Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. If you work for a business that offers a 401(k) plan, consider yourself fortunate, because a 401(k), with its tax advantages and variety of investment options, is a great way to save for retirement. But what if you need to tap into your plan before you retire? Is it a good idea to borrow from your 401(k)? To begin with, you need to determine if a loan is even available. You can only borrow from your...
Did you know that Social Security may pay benefits to your eligible family members when you die, helping to make their financial life easier? Take this quiz to learn more. Questions 1. What percentage of Social Security beneficiaries receive survivor benefits? a. 5% b. 10% c. 15% 2. Your child may be able to receive survivor benefits based on your Social Security earnings record if he or she is: a. Unmarried and under age 18 (19 if still in high school) b. Married and in college c. Both a and b...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. Identity Theft 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...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. Tax Credits and Tax Deductions 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. Examples include the itemized deductions for mortgage interest, real estate taxes, contributions, etc. If you earn $80,000 but have $25,000 in itemized deductions, you pay tax...
For as much as I try to write educational articles, this one is self-serving. Actually, it could be of service to you, too, if you do your homework. That online lender, the one none of us can get away from? The one that spams you with emails, or calls you relentlessly, if you have ever inquired with them? The one that thinks that getting a home loan is not rocket science? Well, getting a home loan IS rocket science these days. Getting a home loan that best suits your family's finances, that...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. 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 2018 tax returns, individuals are no longer allowed a personal exemption deduction, but are still entitled to a standard deduction of $12,000...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. For many years, employees of companies that offered 401(k) plans only faced a couple of key decisions – how much to contribute and how to allocate their dollars among the various investment options in their plan. But in recent years, a third choice has emerged: the traditional versus Roth 401(k). Which is right for you? To begin with, you need to understand the key difference between the two types o...
If you have a VA loan, I bet your phone is ringing off the hook with offers to "save you money." Or at least, you are receiving multiple postcards by mail, encouraging you to "Refinance NOW!" As a prudent consumer, you already know that anyone who is calling to sell you something is doing just that: Selling you something. If you have not initiated the contact, beware. VA loans are big business, and these offers are not always in the best interest of the Veteran. Here's what contributors to the R...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. I will list a few of them now. Do you qualify for the new section 199A deduction? As a result of the new federal tax reform, owners of pass-through entities (e.g. partnerships, S corporations and sole proprietors) may be entitled to a new section 199A deduction for qualified business income ("QBI"). Under section 199A, certain taxpayers may be entitled to a deducti...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. I will list a few of them now. The federal standard deduction for Married filing a joint return has increased from $12,700 to $24, 000; Head of Household increased from $9,350 to $18,000; Single from $6,350 to $12,000; and married filing separately from $6,350 to $12,000. Those who have itemized in the past may still have to keep track of deductions for the State...
Nearly eight out of 10 adults are vowing to put a new focus on their financial wellness in 2019, according to a new survey by the National Endowment for Financial Education. It's a great goal, but what does that actually look like in practice? Many "financial experts" recommend having an emergency fund of anywhere from $1,000 to three months salary as a starting point. If you are drowning in a sea of debt, that might seem like an impossible thing. Here are a few suggestions about where to start...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. As the year winds down, you may want to look ahead to see which areas of your life you can improve in 2019. Perhaps you'll decide to exercise more, eat healthier foods, reconnect with old friends or volunteer at a school or charitable organization. All these goals are certainly worthwhile – but you also may want to add some New Year's financial resolutions to your list. Here are a few ideas to c...
For nearly three decades, I have helped clients all over California buy and refinance their homes. It's familiar to be the voice of reason and guidance for other people's dreams and problems, and it's so satisfying to provide financing to further families' real estate ambitions. So it came as a huge reminder recently, when I was out of my professional element, what exactly it means to ask for help. There's a nasty virus going around town, and although I consider myself a healthy person, I...
All of a sudden everyone is excited about Home Equity Lines of Credit again. Offers are coming at us in print, on TV and electronically. "Use your home's equity!" they scream. Do you remember what trouble we got into the last time we all took HELOCs? Let me remind you. When you have great terms on your first mortgage, it might be tempting to take out equity as a second mortgage, and leave the first alone. Often this is done as a HELOC. You usually get a low interest "teaser" rate for a few...
In comparing today's mortgage rates to exactly one year ago today, we are up almost exactly 1%. That's water under the bridge and can't be changed, but let's take a quick look to see what future rate increases means in real money. If you are borrowing $250,000 over 30 years, each 0.25% change in interest rate means about a $38 per month difference in payment. For a loan of $325,000, 0.25% change in rate means about $50 per month difference in payment. And at loan amount $400,000, 0.25% change in...
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 ask...
Family A bought a big house last year to accommodate a family member who needed to live with them. Over the course of several months, it became clear the arrangement was not ideal, and the extra family member moved out. Now the house is too big, and Family A wants to buy a smaller house. This is a real-life scenario, and Family A qualifies to get a new loan. The hitch is, in order to "buy down" right now, their next house will be classified as an investment property – so they need to put 20 p...
Kern County's Treasurer-Tax Collector website says this month is the deadline to pay your current property taxes and penalties prior to defaulting. In October we'll all get a new tax bill for 2018. Why does it matter? Most homeowners don't really pay attention to property tax stuff because we pay it monthly, with our mortgage payment. But a handful of folks have called in recent weeks looking to refinance because their mortgage company keeps raising their payments. And a reverse client rang to...
Interest rates are up. Want to know what that means in real terms? I pulled rate sheets from June 1, 2017 and am comparing to today's rate sheet. Here are some rough ideas about what is real in today's market. If you had financed a 30-year conventional loan last year for $424,000, you might have qualified at a 4.375% rate, making monthly principal and interest payments $2,116.97. Today that same scenario costs 5.25% at $2,341.34. Your monthly cost is up by $224. On VA loans, a $2,005.83...
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...
This is an open letter to the many folks who have sat across the desk from me in the past month. Together we spent hours poring over scenarios, and figures, and life questions. I want to honor you for knowing that there is so much more to "mortgage" than just finance. We are talking about life changes and the best use of your money and leverage. Some of you chose me to arrange your financing after our visit, and some did not, and some chose to take no action at this time. So much about the real...
We know we have a topic when the same subject comes up repeatedly. In the past week three families have asked me, "What is the more strategic house to buy? Which one will be easiest to sell for a profit?" None of these transactions is a first-time home purchase, so these clients know what it's like to see home values rise and fall. What they're trying to get at is a plan to have the best return on the eventual sale of this next home. "Equity" is what we call the difference between any...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. May 29 (5/29) is National 529 College Savings Plan Day. If you are not familiar with 529 plans, you are not alone – although these plans have been around since 1996, many people are still unaware of their existence. And that's unfortunate, because a 529 savings plan can be a valuable tool for anyone wanting to help a child, grandchild, friend or other family member save for education. Here are some o...
The first caller just heard that her husband wanted a divorce. She rang me in a panic, having no idea what to do when he offered that she buy the house from him. The next was a widow of three weeks, who wondered if a reverse mortgage would be her solution. The third was confused about why her house payment went up yet again. The last needed to plan for her upcoming marital separation. Certainly there are men that I haven't heard from who are unaware of their family's finances, but this recent...
Decide when you'll retire To determine your total retirement needs, you can't just estimate how much annual income you need. You also have to estimate how long you'll be retired. Why? The longer your retirement, the more years of income you'll need to fund it. The length of your retirement will depend partly on when you plan to retire. This important decision typically revolves around your personal goals and financial situation. For example, you may see yourself retiring at 50 to get the most ou...
