Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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After the wild ride of 2020, the U.S. stock market was relatively calm in 2021, but there was still plenty of volatility. There were 55 days when the S&P 500 index - generally considered representative of U.S. stocks - closed with a rise or fall of 1% or more from the previous day's closing price. And there were seven days with a change of more than 2%.1 The good news for investors is that the trend was generally upward, and the S&P 500 ended the year up almost 27%.2 But no matter which way the...
Donations of money or non-cash items to a charity (church or non-profit organization) are tax deductible if you itemize deductions on your tax returns and you comply with acknowledgement/substantiation rules to claim your deduction. Those who do not itemize and use the standard deduction, $300 for single filers and $600 for married filing jointly filers, of qualified charitable cash contributions are deductible on line 12b of Form 1040. As many of you will be filing tax returns shortly to claim...
If you're a business owner, you've got so much to think about, and you work so hard, that it might be difficult to envision the day when you're in a different place in life. However, that day will likely arrive, so you'll want to be prepared for it, which means you'll need an exit strategy. But how do you create one? Here are some steps that can prove helpful: • Start planning early. Making a quick exit is probably not a viable strategy for most business owners. Instead, you'll want to plan f...
Don't let rising rates catch you off guard. Here is what you need to know and how to avoid costly unknowns. Yes, rates have been steeply rising since mid-January this year. This was not a surprise for educated mortgage professionals, but may have caught many by surprise that are newer to the industry, as well as home shoppers or homeowners considering refinance. What does this mean and what do you do? 1. Don't make the mistake of just shopping for the lowest rate, especially online. Most often...
HENRY is a catchy acronym for "high earner, not rich yet." It describes a demographic made up of young and often highly educated professionals with substantial incomes but little or no savings. HENRYs generally have enviable career prospects, but many of them feel financially stretched or may even live paycheck to paycheck for years, especially if they are working in cities with high living costs and/or facing large student loan payments. If this sounds like you, it may be time to shed your...
Is contacting a real estate agent really the first step? Or a lender? Just today I saw a social media post from a first–time homebuyer looking for a realtor – who would typically refer them right over to a lender – who should ask them a series of important questions, that they may not know the answer to. It might surprise you to learn that neither of these are really the correct first steps. The very first step to buying or selling a house should be getting your financial house in order. What...
Child Tax Credit The Child Tax Credit is increased and made fully refundable but ONLY for the 2021 tax year. The IRS has: • Increased the amount of the credit from $2,000 to $3,000 per child ($3,600 for a child under age 6) for filers under specific AGI thresholds; • Made the credit fully refundable (typically, only $1,400 is refundable); • Repealed the requirement that taxpayers must have earned income of at least $2,500 in order to qualify for a refund of the credit; • Allowed for advance...
The long-running coronavirus pandemic has fueled a lot of anxieties – including financial ones. But some people have had far fewer worries than others. Consider this: Among those investors who work with a financial advisor, 84% said that doing so gave them a greater sense of comfort about their finances during the pandemic, according to a survey from Age Wave and Edward Jones. Of course, many people experience investment-related fears even without a global health crisis, and that's probably n...
When you invest, you incur risk – there's no avoiding it. But the concept of "risk" may be more expansive than you realized. And by understanding the different types of investment risk and how these risks can be addressed, you can improve your skills as an investor. The most common perception of investment risk is simply the risk of losing money. When you invest in stocks and stock-based vehicles, such as mutual funds, there are no guarantees that your principal – your initial investment amo...
It's been an interesting year with important tax changes that will impact you. Here are some of the changes and issues you need to know about. Tax return due dates: • Individuals must file returns by April 18, 2022, for the 2021 tax year; • Partnerships must file returns by the 15th day of the third month following the close of the taxable year (March 15 for calendar-year taxpayers); • C corporation returns are generally due by the 15th day of the fourth month following the close of the taxab...
During your working years, you’re accustomed to living on an income from your job. When you retire, the income from employment ends. Social Security provides a steady income, but it probably isn’t enough to meet your retirement income needs. An annuity is an option that can provide a stream of income during retirement. With most annuities, there are usually two choices available to generate a steady income: annuitization and lifetime withdrawals from a guaranteed lifetime withdrawal benefit. Her...
As you know, inflation heated up in 2021, following years of pretty stable – and low – numbers. And now, early in 2022, we're still seeing elevated prices. As a consumer, you may need to adjust your activities somewhat, but as an investor, how should you respond to inflation? First, it helps to know the causes of this recent inflationary spike. Essentially, it's a case of basic economics – strong demand for goods meeting inadequate supply, caused by material and labor shortages, along with...
As you know, 2021 was full of challenges. We were still feeling the effects of the COVID-19 pandemic when supply chains shut down and inflation heated up. So, if you're like many people, you might not be sorry to see the year come to a close. But now it's time to look ahead to a brighter 2022. And on a personal level, you may want to set some New Year's resolutions. You might resolve to improve your health and diet, and possibly learn some new skills, but why not make some financial...
According to a March 2021 survey, an estimated 2.8 million Americans ages 55 and older decided to file for Social Security benefits earlier than they expected because of COVID-19. This was about double the 1.4 million people in the same age group who said they expected to work longer, presumably due to pandemic-related financial losses.1 Many older workers were pushed into retirement after losing their jobs, and others may have had health concerns. Still, it appears that work-related stress and...
The holiday season is a common time for potential buyers to take a step back from home shopping and wait until the new year because inventory is lower. Many potential sellers also begin thinking that it is best to hold off until after the holiday season, which can also keep inventory low. So, does that mean it is a bad idea to buy or sell over the holidays? In fact, just the opposite. Buying now may even allow you to spend the holidays in your new home, or be ready to move in right after to...
If your parents are getting close to retirement age, or are already retired, it may be time to talk with them about financial and aging issues, some of which may involve difficult conversations. For the sake of everyone in your family, don't avoid these "taboo" topics. You'll need to be careful about approaching these subjects with your parents. Mention ahead of time that you'd like to talk to them about their future plans and reassure them that you want to understand their wishes, so their...
Jennifer Palakiko, a local Edward Jones financial advisor, is supporting the U.S. Marine Corps Toys for Tots program by using her office as a drop-off location for this year's toy drive. Local residents may help needy children in the area by bringing in a new, unwrapped toy to the office, 709 W. Valley Blvd. Suite B, Tehachapi, during regular business hours beginning Nov. 8 through Dec. 10. Monetary gifts cannot be accepted. "With the holiday season around the corner, we are all getting ready fo...
The Tuesday after Thanksgiving has become known as Giving Tuesday, when people are encouraged to donate to charitable organizations. If you'd like to take part in this special day, you'll want to maximize the effectiveness and benefits of your charitable gifts. So, consider these questions: • Is the charity reputable? Does it use its resources wisely? Most charitable organizations are honest and dedicated to helping their specific causes. But sometimes there are a few "bad apples" in the b...
Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2022, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services in order to postpone payment of tax on the income until next year. Accelerate deductions Look for opportunities to accelerate...
If you have been around real estate at all, you have likely heard the terms "buyer's market" and "seller's market." Lately I hear it even more and often by discouraged buyers wondering if they should buy in a seller's market or wait for it to become a buyer's market. It is important to understand what these terms really mean to determine what action to take as a buyer or seller. I personally believe that it will come down to personal pros and cons of each market and not simply buying in a buyer'...
On Veterans Day, we honor the men and women who have served in our armed forces. If you've recently separated or retired from the military, or you will be leaving soon, you can be proud of the service you've provided to your country. But once you're a veteran, away from the structure and imperatives of the military, you may need to take greater control over managing your finances and protecting your family. For starters, consider housing. When you were on active duty, you may have moved around...
If you're going to retire in the next few years, you'll want to start thinking about making some changes to your investment portfolio. And one area you may want to look at is whatever type of cash account you might have – because, when you're retired, the amount of cash you have readily available may be even more important than when you were working. Your cash management account could pay a slightly higher rate than a typical savings account, as well as serving as a holding place for funds t...
During March 2021, the widening availability of COVID-19 vaccinations, signs of improving economic conditions, and a third, $1.9 trillion stimulus package brought about more optimistic growth projections. Even though a healthy economy could be good news for many businesses and the financial markets, rising inflation expectations caused a multi-week sell-off in U.S. government bonds that pushed up longer-term yields and sent the Nasdaq Composite Index into correction territory on March 8, 2021.1...
If you're a woman who owns a business, you may have some challenges not shared by your male peers – but you also have several opportunities to help improve your financial future. You may already be taking some or all the right steps, but here are some ideas to be sure you're considering and revisiting as your business grows: • Refresh your network. Are you involved in networking with other women business owners? Many of them may have insights into the issues women face in the business wor...
Debt poses a growing threat to the financial security of many Americans - and not just college graduates with exorbitant student loans. Recent studies by the Center for Retirement Research at Boston College (CRR) and the Employee Benefit Research Institute (EBRI) reveal an alarming trend: The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise. Debt profile of older Americans In the 20-year period from 1998 to...
