will need to begin these withdrawals — known as “required minimum distribut...
Federal law requires your tax preparer to obtain your consent before we use or disclose your “tax return information”. Tax return information is all the information we obtain from you or other sources in any form or manner that is used to prepare your income tax return, or that is obtained in connection with the preparation of your return. It also includes: (1) All computations, worksheets and printouts your tax preparer creates. (2) Correspondence from the Internal Revenue Service or Franchise Tax Board regarding the preparation, filing and co...
How much can I contribute to my IRA in 2015? The combined amount you can contribute to your traditional and Roth IRAs remains at $5,500 for 2015, or $6,500 if you'll be 50 or older by the end of the year. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k). But if you (or your spouse) participate in an employer-sponsored plan, the amount of traditional IRA contributions you can deduct may be reduced or eliminated (phased out), depending on your modified adjusted gross income (MAGI). Your ability to...
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 account 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 becomes “your little tax deducti...
Every year, the Internal Revenue Service (IRS) announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2015. Retirement plans Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $18,000 in compensation in 2015 (up from $17,500 in 2014); employees age 50 and older can defer up to an additional $6,000...
Do you plan to participate in the real estate market this year? Have you not yet made your appointment with your tax man? Your delay may be to your advantage if you are self-employed and have choices about how much to write off in expenses for your year 2014 returns. Before you try to beat Uncle Sam by showing as little income as possible, consider that if you want to invest in real estate that tactic may work against you. Know that your mortgage advisor takes the bottom line (net) figure from...
The Affordable Care Act (ACA) requires all U.S. residents to obtain health care insurance by January 1, 2014 or face possible penalties. You must (a) maintain existing health insurance coverage which meets ACA standards, or (b) buy a plan that meets ACA standards, or (c) pay a tax for failure to have the required coverage. The penalties help pay for health insurance for those who can’t afford it. The IRS currently cannot make you pay the penalties, they can only reduce your tax refunds by the amount of the penalty (hence many people are reducin...
In lieu of retirement, Duane Moats, CPA has decided to merge DR Moats and Company with D. David Hebebrand CPA. The new firm will be Moats & Hebebrand CPAs and will be located at 212 West F Street (where Duane Moats has maintained his CPA practice since 2000). David Hebebrand has been a licensed CPA for 29 years, has lived in Tehachapi for 11 years, and recently sold his CPA practice in Porterville, Calif. as he was tired of the 90-mile-one-way drive to Porterville. Duane is looking to reduce his work load and Dave is looking for additional tax...
We’ve just entered the Open Enrollment period (Nov. 15 - Feb. 15) for Individual and Family Health Insurance with the Affordable Care Act (ACA). If you haven’t taken advantage of it yet, there is something to consider –penalties. None of us like them, especially when they’re being levied by the IRS. For those of your who are currently without medical insurance for whatever reason, these are the penalties you face on April 15: For 2014, the penalty is either a flat amount or 1% of your income,...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. If you work for a medium-to-large company, you may now be entering the “open enrollment” period — that time of year when you get to make changes to your employee benefits. Your benefit package can be a big piece of your overall financial picture, so you’ll want to make the right moves — especially in regard to your employer-sponsored retirement plan. Take a close look at your 401(k) or similar plan, such as a 403(b), if you work for a school or...
Answer: You probably didn’t notice, but when the clock stuck midnight on Dec, 31, 2013, a number of popular tax benefits, commonly included the list of provisions referred to as a “tax extenders” expired. While it’s possible that Congress could retroactively extend some or all of these items, you’ll have to evaluate your 2014 tax situation based on the fact that you’re no longer available. Qualified charitable distribution: For the past few years, a qualified charitable distribution (QCD) of up...
If you’re asking this question, you probably have a 401(k) or other retirement plan through a former employer. The short answer is yes--most retirement plans allow you to roll your plan funds over into an IRA after you’ve left your employer’s service. However, there is more than one way to do a rollover, and how you do it can be critical. In most cases, your best strategy is to do a direct rollover. This is a direct transfer of funds from your employer-sponsored plan to your IRA. The administrator of your employer-sponsored plan may send the c...
Neighborhood watch Neighborhood watch held a brief meeting on July 8 at the CSD building. It was reported that membership in the group was up to 255 members. Volunteers for block/area captains are still being sought to help coordinate efforts. The next meeting is scheduled for Wednesday August 13 at 6 p.m. Police report Police Chief Mike Grant reported that Sergeant Gary Crowell successfully graduated from California Peace Officers Standards and Training Management School, a comprehensive 3...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. You didn’t see it on your calendar, but Tax Freedom Day fell on April 21 this year, so why not mark the occasion by beginning to look for ways to become a “tax-smart” investor? Tax Freedom Day, calculated annually by the Tax Foundation, is the day on which Americans have earned enough money to pay this year’s federal, state and local taxes. Of course, Tax Freedom Day is something of a fiction, because...
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. There are many reasons to file an extension. You may be waiting for an important document such as a late 1099, or K-1 form showing income which needs to be reported on your tax return, you may be overseas and unable to file by the April deadline, or you may just be a...
When something happens repeatedly at my desk, you get to hear about it. Twice in the past few weeks we’re running into problems about federal tax returns and being able to independently verify their validity. In applying for a home loan, your lender is tasked with finding an outside source to verify everything you tell us. With regard to income, that means we want the IRS to confirm that the numbers you’re showing us on copies of your federal tax returns match what is in their system. This is ac...
With the tough economic times we are currently enduring, many people unfortunately find themselves unable to meet their financial obligations. In preparing our clients’ tax returns we are seeing an increasingly larger number of 1099-C (Cancellation of Debt) and 1099-A (Acquisition or Abandonment of Secured Property) forms. What are these forms, why are you receiving them, and what should you do if you receive one? When property is security for a loan and the lender forecloses on the loan, or p...
I don’t know anyone who likes a deadline, yet like it or not, one looms just a month away – March 31 is the last day of the Affordability Care Act (ObamaCare) open enrollment. It’s also the last day for those of you who aren’t currently covered by health insurance to avoid an IRS penalty, but those facts are negative Let’s take a look at the positive. If you currently have no health insurance, for the next month you’ll be able to get health insurance without concern for pre-existing conditions...
