Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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As your electric bill continues to grow, we can get you a new roof and solar panels for the same monthly price, with back up batteries! That’s right - no more high electric bills, no more peak hours and a new 30-50 year roof plus solar panels - with back up batteries that you own. Zero down and financing as low as 3.99%. Scan the QR code on this page to get your custom report, or go to www.getsolartoday.energy and scroll down to click on the three easy steps that will explain the process and how easy it is to save money. Call owner Darren S...
With stock and bond markets both faltering over the past year, it's easy to see why more near-retirees have a newfound appreciation for fixed annuities - insurance contracts that guarantee a specified rate of return. A fixed annuity maintains its value regardless of market conditions, and yields on these products have risen in response to the higher interest-rate environment. When you purchase a fixed annuity, you are shifting the risk for future investment returns to the insurance company....
There has been a lot of talk about a "cashless" society, but it's not here yet. In fact, cash can still be a valuable element of your overall financial picture – if you employ it wisely. But how? Consider these four key uses of cash: • Everyday spending – Of course, you need sufficient cash on hand to pay for your cost of living – mortgage, debt payments, utilities, groceries, etc. You'll likely rely on your savings or checking accounts to pay for these needs. • Unexpected expenses and emerg...
Another school year is coming to a close. And if you have young children, they're now a year closer to heading off to college or some other type of post-secondary education or training. So, if you haven't already done so, you may want to start preparing for these costs. And they can be considerable. During the 2022-23 school year, the average estimated annual cost (tuition, fees, room and board, books, supplies, transportation and other personal expenses) was nearly $28,000 for public four-year...
Step-up in basis is the reset in the cost basis of an inherited asset to its fair market value on the date of the decedent's death. Cost basis is what determines the taxes owed, if any, when the asset is sold. Cost basis starts with the price paid for an asset, plus any additional costs added over time to improve or maintain the original asset. Step-up in basis, or stepped-up basis, is what happens when the price of an inherited asset on the date of the decedent's death is above its original pur...
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. Filing an extension will grant you another six months for individuals and corporations (five month extension for partnerships, LLCs, estates and trusts) to file the tax return. Filing an extension, however, will not allow you to delay payment on any tax you may owe. The...
For all residents in California, Net 2.0 Solar will be ending to be replaced with Net 3.0 Metering, which will take over starting April 14, 2023. The important difference between the two systems is Net 2.0 allows you to earn 100% of all power produced by your solar panels, which you get full credit for, through SCE. After April 14, Net 3.0 Metering will only allow you to earn 25% of what you are producing. If you are serious about installing solar panels on your home, the time is now. If you sign up in the next ten days, our goal is to get you...
I know I'm a nag. I nag because it's so important to plan now for your family when you die. It's not that we plan to fail, we fail to plan. So what happens to your children when they inherit the family home that is in a trust? A step-up in basis resets the cost basis of an inherited asset to its market value on the decedent's date of death. Example: Dad dies and has a house that is owned by a revocable trust. He bought the house for $100,000 in 1970 and transferred it to his trust. Dad has died...
By definition, business owners put a lot of their financial resources into their enterprises. But as an owner, you may need to invest in more than inventories and payroll to help achieve the future you've envisioned. Here are a few investments you may want to consider: • Retirement account – Depending on the nature of your business and how many employees you have, you can choose from a variety of tax-advantaged retirement plans, such as an owner-only 401(k), an SEP-IRA and a SIMPLE IRA. By con...
Hard to believe it's been just short of a hundred years since the Great Depression with its run on the banks. Great-grandma hid her money under the mattress rather than exposing it to a rapidly collapsing economy. I do not think this is an issue today, but a better question would be do I put my money in the Stock Market or in a bank with its current high interest rates. A good argument could be made for either strategy. A lot of investors are suggesting now is the time to invest long-term in...
The U.S. stock market struggled in 2022, with the S&P 500 index ending the year down more 19.4%.1 The S&P 500, which includes stocks of large U.S. companies, is generally considered representative of the U.S. stock market as a whole, and it is a good benchmark for broad market performance. But there are thousands of smaller companies, and many of those held onto their stock value better during the market conditions of 2022. The S&P MidCap 400, which includes midsize companies, ended the year...
A reverse mortgage is a term you may or may not be familiar with. The formal name is a Home Equity Conversion Mortgage (HECM). Simply put, it reverses the equity in your home to cover expenses. To understand how it works, it is easiest to compare to a standard mortgage which would be considered a "forward mortgage." In a forward mortgage you make a payment every month. Part of the payment covers the interest charges and part of the payment reduces the balance of your loan, increasing your home e...
Are you a business owner who has wanted to offer a retirement plan to your employees, but you've been stymied by the costs involved? If so, you may be interested to learn about new legislation that can help open the door to the same type of plan enjoyed by employees of large companies. At the end of 2022, President Biden signed into law the SECURE 2.0 Act, which, among many other provisions, provides tax credits for business owners who want to open a 401(k) plan. The tax credit was introduced...
The arrival of spring is always a good time to dust off the cobwebs that have built up in your home during the winter. It's also a good time to clean out and organize your financial records so you can quickly locate something if you need it. Keep only what you need If you keep paperwork because you "might need it someday," your home office and file cabinets are likely overflowing and cluttered with nonessential documents. One key to organizing your financial records is to keep only what you abso...
Taxpayers with one or more qualifying children may be able to claim a tax credit of up to $2,000 per qualifying child. The childcare credit is generally a nonrefundable credit that is limited to regular tax liability plus alternative minimum tax liability. However, a portion of the credit is refundable for certain taxpayers. The refundable portion of the additional tax credit for any qualifying child cannot exceed $1,500. The additional childcare credit is the smaller of 1.) the amount of the ch...
During your working years, you generally know how much money you're bringing in, so you can budget accordingly. But once you're retired, it's a different story. However, with some diligence, you can put together a "paycheck" that can help you meet your income needs. Where will this paycheck come from? Social Security benefits should replace about 40% of one's pre-retirement earnings, according to the Social Security Administration, but this figure varies widely based on an individual's circumsta...
Hate rolling blackouts? Hate losing power on high wind advisory days? Beat power outages for good and stop paying electric companies so much money. Installing solar and battery back up will drastically cut your electric bill down between 5% to 100% less than what you're currently paying. With inflation and continuously rising prices of literally everything, this is one way to set your price in stone. That being said, there is another 18% price hike to the cost of your electricity in 2023! If...
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. Most banks discontinued the practice of retaining a paper version or copy of your checks. Banks are allowed to truncate each of your checks, create a new electronic negotiable instrument called a substitute check and then destroy the...
If you're going to enjoy a comfortable retirement, you should know, among other things, how much money you'll need. And you may have a much better chance of knowing this if you get some professional help. Consider these findings from a 2021 study by Dalbar, a financial services market research firm: • Investors who worked with a financial advisor were three times more likely to estimate what they would have saved at retirement than "do-it-yourself" investors. • More than two-thirds of investors...
If you're getting closer to retirement, you might be thinking more about Social Security. Specifically, can you count on it to contribute part of the income you'll need as a retiree? There's been an increase in alarming language surrounding the solvency of Social Security, but in reality, its prospects are not nearly as gloomy as you might have heard. Here's the story: Under current law, Social Security is estimated to exhaust its trust funds by 2035, after which benefits could be cut by 20%,...
Be prepared for your electric bill to rise. Starting in April, net 3 metering will begin. Don’t wait – you might just regret not getting net 2 metering now. As your electric bill continues to rise, we can get you a new roof (if needed) and solar panels for the same monthly price. The time is now for a new roof and solar for $0 down at 3.49%. That’s right, no more high electric bills, no more peak hours and a new 30-50 year roof – plus solar panels that you own. If your roof doesn’t need replacement, your solar panels will be half the cost of y...
Do I need to file a tax return? The answer depends on your filing status, your age and the type of income you earn. Each person is allowed to earn a certain amount of income before they are required to file a tax return. For 2022 tax returns, individuals are not allowed a personal exemption deduction, but are still entitled to a standard deduction of $12,950 for a single filer. Hence, an individual can have $12,950 of taxable income before being taxed if under age 65. If age 65 or over, an addit...
Maintaining an appropriate balance of stocks and bonds is one of the most fundamental concepts in constructing an investment portfolio. Stocks provide greater growth potential with higher risk and relatively low income; bonds tend to be more stable, with modest potential for growth and higher income. Together, they may result in a less volatile portfolio that might not grow as fast as a stock-only portfolio during a rising market, but may not lose as much during a market downturn. Three...
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 sugge...
What if I told you I could lock in your gas prices for the rest of your life at $1.63 per gallon? Wouldn't you quickly take advantage of that tremendous financial savings? Did you know we pay Edison as much as $.40 per kilowatt during high peak hours? That is the equivalent to $6.50 per gallon in gasoline. Solar creates a "fixed cost" for you...anywhere from $0.09 to $0.15 per kilowatt, which is the equivalent to $1.63 per gallon of gas. Would you take a deal to fix your gasoline price at...
