Monthly Archives: March 2020

taxes

How To Save On Your Taxes

Are you kicking yourself for how you handled last year’s taxes? You can feel better about next year by learning a little bit about tax savings now. 

Consider Donations

Not only is donating to charity a great way to give back to the community, but it is also a smart way to have a tax write-off. It needs to be a charity that is recognized by the IRS in order to do this. This will require some organization on your part over the course of a year. You will be required to have written records. It should say the date of the contribution, the amount you gave and to who. If the amount is over $250 and you don’t have a receipt, the IRS may reject it. 

Increase Contributions to Your Retirement

If you contribute to a 401(k) plan or an individual retirement account, you can reduce your income tax. You would need to increase the amount that is withheld from your paycheck automatically.

Start Saving for Your Child’s College Tuition

It’s never too early to start saving for your child’s education. A 529 is a college savings plan similar to an IRA except it’s for college. The contributions grow tax-free, and withdrawals are not taxed for a college education. You can either use this for your children or for yourself to take a fun college course in retirement. 

Review Tax Credits for Children

Having children is incredibly expensive. Double-check that you’re getting all the tax credits you qualify for. You can itemize medical and dental expenses. As we all know, these costs don’t come cheap. Whatever you are paying out of pocket for these costs may be itemized along with the child tax credit. 

Begin a Health Savings Account

To help decrease some of the common stress of medical bills, consider starting a health savings account. Contributions made to an HSA are pre-tax dollars that can be applied to medical expenses. If you contribute the maximum amount, you can potentially save thousands on your taxes this year. 

It is possible to pay less in taxes next year; you just need to put the work into finding some ways that you qualify for exemptions. For more ways to save, contact us at Peoples Bank & Trust. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

piggy-bank

Graduation Is Coming – Have You Been Saving?

It’s never too early to save for college. Some parents start college funds even before their kids are born. If you have yet to jump on the savings train, it’s not too late to get serious about saving while in high school. The average cost of in-state tuition is around $10,000. Every dollar that you can save now will make a difference in the long run. 

Beef Up Those Grades

If there’s any time to hit the books, it’s now. Grades never mattered as much as they do in high school. Colleges will look at these to determine scholarships and admission to their programs. Even though getting good grades takes some effort and dedication, it will help you financially in the long run. Not to mention it will help to make you a better student in college, which may lead to you getting more scholarships in college. 

Get Involved

Don’t shy away from putting yourself out there! Sign up for extracurricular activities whether they are academic or athletic. Colleges will like that you have interests outside of the classroom. They may notice that you’re a team player, creative or like to challenge yourself. 

Look for a Side Gig

Don’t turn away from a part-time job! Any money you save now can make a difference, especially if you’re able to work all four years. Even if you make $400 a month, that is potentially close to $20,000 you can have by the time you graduate. 

Take AP and College Courses Now

Advanced placement classes are incredibly challenging. However, if you’re able to take them and do well on the final exams, you can earn college credit for free! Take advantage of every opportunity you can to get college credit while in high school. Any classes you take while in high school are free. Think about how great it would be if you could cut down your college years by a year or more! 

Start Scouting for Scholarships 

Another side job you should consider is researching and applying for scholarships. There are scholarships for nearly everything – even being left-handed! Consider spending an hour writing a scholarship essay, and you could end up receiving $1,000. You just made $1,000 an hour. 

Start a 529 Plan

Is high school too late to start a 529 savings plan? Absolutely not. There are tax benefits to having one that will still be a helpful fund towards college admission. 

To learn more about ways to save or starting a savings plan, contact us at Peoples Bank & Trust. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

cybersecurity

Cybersecurity Top Tips for Traveling

Whether traveling for fun or for work, you are hopefully busy enjoying the sites. However, it can be easy to get caught up in the adventure that you forget to stay on top of your personal cybersecurity protection. While you begin packing your bag, don’t forget this list of top tips!

Update all of your devices.

You’ve probably made sure your devices are charged, your toiletry bag is refilled and you have new reading material for your voyage. But before walking out the door for your trip, you need to update every device you have. These periodic updates that you see from the manufacturer do more than produce slight layout changes. They protect your device by patching holes and fixing bugs in the software. If not done, your wall of protection has weak points that can be taken advantage of. 

Watch out for wandering eyes.

In addition to keeping an eye out for anyone who may physically take your device or other items, watch out for lurkers. They may be looking over your shoulder or at your laptop from behind you. They’ll be looking out for any information that can tell them how to enter into your device. 

Always lock devices.

If you don’t have a passcode on your devices, you will want to get one. Don’t make it easier for criminals!

Remove auto-connect features.

Sometimes, it can be great to know that most public places nowadays have free Wi-Fi. Especially when traveling internationally, you may rely on this to send a simple text message to family back home. However, for your own security, it’s most important that you disable the auto-connect feature on your Wi-Fi. You want to set up your device so that it only connects to networks that you consciously choose. 

Turn off Bluetooth.

Similar to Wi-Fi auto-connect, Bluetooth should be turned off unless you are choosing to use it. The reason for this is that criminals will use this as an opportunity to connect themselves to your phone and crack into it remotely. If you’re like most people, you have a lot of PII (Personally Identifiable Information) on your phone. This can be used to take your identity. 

Statistics on Cybercrime 

  • You are 20 times more likely to be robbed on your computer than on the street.
  • 14.4 million people were victims of identity theft in 2018.
  • It is estimated that 33 billion records will be stolen in 2023.
  • The US government spent $15 billion towards cybersecurity in 2019.

With these tips in mind, we hope you have a safe and fun travel experience!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

farm

Farm Loans 101

“Let us not forget that the cultivation of the earth is the most important labor of man. When tillage begins, other arts will follow. The farmers, therefore, are the founders of civilization” (Daniel Webster). We love our farmers and believe they are the backbone of this nation. If you are new to farming or if it has been in your family for years, it’s important that you know about farm loans. Here are the basics you should be familiar with. 

FSA

When talking about farm loans, we should first discuss what the FSA does for farmers. FSA stands for Farm Service Agency. They are a branch or agency of the US Department of Agriculture. You may be able to obtain a loan through the FSA if you meet certain requirements. If you need to start your farm, expand or sustain it, you are likely going to need a farm loan. Choosing a lender like Peoples Bank & Trust to help you through the process will be the first step.

Who Qualifies for FSA loans?

  • Farmers needing to buy equipment or livestock
  • Farmers desiring to expand their business/land
  • Farmers who have experienced a natural disaster

These loans are meant for those who are not able to get credit from a commercial lender. They are usually used by farmers within their first ten years of business. When you are eligible to receive credit from a commercial lender, you will no longer qualify for a loan through FSA. 

Types of Farm Loans

Farmers have very specific needs. There are different types of loans that many farmers seek out to help their farming businesses thrive. 

Operating Loans: These can be essential to the success of a farm. They help purchase things needed for daily operations like fertilizer, livestock, irrigation, seed and fuel. 

Equipment Loans: No matter how big or small the farm, you’re going to need equipment to ensure its success. Equipment loans can be used to help buy things like tractors, grain bins and farm trucks.  

Real Estate: This loan is for expanding your land holdings. 

There are a variety of options available to farmers in terms of loans. Let us help you figure out a loan tailored to meet your business needs and goals. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender