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.
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!
Make Your Financial Goals Stick in the New Year
Stimulus payments provide an opportunity to jump-start your 2021 financial goals. No need to sugar-coat it—we’re all glad to see the end of 2020. Although this year has been difficult for so many of us, 2020 has also given us the opportunity to examine our goals and priorities in ways we haven’t before. Whether you’re recommitted to purchasing your first home, reducing your debt levels, or being more prepared for a financial emergency, most of us will have a chance to get a head start on reaching those objectives.
2021 could be the change you’re looking for
If you tend to ring in the New Year with more debt, less money in the bank—and a few more pounds—than you’d like, this year could provide a refreshing change. Many Americans will receive a second round of COVID-19 recovery funds from the U.S. Treasury in the coming weeks. (Visit our COVID-19 Information Page for details.) It’s tempting to spend the money on something you’ve been wanting. But, if you’re focused on your long-term goals, this unexpected windfall could make a real difference.
Setting SMART goals you can reach
Have you made your 2021 financial goals? To give yourself every chance of success, make sure your goals meet the SMART standard. SMART stands for Specific, Measurable, Adjustable, Realistic, and Time-Oriented. If you need a refresher, this post from a couple years ago also includes a quick video to get you started.
Or, join us on Thursday, January 28 at 10 a.m. for our free virtual webinar “Reaching Your 2021 Financial Goals.” Presenter Wayne Hanson will help you master goal-setting using the SMART method, and give you some tips for making financial goals that work for you.
So if you have the goal to create an emergency fund of $1,000 by the end of the year, your goal may be to deposit 1/4 of the total by the end of the first quarter. By taking half of your stimulus payment and putting it into savings, you’ve just achieved that goal! Easy, right?
Or, if you want to help your kids to learn good financial habits, perhaps you can start by opening your child a savings account with a portion of the funds. You can talk about the importance of saving, and discuss with your child some ways they can add to their savings this year—or even set a SMART goal of their own!
Maybe you want to buy a home this year. If so, consider your family’s stimulus payment as an opportunity to pay down debts and start improving your credit score before applying for a mortgage pre-approval. By using the tips and recommendations provided as part of Mid Oregon’s free Credit Savvy credit-management tool, you can use those extra funds to make the biggest impact on your credit score.
Keep it in perspective
Lastly, the emergency stimulus payments are just that—something we are receiving because of a crisis. If you need those funds to stay afloat and avoid taking on additional debt, that’s also a great goal. Don’t beat yourself up. Things will get better.
Here’s to a brighter New Year!