Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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The field of behavioral finance focuses on the emotional and cognitive aspects of investing. In recent decades, well-known economists have advanced the theory that investors' decisions can be driven by human emotions such as greed and fear, which helps explain why asset prices sometimes fluctuate erratically.1 It can be difficult to act rationally when your financial future is at stake, especially when unexpected events upset the markets. But understanding certain aspects of human nature, and...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. The recent market volatility has affected just about everybody's financial and investment situations – so, if you were planning to retire soon, will it still be possible? Of course, the answer depends somewhat on your employment situation. With so many people's jobs being affected by the Coronavirus pandemic, your retirement plans may also have been thrown into confusion. But...
The Roth "five-year rule" typically refers to when you can take tax-free distributions of earnings from your Roth IRA, Roth 401(k) or other work-based Roth account. The rule states that you must wait five years after making your first contribution, and the distribution must take place after age 59½, when you become disabled or when your beneficiaries inherit the assets after your death. Roth IRAs (but not workplace plans) also permit up to a $10,000 tax-free withdrawal of earnings after...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. The social distancing and stay-at-home orders necessitated by the Coronavirus have led many of us to feel isolated. Still, we've fought back through social media, "virtual" gatherings and walks in the neighborhood, where we could greet friends and neighbors (from 6 feet away). But when you're dealing with the financial effects of the virus and you're investing alone, you...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. Mother's Day is upon us. If you're a mother, you'll enjoy the recognition you get from your family on this day. And given the health concerns caused by the Coronavirus, your appreciation of family may be even greater this year. As we all know, mothers have a difficult job. And many mothers also run their own businesses – another demanding task made even more difficult t...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. The health aspect of the Coronavirus affects everyone – we're all concerned about our well-being and those of our loved ones and communities. However, the economic impact may vary among different age groups – and if you're retired or about to retire, you might have some special concerns about starting to draw income from your investments when the financial markets are dow...
By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time cash payment of $1,200. Each U.S. resident or citizen with an adjusted gross income (AGI) under $75,000 ($112,500 for heads of household and $150,000 for...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. As we go through the Coronavirus crisis, we are all, first and foremost, concerned about the health of our loved ones and communities. But the economic implications of the virus have also weighed heavily on our minds. However, if you're an investor or a business owner, you just got some help from Washington – and it could make a big difference, at least in the short term, f...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. There’s no way to sugarcoat it: If you’re an investor, you haven’t liked what you’ve seen in the financial markets recently. The effects of the coronavirus triggered a market “correction” – a decline of 10 percent or more – and more volatility is almost certainly on the way. But instead of fretting over your investment statements, you could consider some more positive approa...
After losing ground in 2018, U.S. stocks had a banner year in 2019, with the S&P 500 gaining almost 29 percent — the highest annual increase since 2013.1 It’s too early to know how 2020 will turn out, but it’s been rocky so far, and you can count on market swings to challenge your patience as an investor. The trend was steadily upward last year, but there were downturns along the way, including a single-day drop of almost 3 percent on Aug. 14. That plunge began with bad economic news from Germa...
COVID-19 impact and small business impact In response to the COVID-19 virus and its impact on national and local economies as well as small business, several resources have been made available for business owners to reduce strain. The City of Tehachapi held a special City Council meeting on Wednesday, March 18 on the steps of City Hall where, at the suggestion of the Economic Development Department, the City Council authorized a temporary program to defer utility payments for small businesses...
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, LLC's, 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....
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. As you know, the Coronavirus has become a major health concern, not just in China, but in other parts of the world, too – and it's also shaken up the financial markets. As an individual investor, how concerned should you be? The impact of the Coronavirus on the markets isn't surprising. China is the world's second-largest economy, and when it experiences factory closures, s...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC.There’s no way to sugarcoat it: If you’re an investor, you haven’t liked what you’ve seen in the financial markets recently. The effects of the coronavirus triggered a market “correction” – a decline of 10 percent or more – and more volatility is almost certainly on the way. But instead of fretting over your investment statements, you could consider some more positive approa...
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...
City Council updates connection, water/sewer fees The Tehachapi City Council recently approved a new slate of water and sewer connection fees that result in a net-decrease for new businesses looking to invest and build in the City of Tehachapi. Led by the Development Services Department, the City of Tehachapi contracted with MKN and Associates for an in-depth study on the rates for new commercial and residential construction projects as it pertains to potential expansion of the City's water and...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. Social Security can be one source of retirement income for you and your spouse. To maximize your benefits, you'll need to make some key decisions and be aware of some common myths. • Myth 1: Always take Social Security early. You can file for Social Security benefits as early as 62, but you could get 25 to 30 percent more if you wait until your "full" retirement age (...
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed that they no longer benefit from writing off their donations. If you are 70½ or older, you can use a qualified charitable distribution (QCD) to donate from your IRA and get a tax...
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 2019 tax returns, individuals are not allowed a personal exemption deduction, but are entitled to a standard deduction of $12,200 for a single filer. Hence an individual can have $12,200 of taxable income before being taxed if under age 65. If age 65 or over, an additional...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC. International Women's Day 2020 is observed on March 8. This special day celebrates the social, economic, cultural and political achievements of women. Yet, women still face gender barriers as they seek to achieve their financial goals. How can you address these challenges? To begin with, you need to be aware of what you're up against. The wage gap between men and women has...
Kern Schools Federal Credit Union will change its name and operate as Valley Strong Credit Union, effective Feb. 18, 2020. This move allows the Credit Union to expand beyond Kern County as well as position the organization to serve more people in the region. It remains a member-owned, not-for-profit entity. “We are the same financial institution you have trusted for more than 80 years,” said Stephen P. Renock, IV, President/CEO. “People have a lot of financial options these days. We want to make sure we position the Credit Union for current and...
Owners of pass-through entities (e.g. partnerships, S corporations, and sole proprietors) may be entitled to a section 199A deduction for qualified business income ("QBI"). Under section 199A, certain taxpayers may be entitled to a deduction up to 20% of QBI. While this deduction potentially creates a substantial tax benefit for owners, it's complicated. There are complex rules to determine qualification for the deduction. Moats & Hebebrand CPAs are here to help. Foreign Bank Account Traps If yo...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. What do your fellow citizens fear most? Almost half of them – 49% – are most afraid of running out of money during retirement, a higher percentage than the 44% whose chief concern is failing health, according to a recent survey by Aegon Center for Longevity and other groups. What steps can you take to help ensure your money will last as long as you do? Here are a few suggestions: • Estimate your longev...
What if you're saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life's toughest challenges, it may help to focus less on the big picture and more on the details. Regularly review your assumptions Whether you use a simple online calculator or run a detailed analysis, your retirement savings goal is based on certain assumptions that will, in all likelihood, change. Inflation, rates of return, life expectancies, salary adjustments,...
The federal standard deduction for: • Married filing a joint return has increased from $24,000 to $24,400. • Head of Household has increased from $18,000 to $18,350. • Single from $12,000 to $12,200. • Married filing separately from $12,000 to $12,200. Those who have itemized in the past may still have to keep track of deductions for the State of California. Dependent deductions are replaced with credits. Although the deduction for exemptions is repealed, the definition of a dependent is not cha...
