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.
Why Your Credit Score is Important
How do you know if you have been using credit well? If you have difficulty making loan payments or are stressed over your debt, that is one answer. Another is your credit score. Understanding why your credit score is important will help you use it wisely, and as a helpful financial tool.
Credit is amoral, meaning it is neither good nor bad. It is the choices and actions of individuals that determine if it is a helpful financial tool or a recipe for trouble. Those choices and actions tend to be reflected in the grade you have.
What Is A Credit Score?
Investopedia has a good definition we can use:
“A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors. Lenders use credit scores to evaluate the probability that an individual will repay loans in a timely manner.”
Looking at it a different way, your number represents your past use of credit, or lack of use. That information is then modeled into a number which represents how likely you are to repay your debts.
Although there are several different models in use, by far the most common is the FICO® score. The FICO® score, or similar scores based on the same model, are what you will most likely encounter.
Why Your Credit Score is Important
Lower borrowing costs. A higher number usually means lower interest rates and payments, and more favorable terms. It can also mean more control over what you buy and when.
Getting a job. Some hiring processes include a review of your credit score. A low score may keep you from being considered for a financial, retail or other sensitive position.
Buying Insurance. Almost all insurance companies now factor your score when calculating your premium payments, so good credit will save you money on your auto, home, and/or renters insurance.
Starting a Business. If you’re thinking about starting a business and need a business loan, your number and history will factor into your eligibility for small-business financing.
Mid Oregon Can Help!
Understanding the significance of your credit score is the beginning to managing it well. While good savings habits and spending within your means are crucial to financial wellbeing, your score is both a symptom of and a guide for how you manage credit.
Mid Oregon Credit Union helps our members understand and better manage their credit. Our loan officers can discuss ways to improve your number, access lower cost credit, and see if we can help with the debt you already have.
To learn more, visit midoregon.com, access our Contact Center at info@midoregon.com or call (541) 382-1795, or visit one of our Central Oregon branches.
Switch to No-Contract Wireless and Save!
If you think you’re paying too much for your wireless service provider, consider switching to a no-contract option. Love My Credit Union Rewards has just announced its newest discount partnership to bring Tracfone and NET10 no-contract wireless right to you.
With Tracfone, you’re in control with unlimited Carryover Data* that never expires. Choose from Americas Top 4G LTE** Networks, and without the contracts or mystery fees.
Or, live your best wireless life with NET10 Wireless. Choose from America’s Top Nationwide Networks or keep the one you love—all without a contract!
No contracts or mystery fees
When you get your service from Love My Credit Union Rewards, you’ll receive dependable service with no contracts, credit checks or mystery fees. And if you don’t love the service, you can switch anytime!
Get a top phone or keep your own!
Whether you’re an Android person or an iPhone fanatic, we have the latest phones for any budget. Love the phone you have? Keep the phone, number, and network you love with our easy-to-install SIM kits.
Find the brand that works for you
Visit the Love My Credit Union Rewards site to explore the different plans, and see the latest offers designed just for credit union members. Whether you prefer the value of carryover data or the go-anywhere freedom of unlimited talk, text & data, you’ll find the perfect fit.
About LMCUR
In 2008, CU Solutions Group recognized a need to offer credit union members the same kinds of special partner programs usually only available to big banks. That’s when it launched Invest in America, a program offering special discounts from U.S. automotive companies.
After that, the program quickly took off, and the name changed to Love My Credit Union Rewards. The program expanded its offerings to a wide range of U.S. companies.
Visit LoveMyCreditUnion.org to all the current rewards programs available now! Mid Oregon Credit Union provides additional resources through partner relationships. Check out our Mid Oregon Financial Partners page to see the latest.
*Service must be active and use within any six month period.
**Actual availability, coverage and speed may vary. See Terms & Conditions at Tracfone.com.
Your Top Tax Questions About Working Remotely
Last spring, many of us left the office to begin working remotely from home. If you were one of them, you know that you tackled multiple issues, including juggling work and family responsibilities, remote learning for your kiddos, and challenges with the logistics of several adults working from the same home at the same time. It was a tumultuous time, so congratulations for dealing with it powerfully and creating solutions that worked for everyone—most of the time, anyway. Whew!
Now, with tax time approaching, you may be wondering about any tax implications of working remotely that you need to address. So, let’s take a look at the tax issues of remote employment.
What tax issues? I still pay tax on my income, right?
Yes indeed. The income from your job will be reported to you on a W-2 in January, and you’ll report that income on your tax return. Nothing there has changed, at least for the federal tax return. But you may have special tax issues to deal with when you file your state income tax return, unless you live and work in a state that has no income tax.
What’s different about state returns for remote employment?
If you live in the same state in which your employer is located, state taxes are pretty straightforward. But when the pandemic hit and commuting to the office became a thing of the past, many people left urban areas and moved to the less-populated country where it was less expensive to live. If you crossed state lines and now live in a different state from your former office, you’ll need to factor in the income tax rules of two states, not just one.
Oh no, do I owe taxes to both states?
Good question—it depends. Most states look to your physical presence in determining whether to tax you. If that’s the case, if you live and work in one state for an employer in another state, you will only owe tax to the state in which you live and work. But each state is different. Be sure to use tax preparation software such as TurboTax® that considers the facts and circumstances of your employment situation and how they relate to state tax laws.
Can I deduct the costs of working from home, such as my computer, internet, office furniture, and supplies?
Probably not. Unfortunately, the tax act passed at the end of 2018 axed those deductions for most employees, with the exception for teachers. Teachers can still deduct up to $250 for supplies used in the classroom. If you aren’t entitled to a deduction for your expenses, your best bet is to ask your employer to give you a non-taxable reimbursement for those costs.
When it’s time to file your taxes, TurboTax® is here to help!
From simple to complex taxes, TurboTax has you covered. And when you need help, real experts are standing by—and can even do your taxes for you, start to finish with TurboTax Live®. Getting your biggest possible tax refund has never been easier. And as a Mid Oregon credit union member, you can save up to $15 on TurboTax. Click here to get started today!