Taxes

IRS Now Using Private Debt Collectors Which Might Confuse Taxpayers

April 26th, 2017|

By Tim Moran, Vice President and Senior Manager, Operational Risk

For years scammers have placed phone calls claiming to represent the IRS. Typically, they threaten potential victims with arrest unless they immediately pay a delinquent tax debt. The IRS had countered these scams by publicly stating that they never contact taxpayers by phone. That’s about to […]

Tax Tip Tuesday: That Was Fun, Let’s Do It Again!

April 18th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Estate Planning Strategies and Affluent Client Services

Today is the last day of tax season, and what a fun season it was! You may feel some relief, or you may feel ongoing anger. Either way the 2016 tax season is over. That said, the 2017 tax season is […]

Tax Tip Tuesday: Higher Income Means More Taxes

April 11th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Estate Planning Strategies and Affluent Client Services

Earning a high income may get you many nice things, but it also gets you the pleasure of paying more taxes. Many tax thresholds are indexed for inflation, like the AMT tax exemption or the phase-out of certain deductions. However, taxes […]

Tax Tip Tuesday: Is My Social Security Taxable?

April 4th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRAs and Retirement Planning

At one time, all Social Security benefits were tax free. Today, if your only source of retirement income is Social Security, then it may still be tax free. But the higher your income, the more taxes you’ll pay on your benefits.

Taxes on Social Security […]

Tax Tip Tuesday: Tax Tips for Parents

March 28th, 2017|

By Edward “Ed” V. O’Neal, Vice President and Manager, Retirement Plans

Being a parent can be both exhilarating, and chaotic and the financial implications can be complicated, particularly at tax time. However, parents can check out these tips to help lower tax bills and/or lead to a larger refund:

1. There are a number of tax credits […]

Tax Tip Tuesday: Yes, You Can Direct Deposit Your Tax Refund into Your IRA!

March 21st, 2017|

By Theresa Fry, Senior Vice President and Manager, IRAs and Retirement Planning

If you haven’t yet filed your tax return and are expecting a refund this year, there is an easy way to turn that refund into retirement savings without being tempted to spend it. Did you know you can direct deposit your tax refund into […]

Tax Tip Tuesday: SEP IRAs and Other Retirement Plan Reminders

March 14th, 2017|

By Edward “Ed” V. O’Neal, Vice President and Manager, Retirement Plans

It’s that time of year where the attention of many business owners quickly turns to tax season and ways to reduce taxes—while increasing savings.

For small business owners looking for 2016 tax deductions, along with a way to jump start your retirement savings, the SEP IRA […]

Tax Tip Tuesday: Extra Time to Contribute To Your IRA

March 7th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRAs and Retirement Planning

It’s not too late. You can still make a contribution for 2016 to your Roth, traditional, or SEP IRA (if you are self-employed). This year there is a little extra time for everyone. All individuals have until Tuesday, April 18, 2017 to file their […]

Tax Tip Tuesday: Give me back my refund!

February 28th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Estate Planning Strategies and Affluent Client Services

The IRS has released its “Dirty Dozen” of leading tax scams. For the first time, “phishing” schemes have topped the list. In 2016 alone, phishing scams and malware incidents increased 400 percent (IR-2016-28). These scams are often designed to confuse taxpayers, […]

Tax Tip Tuesday: Ideas for Your 529 Plan

February 28th, 2017|

By Debbie Placke, Vice President, Manager, Financial Planning Marketing and Tools

Whether you have a 529 plan in place or are thinking about setting one up, here are some tax tips to keep in mind during tax time this year.

If you already have a 529 plan, start gathering your paperwork. If you have the following documents […]