The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Figuring Out Tax Withholding
Are you getting more than $2,000 in your tax refund every year? If you are, you may be over withholding, which means you’re giving the federal government an interest-free loan for the year. Under withholding means that, when you file taxes, you owe the Internal Revenue Service (IRS) money. Figuring out tax withholding can make a big difference.
Withholdings
If you’re getting money back, ask yourself two questions:
- Do you have credit card bills?
- Do you have an emergency fund to rely on if you become unemployed?
If you answered “yes” to the first question and “no” to the second one, getting a big tax refund is not the best plan. The refund is money you could have used all last year to pay off bills and to beef up your emergency fund.
In figuring out tax withholding, to find the right amount of withholding so you break even on your taxes, look at last year’s tax bill. If the amount you had withheld was close (your refund was small) and you haven’t had major lifestyle changes, such as getting married or having a baby, then you’re probably safe to leave your payroll withholding the same. If you owed a lot or received a large refund, then you might want to adjust your withholding.
Adjusting your W-4
The more allowances you claim on your W-4, the less income tax will be withheld. The fewer claimed, the larger the withholding amount.
If you’re getting a large refund, visit your employer’s payroll or human resources department and change your W-4 form, which establishes how much your employer withholds for taxes each paycheck. Use this calculator and the tax form you just completed to answer its questions, and see how adjusting your withholding affects your take-home pay. By increasing your allowances, you could see a few hundred dollars more in your paycheck each month.
Now figuring out tax withholding won’t help much if that extra money just slips through your fingers. So, take one more step and set up direct deposit to put that newfound cash into your emergency fund account every payday. Trust me—a full rainy-day fund feels a lot better than a once-a-year tax refund.
Keep in mind that everyone’s tax circumstances are different. Work with an independent professional tax adviser or a tax specialist at your credit union before making tax-related decisions.
Read more articles about income tax tips
Save up to $15 on Intuit TurboTax. Mid Oregon Credit Union has teamed up with TurboTax to help you save. Get your taxes done right and your maximum refund, guaranteed.
Prepare Finances Before Buying Your First Home
Thinking about buying your first house? Prepare Your Finances Before Buying Your First Home. To make the preapproval process seamless, gather these financial documents:
Before Buying Your First Home Check Your Credit
- Your credit report – Obtain a copy as early as possible and scour it for accuracy. If time permits, pull your credit report three months before you seek pre-approval so you have time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com. Usually, it works well to order one report every four months from a different credit bureau. But when your plan is to buy a house, check all three at once. Save up your “free” reports in the year until you’re ready to start looking for a house. Your goal is to identify discrepancies between the reports as well as to monitor your credit standing.
Necessary Paperwork
- W-2 forms – Make copies from the past two years.
- Paystubs – Copy your two most recent ones, before buying your first home.
- Financial account statements – Collect statements (including retirement accounts) from the past few months.
- Lines of credit – If you have opened any in the past six months, you’ll need copies of those statements as well, since they might not show up on your credit report.
- Information on vehicles you own – Include make, model, and resale value.
Your Loan Information
- Credit card account information – Include numbers and types of cards, balances and minimum payments.
- Auto-loan account information – Include account numbers and statements.
- Other loan account information – Think student loans and personal loans.
Money For Down Payment
- Gifts– If you’re fortunate enough to have any money for your down payment gifted to you, identify how much and where it will come from. Before buying your first home be prepared to document that it’s a gift and not a loan.
Ready to Go?
Once you have all your documents and personal financial information assembled, you’re ready to get preapproved at Mid Oregon Credit Union. Stop in to one of our 7 Central Oregon branches or apply online today.
To find out if we have any free home-buying workshops coming up, check our Financial Workshops page on MidOregon.com.
After Three Years Free Days Return!
Free Days Return to the High Desert Museum in February
For the first time since winter 2020, Free Family Saturdays return to the High Desert Museum. On Saturday, February 11 and 25, visitors will get free admission to the Museum. Free Family Saturdays are made possible by Mid Oregon Credit Union. Both the museum and Mid Oregon are excited that, after three years free days return!
“After three years, we are excited to throw open our doors for Free Family Saturdays,” said Museum Executive Director Dana Whitelaw, Ph.D. “They have always been highly popular and it’s an amazing day for witnessing the Museum’s educational mission in action.”
Along with free admission, visitors can enjoy a special Daily Schedule filled with numerous interpretive talks.
Museum Has Special Exhibits
Visitors on Free Family Saturdays will be able to experience the Museum’s new exhibition, Creations of Spirit. Native artists commissioned for this original exhibition created artwork to be used in Native communities before arriving at the Museum. It includes acclaimed artists Joe Feddersen (Colville), Kelli Palmer (Wasco, Warm Springs) and H’Klumaiyat Roberta Joy Kirk (Wasco, Warm Springs, Diné). Creations of Spirit is a one-of-a-kind, celebratory experience featuring the stories of living works of art. highdesertmuseum.org/creations-of-spirit
Other temporary exhibitions include the original effort, Under the Snow. The exhibit, offered in English and Spanish, reveals the hidden world beneath the snow, called the subnivium. In this environment, animals create a matrix of tunnels to survive the winter’s frigid temperatures and hide from the predators that lurk above. The exhibit is filled with animations of animals and immerses the visitor in the winter landscape. Learn more at highdesertmuseum.org/under-the-snow.
America’s Only Touring Black Rodeo
And In the Arena: Photographs from America’s Only Touring Black Rodeo, will be open through June 25. Through the lens of San Francisco Bay area photographer Gabriela Hasbun, the exhibit documents the exhilarating atmosphere of the Bill Pickett Invitational Rodeo—the only touring Black rodeo in the country—and the show-stopping style and skill of the Black cowboys and cowgirls who compete in it year after year. Learn more at highdesertmuseum.org/in-the-arena.
Winter hours are daily from 10:00 am – 4:00 pm. Learn more about all the Museum’s permanent and temporary exhibits at highdesertmuseum.org/exhibitions.
About the High Desert Museum
The HIGH DESERT MUSEUM opened in Bend, Oregon in 1982. It brings together wildlife, cultures, art, history and the natural world to convey the wonder of North America’s High Desert. The Museum is a 501(c)3 nonprofit organization accredited by the American Alliance of Museums, is a Smithsonian Affiliate, was the 2019 recipient of the Western Museums Association’s Charles Redd Award for Exhibition Excellence and was a 2021 recipient of the National Medal for Museum and Library Service. To learn more, visit highdesertmuseum.org and follow us on Facebook, Instagram and Twitter.
After 3 years free days return to the High Desert Museum, but for many years Mid Oregon has sponsored these Free Family Saturdays. Read about past High Desert Museum Free Family Saturdays.