Are you still doing your taxes on paper? If so, join the 122 million taxpayers who e-filed last year. They already know that IRS e-file is the best way to file a federal tax return. Here are five great reasons why you should e-file your tax return. Thursday, February 06, 2014
The word “millionaire” typically conjures up images of a lavish jet-setting lifestyle, but behind the scenes that may not always be the case. Warren Buffett, for instance, famously still lives in the relatively modest house in Omaha, Neb. that he bought in 1958 for $31,500 Thursday, February 06, 2014
Over the next few weeks, taxpayers will be getting a barrage of mail containing important tax information. Here’s a list of tax documents to be on the lookout for.
1. W-2’s. Remember you will get a W-2 for each place you worked.
2. 1099Rs. This will be for retirement income, and like W-2’s, you will get one from each place you’re drawing retirement income from, or drawing from an IRA.
3. W-2G for any gambling winnings you have, Yes these are taxable. However, if you have proof of the amounts you lost, you can often offset the winnings if you itemize.
The short answer is: yes. Anytime you add an extra driver to your policy, your rates will increase. However, you may end up paying even more when you add your daughter to your policy. Since teenage drivers are some of the highest-risk drivers on the road. According to the most recent statistics from the National Transportation Safety Board, teen drivers have represented less than seven percent of the driving population but have accounted for more than 13 percent of drivers involved in all deadly crashes. (Source: National Transportation Safety Board, October 2013)
Fortunately, there are some steps you can take to help make insuring your teen a bit more affordable.
The first B-1 bomber upgraded with the Boeing Integrated Battle Station or IBS, departed Tinker AFB yesterday Jan 21st. The modification essentially turns the B-1 into a new aircraft with the addition of full color displays, moving maps and a new diagnostics system.
The upgrade, the most extensive modification program in B-1 history, enhances the bomber by giving crews greater situational awareness of what is happening in the battlespace around them, in addition to faster and more secure communication capabilities that improve crews’ ability to engage enemy targets.
Those who insult the millennial generation for their do nothing attitude need to ignore the college students who opened their own business on Air Depot Blvd.
Pizza Depot, located at 1120 S. Air Depot, is a brand new non-chain pizza place that plans to rival national competitors on cost and taste.
Owner Aubrey Long is currently a business student at the University of Oklahoma. He opened the store with some friends in the area with approx. $30 thousand.
"We opened at the beginning of September. It took a few months to get everything going and it’s still in its infant stages. We just decided to open it and see what happens."
The Federal Reserve has said it expects to begin raising its target rate sometime in 2014. Since bond prices fall when interest rates rise, it may be a good time to pay increased attention to any fixed-income investments you have. Here are some factors to consider when you review your portfolio.
Maturity dates and duration
One way to address the threat of rising rates is through maturity dates. Long-term bonds may pay a higher coupon rate than short-term bonds, but when rates rise, long-term bond values typically suffer more. That’s because investors may be reluctant to tie up their money for long periods if they expect a bond’s interest payments may suffer by comparison when newer bonds that pay higher rates are issued. The later a bond’s maturity date, the greater the risk that its yield eventually will be surpassed by that of newer bonds.
It is estimated that in the United States one person in every 10 has property that goes unclaimed. Currently, there’s more than $58 billion in unclaimed property, which includes but is not limited to jewelry, coin collections, stock certificates, cash, property and benefits being held by state and federal governments.
That’s roughly $187 for every U.S. resident.
State Treasurer Ken Miller says property is considered unclaimed when there is a lack of activity generated by the rightful owner of the property. Evidence of this inactivity includes failure to cash a check, the return of a check or correspondence by the Post Office as undeliverable, or the absence of any communication from the owner.
If property remains unclaimed for a certain number of years set by statute, it is considered abandoned and must be reported to the state’s unclaimed property program.
Mathis Brothers Furniture has long sought to open one of their sleep centers in Midwest City.
Last year, a member of the Mathis leadership team unexpectedly appeared before the Midwest City council to officially announce the business’ intentions to locate here.
After that meeting, talk of a Mathis Sleep Center did not surface again until Jan. 7 when Midwest City’s Board of Adjustment discussed an application for a variance on parking requirements.
Current Planning Manager Ron Green said Mathis Sleep Center asked to have 50 parking spots instead of 60, which is the required amount based on square footage, according to the city’s building codes.
Hungry Howie’s, a newcomer to the pizza scene, was received into the Del City community with a chamber ribbon cutting Tuesday, Jan. 14. Hungry Howie’s is located in the Shops of Del City on Sooner Road, north of Discount Tires, between SE 29th and Interstate 40.
The Choctaw Chamber will welcome The Law Office of Isaac T. Warren into the chamber with a ribbon cutting, 2 p.m. Wednesday, Jan. 22. The office is located at 14453 SE 29th Street.
Legislative Forum
State and federal lawmakers will be on hand for the quarterly membership luncheon and legislative forum the Del City Chamber will host 11:30 a.m. to 1:30 p.m. Jan. 23 at the Del City community center, 4504 SE 15th Street.
As we head into the start of the 2013 tax season, I thought some humor might be nice so instead of my normal "Tax Tips." I give you these!
"Taxes are what we pay for civilized society.’’ — Oliver Wendell Holmes, Jr., U.S. Supreme Court Justice
"The power of taxing people and their property is essential to the very existence of government.’’ — James Madison, U.S. President
"To tax and to please, no more than to love and to be wise, is not given to men." — Edmund Burke, 18th Century Irish political philosopher and British statesman
Yes. Insurance companies base auto insurance rates on a variety of criteria, such as your age, driving record, residence and even the type of car that you drive (though factors vary from state to state). If you find that you’re paying more than you think you should for auto insurance, there are ways you can lower your premiums.
Shop around: Auto insurance rates vary from company to company, sometimes significantly. As a result, a good way to save money is to look into whether another insurer offers the same coverage at a lower rate.
Consider raising your deductible: For the most part, the higher your deductible, the lower your premiums. Before you raise your deductible, though, you’ll want to be sure you can cover the out-of-pocket expense should an accident occur.
Fritz Walter has an extensive background in the insurance industry working in a variety of entities for the past 14 years.
Now, Walter is tackling a new role as field representative for Woodmen of the World Life Insurance Society in the Mid-Del community and surrounding area.
Walter, who worked 12 years as an insurance adjustor, said he is excited about being part of a company that is 123 years old and gives back to the community.
"We’re a different kind of life insurance company," he said "We’re not for profit. We give back revenues to our members in the form of refunds and benefits. They also do so much to give back to the local community."
If you’ve ever had trouble finding an important financial document, you know why it’s necessary to keep your financial records organized. Less clutter means less stress, and though you’ll need to commit a bit of time up front to organize your files, you can save time and money over the long term when you can find what you need when you need it.
What records do you need to keep?
If you keep paperwork because you "might need it someday," your files are likely overflowing with nonessential documents. One key to organizing your financial records is to ask yourself "Why do I need to keep this?" Documents that you should retain are likely to be those that are related to tax returns, legal contracts, insurance claims, and proof of identity. On the other hand, documents that you can easily duplicate elsewhere are good candidates for the shredder. For example, if you bank online and can view or print copies of your monthly statements and cleared checks, you may not need paper copies of the same information.
Sonya Hill has a passion for teaching and after retiring from nursing last year, the Midwest City resident got the opportunity to fill a long-term dream of opening her own learning academy.
The Children’s Garden Learning Academy, located at 9909 E. Reno Avenue, opened for business Dec. 13. The facility provides child care for ages 3 years and 12 years. It is open 6 a.m. to 6 p.m. Monday through Friday.
"I have always loved teaching," Hill said. "I have always had the dream of having a different kind of academy for children. This is my heart’s desire and we are just beginning."
Hill said her business objective is to provide services and outreach to Midwest City neighborhoods, as well as the Choctaw-Nicoma Park and Oklahoma City metro-area.
The Commission on Accreditation of Rehabilitation Facilities (CARF) International announced recently that Above All Behavioral Health Services, LLC in Midwest City has been accredited.
The accreditation is for a period of three years for Above All’s outpatient treatment, intensive family-based services and case management/services coordination programs for adults, children and adolescents.
Federal workers are about to get a 1 percent cost-of-living pay hike, their first increase in three years.
The raise came about because the budget deal Congress passed in October to end the government shutdown allowed the modest federal pay raise after Jan. 1.
On Dec. 23, President Obama officially issued the order raising pay for the 2.1 million civilian federal work force and active military. While civilians have missed out on cost-of-living increases in the past few years, pay hikes tied to promotions and bonuses have been allowed.
The raise won’t show up for many employees until around Jan. 17, the pay day for the first two weeks of 2014, according to the General Services Administration.
The hike is a bright spot for federal workers who weathered 16 days of furlough during the October shutdown, though they got paid back, as well as several unpaid furlough days throughout the summer due to forced federal spending cuts.
For many retirees and their families, Social Security provides a dependable source of income. In fact, for the majority of retirees, Social Security accounts for at least half of their income (Source: Fast Facts & Figures About Social Security, 2013). However, more of that income is being spent on health-related costs each year, leaving less available for other retirement expenses.
The importance of Social Security
Social Security is important because it provides a retirement income you can’t outlive. In addition, benefits are available for your spouse based on your benefit amount during your lifetime, and at your death in the form of survivor’s benefits. And, these benefits typically are adjusted for inflation (but not always; there was no cost-of-living increase for the years 2010 and 2011). That’s why for many people, Social Security is an especially important source of retirement income.
December and January are the perfect months to look back at what you earned, saved, and spent during the past year, as W-2s, account statements, and other year-end financial summaries roll in. So before Punxsutawney Phil comes out of his burrow to predict when spring is coming, take some time to get your financial house in order.
How much have you saved?
Whether you simply resolved last year to save more or you set a specific financial goal (for example, saving 15% of your income for retirement), it’s time to find out how you did. Start by taking a look at your account balances. How much did you save for college or retirement? Were you able to increase your emergency fund? If you were saving for a large purchase, did you save as much as you expected? Challenge yourself in the new year to save a little bit more so that you can make steady financial progress.
