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Banking Finance
January Special Section
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Sponsored Section • Banking & Finance
January 2018
A financial professional Common tax mistakes to avoid in 2018 at many life events Brought to you by: Edward Jones When might you need the help of a financial professional? Actually, you can benefit from the services of a financial advisor at many life events. For starters, when you begin your career, you could use some help in choosing the right investments in your employer’s retirement plan. And when you change jobs, you’ll need to know what to do with that plan. When you get married, you and your spouse could use some guidance in setting joint goals and establishing appropriate investment strategies. And if you have children, you can rely on a financial professional to present you with some college-savings options. Finally, as you enter retirement, you should know how much you can withdraw each year from your retirement accounts without running the risk of outliving your resources. And you’ll have questions on when to take Social Security and other key issues. Most important life events will carry some financial concerns. But you don’t
have to face these challenges alone – and by getting the help you need, you can ease the transition from one stage of life to another. Please contact Chris Burns at 770205-1579 with any questions.
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* Annual Percentage Yield (APY) effective 1/11/2018. CDs offered by Edward Jones are bank-issued and FDIC-insured up to $250,000 (principal and interest accrued but not yet paid) per depositor, per insured depository institution, for each account ownership category. Please visit www.fdic.gov or contact your financial advisor for additional information. Subject to availability and price change. CD values are subject to interest rate risk such that when interest rates rise, the prices of CDs can decrease. If CDs are sold prior to maturity, the investor can lose principal value. FDIC insurance does not cover losses in market value. Early withdrawal may not be permitted. Yields quoted are net of all commissions. CDs require the distribution of interest and do not allow interest to compound. CDs offered through Edward Jones are issued by banks and thrifts nationwide. All CDs sold by Edward Jones are registered with the Depository Trust Corp. (DTC).
Chris Burns Financial Advisor 5285 Lake Point Center Drive Suit A Cumming, GA 30041 770-205-1579
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(BPT) - Life changes - getting married, having a baby, buying or selling a home, sending a child off to college or retiring - often come with changes to your tax situation. Overlooking these changes when filing your taxes can lead taxpayers to make mistakes that leave money on the table, potentially impacting their refund at a time when the average refund is about $2,800. Here is a list of common tax mistakes to avoid in the 2018 filing season to help ensure you don’t miss any deductions or credits that you deserve. Using the correct filing status One of the most common mistakes taxpayers make is selecting the wrong filing status. A taxpayer’s filing status can affect which credits and deductions they’re eligible for, the value of their standard deduction and their tax bracket. One situation that can make choosing a filing status difficult is when more than one filing status seems to fit. For example, if a taxpayer with children is in the process of getting a divorce, they may not be sure if they should file as married filing jointly or married filing separately or, in some instances, whether they qualify to file as head of household. In this case, the taxpayers should run the numbers to see if filing jointly or separately is more to their advantage rather than guessing. In addition, common clerical errors such as mixing up names, forgetting to include information reported on your W-2, 1099 or other forms, or even making mathematical errors can also affect your tax benefits. Commonly overlooked credits and deductions Most taxpayers file their taxes using the standard deduction, but you may be eligible for a variety of itemized deductions that could possibly save you more. Also, you may be eligible for “above-the-line” deductions and tax credits, none of which require you to itemize. And it’s important to note that the newly passed tax reform generally does not impact these credits or deductions until you file your 2018 tax return in 2019. Earned Income Tax Credit for lower-income workers: Twenty percent of eligible taxpayers, particularly lower-income workers, do not claim the Earned Income Tax Credit (EITC). Depending on their income and the number of children they have, these taxpayers may be eligible for an EITC of $503 to $6,242. Since eligibility can fluctuate based on financial, marital and parental status, taxpayers can be ineligible one year and eligible the next. Under the PATH Act, taxpayers who claim the EITC and who file early
will have their refunds delayed until mid-February. Despite the delay, taxpayers should file as they normally would to get their refund as soon as possible. Education credits: Depending on your academic program, what year the student is in, income and other restrictions, there are federal tax credits that can help offset the costs of higher education for yourself or your dependents. To qualify, you must pay for post-secondary tuition and fees for yourself, your spouse or your dependent. Depending on the criteria, a student may use the American Opportunity Credit of up to $2,500 or the Lifetime Learning Credit of up to $2,000. Itemizing deductions: Itemizing can save taxpayers hundreds of dollars, as only one third of taxpayers itemize but millions more should - especially homeowners. Owning a home is often the key that unlocks itemization, but some taxpayers with high state taxes and charitable contributions may also be able to itemize. Itemizing enables eligible taxpayers to take deductions such as: * Charitable donations * Medical expenses that exceed 7.5 percent of adjusted gross income * Personal property taxes * State income or sales taxes * Casualty losses such as a fire, hurricane or earthquake * Mortgage interest payments Not filing On average, the IRS announces annually that approximately $1 billion goes unclaimed in federal tax refunds. Taxpayers can claim a refund for up to three years after the filing deadline. So, in addition to filing your 2017 return, keep in mind to file your 2015 return by April 17, 2018. If not, you will lose your 2015 refund. There is no late-filing penalty if a taxpayer is due a refund. Also, even if you are not required to file a return, you may be entitled to a refund. Taxpayers who want to ensure they get the maximum refund without a delay should visit https://www. hrblock.com/offers/refund-advance/ to see if you are eligible for a Refund Advance, or you can make an appointment with a tax professional.
January 2018
Banking & Finance • Sponsored Section
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Travis Carithers, branch manager Veronica Petriati, Martina Humphries and Pat Thomas present a check to Scott Doll, executive director of the Isakson Alpharetta Family YMCA.
American Commerce Bank contributes $3K to Y it Matters Local banks succeed as their communities succeed. American Commerce Bank in Johns Creek has begun 2018 with a campaign to raise its profile and community commitment across the markets that it serves. Veronica Petriati, Johns Creek branch manager, was pleased to demonstrate that commitment recently by presenting a $3,000.00 contribution to the 2018 “Y It Matters” campaign. “With its after-school programs, elder outreach and service to all our residents, the YMCA is an ideal example of a community organization that deserves our support”. American Commerce Bank is also partnering with community leadership in 2018 to launch a speaker series to educate business owners and residents about important financial matters. On February 13th, the bank will host the Johns Creek Chamber of Commerce at ACB’s local branch as part of the chamber’s Business Builder series to cover recent tax law changes. Brian Cummings, an investment strategist with Optimized Transitions, will speak about the critical changes that busi-
ness owners and consumers need to understand regarding recent federal tax law changes. The public is welcome and invited to attend. “It’s our hope”, said Petriati, “that by inviting the community to participate at meetings like these, we will help our customers and neighbors to make better financial decisions.” The bank intends to promote its speaker series throughout 2018 as it finalizes each topic of interest. Contact American Commerce Bank to learn more about the 2018 speakers program. Carlos Laverde, ACB’s Atlanta market president, is excited about the launch of the speaker series. “Our bank has had great success funding local loans, delivering financial advice and serving as a champion of growth across our markets. I am really looking forward to additional service we can provide with our newly launched speaker series”. American Commerce Bank is a fullservice financial institution with offices in Johns Creek, Bremen and Tallahassee, FL.
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4 northfulton.com
Sponsored Section • Banking & Finance
January 2018