Help available for small businesses By ROBERT A. DEFRANK Staff Writer ST. CLAIRSVILLE — The COVID-19 pandemic has taken a stiff toll on small businesses in the area, but with 2021 there comes a wide range of tools to recover and grow. “We all want to get what kind of help we can get to get through,” Bob Sabo, owner of Jenkins Sporting Goods said. “It’s been tough times for a lot of people.” Crystal Lorimor, executive director of the Belmont County Department of Development, said her agency is one that offers assistance. “We continue to work one-on-one with businesses,” she said, adding this includes advising and helping business owners gain access to resources and experts that can help them with all facets of a business. “We have received a (United States Department of Agriculture) grant where we can provide more assistance and resources to the businesses,” she said. “We’ve also started a revolving loan fund for them, and then as things
Small Business n Tools are available to help small businesses deal with ordinary or complex issues n Assistance ranges from business planning to financial advice n Lenders are expecting COVID considerations in a business plan from the government become available for grants and assistance in that matter, we sent that information to the businesses and share it to their Facebook page to otherwise get the word out.” Lorimor said her agency often acts as a hub, putting businesses in touch with other resources, as well as holding conversations about their needs and opportunities. “We have resources across the state,” she said, adding most meetings are virtual, but her agency offers clients the opportunity to come to her office so she can connect them to resources. Make them
understand what they need to do. Common issues include the need to update employee handbooks, consider different methods of marketing, often offering touch-free options. “Small businesses sometimes don’t have a tech person right there with them so they reach out to us and say ‘how do I do something,’ and we can help them.” Restaurants, for example, can use QR codes at tables instead of handing people menus, but they Photos by Robert A DeFrank need to update their webBob Sabo, owner of Jenkins Sporting Goods in St. Clairsville is one of many small sites or look for new revebusiness owners who have borne up under the COVID-19 pandemic. Multiple nue streams. resources are available to start of expand a business with an eye to the new rules (Please see HELP, Page 6) and expectations brought on by coronavirus.
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Ilona Carenbauer, left, and Katie Hedrick of Wheeling at Three Labs Salvage in St. Clairsville, one of the many businesses that has survived the COVID-19 pandemic.
Tax Concerns Run Rampant in Coronavirus Age By JOSELYN KING Staff Writer Americans received two rounds of economic stimulus checks in 2020, but they don't have to pay taxes on this money. They must, however, pay taxes on any extra unemployment benefits they received through the CARES Act last year. “I think a lot of people are going to get a surprise tax bill because some might not have had withholding on their unemployment benefits,” said Connie Blatt, tax accountant with Zeno, Pockl, Lillly and Copeland, “If you remember, during the coronavirus people were getting extra. These peo-
ple might get surprised. “People may not think unemployment income is taxable, but it is. I think that is going to be the big one this year, with so many people collecting unemployment.” The stimulus checks for $1,200 sent last summer, and for $600 approved in late December are considered non-taxable income, according to the IRS. The money neither increases the amount a taxpayer must pay, nor does it decrease the amount of the refund. That said, those who haven't yet received one or both of those payments might want to quickly make out their tax returns.
Taxes n Stimulus payments are not considered taxable income. n Those not yet receiving stimulus checks due them may choose to receive them as part of the income tax refund. n Those who received stimulus checks by accident need to return them.
The IRS is using the 2020 tax return to pay anyone who didn't get a second stimulus check before the Jan. 15 deadline through a Recovery Rebate Credit. The Recovery Rebate Credit may be claimed on line 30 of the 2020 tax return, according to the IRS. Those who do not file a tax return, but who have not yet received their stimulus payment — will need to file Form 1040 or Form 1040-SR to claim the Recovery Rebate Credit Those filing quicker are in a position to receive the money due them quicker. “It is actually like a pre-credit on your taxes,” Blatt said of the Recovery Rebate Credit. “If you didn’t get the stimulus check, there will be a place on your tax form to put it.” Those eligible for stimulus are single Americans with adjusted gross incomes of less than $87,000 annually, and couples reporting earnings less than $174,000. Families are eligible to receive an additional $600 per child under terms of the most recent stimulus, but each child must have their own Social Security number to
Photo by Joselyn King
The IRS is using the 2020 tax return to pay anyone who didn’t get a second stimulus check before the Jan. 15 deadline through a Recovery Rebate Credit. The Recovery Rebate Credit may be claimed on line 30 of the 2020 tax return, according to the IRS.
qualify. Older children who can be claimed on their parent's tax return won't receive a stimulus check of their own. This applies to high school and college students age 23 or younger who don't pay at least half
of their own expenses. People are responsible for returning any stimulus money received under certain circumstances, according to the IRS. Any checks received made out to some who died prior to Jan. 1 must be paid back.
If a recipient has an adjusted gross income that exceeds specified limits — such as $87,000 a year for a single taxpayer — they must return any stimulus money received. (Please see TAX, Page 7)
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Page 2 — Monday, February 22, 2021
Unemployment Cases Soar in W.Va., Ohio During Pandemic By ERIC AYRES Staff Writer The COVID-19 pandemic’s tendrils almost instantly wrapped themselves around the United States economy and its employment figures in 2020. Businesses deemed non-essential temporarily closed down. Many workers dealt with reduced hours or found themselves completely out of work. According to the U.S. Bureau of Labor statistics, unemployment climbed as high as 14.7 percent in April. The unemployment rate fell to 6.3 percent in January, but was still almost double the 3.5 percent the country saw in February. Many who had never worried about joblessness before suddenly found themselves navigating their state’s unemployment systems, which had to evolve themselves due to the restrictions caused by the pandemic. Yet those systems have evolved to continue providing services as effectively as they can to job seekers throughout Ohio and West Virginia. As restrictions on public gatherings slowly began to loosen after the spring shutdowns, the federal government offered assistance in the form of stimulus packages such as those in the CARES (Coronavirus Aid, Relief and Economic Security) Act that — among many other relief programs — made direct stimulus payments to tax filers and their dependents. Federal unemployment programs such as the Pandemic Unemployment Assistance (PUA), Federal Pandemic Unemployment Compensation (FPUC), Pandemic Emergency Unemployment
The search for a new job n National unemployment rates surged from a near 50-year low to the highest rate since the Great Depression because of pandemic-related shutdowns n State agencies increased staff and enhance online systems to handle increased unemployment claims and distribute millions in funds from new federal unemployment relief programs n Employment offices continue to help job seekers find new jobs through unprecedented times as COVID-19 continues to impact 2021 Compensation (PEUS) and others to assist those whose jobs were affected by the pandemic. In Ohio and West Virginia, the state unemployment offices were forced to adapt to the overwhelming hike in cases being filed. “Like every other state in the nation, the biggest challenge to Ohio’s unemployment system over the last year has been the dramatic increase in unemployment claims since the start of the pandemic,” Thomas Betti, spokesman for the office of communication at the Ohio Department of Job and Family Services. “The total number of initial jobless claims filed in Ohio over the last 45 weeks — 2,228,112 — was more than the combined total of those filed during the last five years.” The challenge on the state level was finding ways to quickly implement these federal programs and handle the huge volumes of new unemployment claims, many of which were not required to follow the same rules and guidelines as those filing for traditional state unemployment
benefits. “Each claim is important to us,” Betti said. “We know many Ohioans are struggling, and we understand the urgency of providing them with the resources they need to support themselves and their families.” In the state systems, increased staffing and greatly enhanced capabilities to efficiently handle online processing of claims was a must. “As a result, we continue to build our capacity to process this unprecedented number of claims and assist all the Ohioans who need help,” Betti said. “We contracted with a vendor, Deloitte, to stand up the new Pandemic Unemployment Assistance (PUA) program. We also implemented a number of other measures, such as expanding our call center hours to 7 a.m. to 7 p.m. weekdays, 9 a.m. to 5 p.m. on Saturdays, and 9 a.m. to 1 p.m. on Sundays.” A number of different federal stimulus packages have been passed in Washington since the onset of the pandemic, with different avenues of unemployment assistance outlined in each. Initially an addition of $600 in federal assistance per week was given to those who remained unemployed because of the pandemic between April
and July. Another federal $300 was provided for additional weeks in the fall, and an extension of 11 more weeks was provided in the stimulus package passed at the end of December. With the changing of the guard in Washington in January, shifting political winds continued to keep state agencies on their toes when it comes to quickly implementing or tweaking programs and opening avenues to get federal assistance to those in need. Shortly after taking office in late January, President Joe Biden publicly announced a different stance on the newly expanded federal unemployment benefits made available as part of the latest stimulus package passed at the end of the year. Biden indicated his support of the new requirement to seek employment, but noted that applicants should not be mandated to take a job offered to them if they found conditions to be unsafe. Biden issued an executive order on his second day in office asking the Labor Department to clarify this policy. “You could be denied unemployment insurance because you’re offered a job and you didn’t
take it,” Biden said. “It’s wrong. No one should have to choose between their livelihoods and their own health or the health of their loved ones in the middle of a deadly pandemic.” This year, WorkForce West Virginia mailed 1099-G forms to nearly 200,000 individuals who received unemployment benefits in 2020. With so much additional money being offered through federal relief packages with fewer strict guidelines encouraging filers to get back into the job market, state agencies have also been eyeing an increase in cases of unemployment fraud. WorkForce West Virginia has urged legitimate filers to be on guard against fraud and identity theft, especially during this tax season. “It’s unfortunate, but unemployment fraud has been prevalent across the country during the pandemic and fraudsters are out there claiming benefits by using stolen identities,” said WorkForce West Virginia Acting Commissioner Scott A. Adkins. “WorkForce is exhausting every possible avenue to reduce the impact of fraud on innocent West Virginians.” WorkForce West Virginia has hired additional
staff for fraud prevention and detection, including income and identity verification. While lawmakers in Washington continued to debate details about the amount and the guidelines pertaining to yet another new stimulus package to provide relief to American families who are still feeling the economic impact of the pandemic, many state officials are encouraging the White House and congressional leaders to “go big or go home” when it comes to the next round of assistance. “We need to understand that trying to be, per se, fiscally responsible at this point in time with what we’ve got going on in this country, if we throw away some money right now, so what?” Justice said. “We’ve simply got to move to get people taken care of.” As the nation continues to take steps toward recovery and coronavirus vaccines continue to roll out, state agencies remain available to provide assistance through job placement and employment programs. The national unemployment rate has fallen significantly since the height of the pandemic, but as of the start of February, numbers still remain above pre-pandemic levels. However, jobs are available, and local employment offices — such as the Ohio Means Jobs office in Martins Ferry and the WorkForce West Virginia office in Warwood — are staffed and ready to help In Ohio, for unemployment information or for links to available employment opportunities, visit jfs.ohio.gov. For more information about job opportunities or unemployment benefits in West Virginia, including federal pandemic relief programs provided by the CARES Act, visit workforcewv.org.
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Monday, February 22, 2021 — Page 3
When to Invest? No Time Like the Present! By ALAN OLSON Staff Writer WHEELING — Investing financially may seem daunting, but advisers at WesBanco say that hesitating on making the plunge can set prospective investors back substantially if they miss out. Scott Love, Senior Vice-President of Economic and Equity Analysis with WesBanco, said there’s never the perfect time to start investing, but gains can be made at any time, and going in sooner will allow interest to begin accumulating, and can keep prospective investors from missing out on the best trading days of the year. “History tells us that if you miss the 10 best days (of the 250-day trading year), you’re going to significantly underperform from the benchmark,” Love said. “In our view, there’s no best time to get started, but we would prefer you to just get started. Taking that first step, allowing interest and returns to compound, is really where people are going to see the growth on their investment portfolio.” Scott Cunningham, CEO of Security National Trust Company, echoed this sentiment — the sooner a person starts investing their money, the sooner it generates interest. “The best time to
Investing n Start investing early, as missing the best trading days of the year means an investor can expect to seriously underperform. n Professional advisers can offer the edge in investment that a novice or amateur trader might miss, or prevent unwise investments n Planning investments around pay raises or new income sources can provide seed money to get started. invest is sooner, rather than later,” Cunningham said. “The big benefit from investing is the effect of compounding over time, and the more time you have to compound your investment, the richer you’re going to be” Cunningham said the Rule of 72, which provides a rough estimate on how long it takes for an investment to double in value given a fixed rate of annual interest, provides a good general idea for the effect of interest. “If you invest at age 28, you’ve got a doubling jump on the person who waited until age 35,” he said of a hypothetical situation with 10 percent interest. Love recommended visiting a local financial advisor’s office to get started, of which there are many throughout
the area, associated with large financial firms such as WesBanco or Edward Jones. Alternatively, those without a baseline knowledge base can pursue online or local education programs to get a basis in finance. “We offer a wide range of people who can help them get started, and in addition there are other investment platforms people can take a first step,” he said. “If you’re relatively new and need a little more background and information, there are a number of websites and education services that will get you up to speed. But what we’ve found is that individual investors don’t have the stomach sometimes, or the depth of knowledge, that professional investors will.” Cunningham agreed, referring to Thomas
Stanley and William Danko’s 1996 book “The Millionaire Next Door,” pointing out two things from the book: most millionaires live beneath their means, investing the extra money, and that many millionaires enlist the help of professional advisors. “They have investment advisors, lawyers, and CPAs. So if people are interested in investing over time, it’s good to engage in professional advice,” Cunningham said. “We saw this recently with the GameStop debacle, where the stock of GameStop was going way up and everyone jumped in, bought hundreds of thousands in stock, and then, of course, the … scheme collapsed. Somebody was left holding that stock and it collapsed in value, and all of us in the business looked at each other and said, ‘Ah, those people are going to get hurt,’ and many of them did.” Love advised that, historically, ”timing” the market — acting in accordance with perceived trends — rarely works out either for personal or professional investors, and again stressed that a prospective investor be fully invested. “By getting invested, staying invested, and sticking to your long-
term strategic goal, that’s where investors will be able to post some pretty solid returns, and really allow their returns to compound over longer periods of time.” Love said the COVID-19 pandemic affected the market, with the equity markets bottoming out following the March 2020 initial lockdowns. However, those markets recovered quickly in the days that followed. “If you look, just as the lockdowns really ramped around March 23, that’s when those equity markets bottomed,” Love said. “If you were worried about current events, or worried about where the economy was going to go, you would have missed one of the quickest recoveries in the equity market
in history. “There’s really no great time to invest, and in fact, the times that are uncomfortable are traditionally where you want to get started. Even now, … we still encourage investors to take a longer-term view, take that first step, get started in investing, and allowing interest and returns to compound over time.” Even for those who may not have as much disposable income, Love said it’s often possible to find the money to begin investing. He recommended starting with a 401(k) investment plan through work, if one is offered, or when getting a raise or changing jobs, investing a portion of the increased salary.
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Page 4 — Monday, February 22, 2021
Safe Alternative Banking Options Available for Customers By CARRI GRAHAM Staff Writer BELLAIRE — Although the state of the economy has changed in the past year due to the coronavirus pandemic, local banks are adapting and helping customers find alternative options for their banking needs. Belmont Savings Bank has implemented many changes to ensure the health and safety of its employees and customers, while continuing to provide services and alternative options to residents of the Ohio Valley. The bank made the decision to close its branch lobbies but remains open for drive-thru services and for appointments. President and CEO Todd Cover said the bank has been fortunate in its ability to adjust with many of the obstacles faced with the pandemic. "Although we closed our branch lobbies, we were able to continue to service our customers in
person when they made an appointment. We also took advantage of technology and implemented Docusign," he said. Through Docusign, customers are now able to sign their private documents securely online without having to come into the bank, Cover added. Due to the pandemic, many residents have chosen to hold off on making major purchases. Cover said he is hopeful that consumers will once again feel more comfortable with these purchases in the future. "Our economy is going through so much change right now. When there is change, the consumer tends to be very conserative when it comes to making big purchases such as a home. When the state of the economy changes, and the consumer feels a little more secure, we should see a rise in major purchases such as a home or a car," he said.
Banking n With many bank lobbies closed due to the pandemic, customers can use Docusign to sign all their necessary documents online and skip the trip to the office. n Customers still leery of congregating in larger public spaces will be able to take care of all their banking needs at home with an online option. n While the economy might have made some wary of making large purchases, now is a good time to do so, with finance rates currently as low as they are.
Cover said that now is a "great time" to make these purchases as finance rates are very low. However, with the economy as it is, another option residents may want to consider is refinancing. "Many people are worried about their job, and their finances. Although we may not see many purchases right now, it is a great time to refinance and take advantage of those low rates," he said. Cover said the bank's mortgage loan rates are very competitive right now. "And we don't sell our loans, so their loans stay at BSB," he said. BSB is hopeful for the future and in its ability to provide good services to residents of the Ohio Valley. "We are excited about the future of BSB. We are able to offer our business customers the same products they would receive at a larger bank, but still providing them the service of a local community bank," he said. Cover said the bank will soon launch a new service to its customers that will allow them to do all their banking from the comfort and safety of their home. "We are very close to launching an online account opening. This will give customers the opportunity to open their account online without having to step foot into the bank," he said. BSB has four locations including in Bellaire, St. Clairsville, Barnesville, and Powhatan. For more information by Carri Graham on BSB or to speak with Todd Cover, president and CEO of Belmont Savings Bank,Photos sits inside the bank’s a team member, call 740- Bellaire location. The bank has implemented new options for customers to safely 676-1165. and securely access their banking needs.
Belmont Savings Bank finds ways to make banking easier and accessible for customers amid the pandemic.
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Monday, February 22, 2021 — Page 5
Local Colleges Helping Students Navigate Financial Aid Process By SCOTT McCLOSKEY Staff Writer Two local institutions of higher education are providing a variety of meeting options to help counsel new students as they navigate through the financial aid process. That process has changed a bit due to the COVID-19 pandemic, yet that hasn’t stopped those schools from providing help. Katie Cooper, director of financial aid and enrollment center for West Liberty University, said WLU’s office continues reaching out to help students work their way through the maze of obtaining financial aid through a variety of ways, including virtual online meetings. Since the number of on-campus visitors is currently limited due to the pandemic, West Liberty has taken that crucial information to the students. The university has put together a number of online meeting options, where they’ll spend time helping students fill out their Free
Application for Federal Student Aid. “We work with local high schools and we also put on our own programs as well here at West Liberty,” Cooper said. “We’ve done several virtual meetings with local high schools to help students complete their FAFSA (forms) and we have more (meetings) going on into February and March”. Financial aid counselors will continue meeting virtually with both groups of students scheduled through area high schools and individually with students and their parents to wade through the financial aid application waters. Cooper said students looking for financial assistance can reach out to their high school counselors or contact the West Liberty University financial aid office directly for help. “What concerns me is students that are graduating from high school this year aren’t completing everything they need to complete, like the
How to Pay for College n Local colleges and universities are offering a variety of meeting options for financial aid and student loan counseling n Colleges and universities providing virtual online meetings on financial aid to high schools n For those out of college and paying on student loans, the U.S. Department of Education has announced the student loan forbearance period will extend through Sept 30 in response to the COVID-19 national emergency
FAFSA (forms), as early as they normally do,” Cooper said. “I think that’s part of just not being in school. So student loan applications are actually down at this point.” According to the Higher Education Policy Commission, as of Feb. 3, FAFSA applications from West Virginia students were down nearly 22 percent compared to last year. Organizations are trying different ways to boost those numbers. In December, the Education Alliance announced the “Cool Cash for College” contest, where students who filled out a FAFSA form would be placed in a drawing for prizes. Kanawha County enlisted the help of actress and Charleston native Jennifer Garner to spread the word of the importance of filling out those forms. Karen Hunt, Bethany College’s vice president for enrollment, said the college continues to help students look for financial aid in a number of ways. “No question, financial aid and the cost of college is a primary concern for students and families,” she said. “We assist students in multiple ways by using social media posts, direct emails, one-to-one counseling (via Zoom or phone during the pandemic) and our website to help educate people on the process and the aid available to them.” In the past, Bethany has regularly offered on-campus group and individual meetings to discuss financial aid. This year, Hunt said, they have relied on Zoom and Facebook Live events. In addition, she said all graduating seniors with loans are required by
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Katie Cooper, director of financial aid and enrollment center for West Liberty University, said their office continues reaching out to help students navigate through the financial aid process through a variety of ways.
the U.S. Department of Education to complete online exit counseling to understand their loans and repayment options and obligations. “Additionally, Bethany College has a tradition of gathering the seniors together for an event called ‘Senior One Stop,’ where students handle the business of graduation, including learning about their repayment
obligations to supplement the Department of Education exit counseling,” Hunt said. She said plans for this year’s event are in progress. For those struggling to meet their federal student loan obligations following college, there continues to be some positive news. The U.S. Department of Education has announced the student loan forbear-
ance period will extend through Sept. 30 in response to the COVID-19 national emergency. The announcement comes after all federal student loan interest rates were set to zero and automatically entered borrowers into administrative forbearance, allowing them to defer payments without financial penalty since the onset of the pandemic back in March of 2020.
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Page 6 — Monday, February 22, 2021
Help (Continued from Page 1)
Lorimor said demand is up and more people have expressed an interest in starting their own businesses. However, they must take several issues into account during the COVID and post-COVID era. She said many loaning agencies will want to see COVID considerations in a business plan, such as how technology will be used to minimize touch surfaces. “People have to really think things through and it’s going to be that way through the rest of this year,” she said. “We work with them throughout the whole process,” Lorimor said, adding they provide assistance from research to registration and acquiring licenses. “Every business is so unique. It really takes one-on-one
conversations and working at their pace.” “Things are changing daily. While it’s scary at times, times like these also push us to become more innovative, and some of that innovation I’ve seen is really exciting.” Lissa Jollick, regional director of the Ohio University Small Business Development Center, funded by the Small Business Association, also offers assistance to businesses and individuals in southeastern Ohio. “We provide a lot of training. All of our counseling is at no cost,” she said. “We have a team of counselors that work one-on-one with people. … We assist in a variety of different functional areas.” Jollick said common issues are a need for
“Things are changing daily. While it’s scary at times, times like these also push us to become more innovative, and some of that innovation I’ve seen is really exciting.” Crystal Lorimor, executive director of the Belmont County Department of Development
financing, financial projections and help developing a business plan, as well as guidance in terms of what a lender would want. “(Lenders are) not getting any more lax in what they’re requiring, and businesses need to find ways to operate
differently in the past. We have clients that have been very successful during the COVID era because they’ve been able to make changes in their business model.” “We also have a lot of really powerful tools that can assist companies interested in getting help
with marketing,” she said. The agency takes into account factors such as geography, demographics and trends to identify the target market. This year, the agency will grow its ability to find international markets. Another service is financial analysis. “A lot of business owners, they’re experts in what they do, but they don’t necessarily know how to read a financial statement, and/or they get so involved with their business that they’re not taking the time to look at their financials from a distance and say ‘what am I doing right? What am I not doing? What can I do better?” As part of the Voinovich School, it offers a Procurement Technical Assistance Center to assist companies
interested in selling to the government. The agency has received a CARES Act grant through the end of the fiscal year, Sept. 30, 2021, with training focusing on sales and marketing. “Understandably there’s a lot of fear because nobody knows what to expect. This has really hurt some businesses,” she said. “Businesses really need to think about how they can do business differently, because obviously this doesn’t seem to be going away.” The Belmont County Department of Development can be reached at 740-695-9678 or http:// belmontcic.com/contact-us and the Ohio University Small Business Development Center at 740-593-1797 or https:// sbdc.ohio.edu/
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A Supplement of The Intelligencer, Wheeling News-Register and The Times Leader
Monday, February 22, 2021 — Page 7
Saving Money Important During Good and Bad Times By SHELLEY HANSON Staff Writer BELLAIRE — Trying to build one’s savings for a possible job loss or anticipated big expense has always been a good idea, but doing it during a pandemic, though difficult, still is important. To help people stay on track, two local financial institutions — Belmont Savings Bank and WesBanco — are offering tips to do just that. Pam McKim, assistant vice president and branch sales manager at Belmont Savings Bank, said one way to increase one’s savings is to ask your employer to automatically deduct a specific amount from your paycheck. It can be done each pay and deposited into a savings account, such as a Christmas Club. “This way, you don’t have to remember to take it out each pay. It’s a good idea to start out with a minimum of $10 if you can,” McKim said. She recommends people use a savings account instead of a separate checking account while trying to save. “It’s better to use a savings account when trying to save money. Sometimes you have the option to link your savings account to a debit card. If you do use a debit card, keep in mind you will be limited to the number of withdrawals per month,” she said. McKim noted during hard times, such as the current pandemic, another reason to use a savings account is because it makes one’s money less accessible, meaning one may be less tempted to
“A savings account is meant for just that — saving. It is not as easy to access your money ...” Pam McKim, assistant vice president and branch sales manager at Belmont Savings Bank spend it. “A savings account could be beneficial in times like these because the money is there when you need it. A savings account is meant for just that — saving. It is not as easy to access your money as with a checking account,” she said. “Also, with a savings account, once you withdraw your money, it’s gone. Unlike using a check, your money is there until the check clears the bank. This makes it difficult to overdraw a savings account, helping you to avoid overdraft charges.” McKim noted at Belmont Savings Bank savings accounts are rewarded with interest. “At Belmont Savings Bank our accounts reward you up to $9 per month, or you can earn interest. You can take those additional funds and put them in a savings account monthly to help you begin building a healthy nest egg. Who doesn’t want free money?” she said. Lisa Werner, vice president and mortgage CRA
officer for WesBanco, believes setting personal financial goals is the key to increasing one’s savings. “To be successful overall, a person must establish what and why they are saving. Being in control of one's finances is a powerful and necessary step. Once the personal goal is set, a written budget is necessary. I encourage enrollment in America Saves. Enrollment is quick, easy and free. It takes just a minute to enroll, and the required personal information is extremely limited to protect against identity theft. Types, tools, and resources will then be received via e-mail from nationally acclaimed experts,” Werner said. Werner believes people should have both a checking and savings account. “I recommend having both and to keep only a limited amount of funds in the checking account to protect against ID theft. Mobile and electronic banking make it very easy to move funds from savings to checking should it be needed,” she said. “ Keeping the bulk of funds in a savings account makes it necessary for a person to transfer funds to the checking account when it runs low. This makes it necessary for someone who is trying to save to give conscious thought to purchases and can help curtail unnecessary spending.” Lerner noted WesBanco has a range of products and services to help all of its customers. This includes financial advice and digital and mobile services. “We have applications
Shown here is WesBanco bank at The Highlands in Triadelphia. Lisa Werner, vice president and mortgage CRA officer for WesBanco, believes setting personal financial goals is the key to increasing one’s savings.
Tax (Continued from Page 1)
Stimulus checks also must be returned by those considered as "non-residents" in America who are without an American spouse. A "nonresident alien" is defined by the IRS as someone who is not a U.S. citizen, who doesn't have a green card, and who is not physically present in the U.S. for an extended time. Also not eligible for stimulus checks are nonU.S. citizens who do file federal taxes, and anyone without a Social Security number. There are no additional tax breaks built in this year to assist those whose earnings for 2020 were significantly less than in past years, according to Blatt. Tax filers can take a deduction this year of up to $300 in charitable contributions for giving cash to eligible 501-C charities, she said. “Before you always had to itemize to take a charitable contribution,” Blatt said. “This year, if you have given at least $300 to a qualified 501-
Photo by Joselyn King
Accountants say those receiving extra unemployment benefits through the CARES Act in 2020 must declare the money as income on tax filings.
C, you can take that as a deduction without having to itemize.” The Internal Revenue Service urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. Retirees often are targets of such scams. Seniors should be especially careful during this
period. The IRS reminds retirees — including recipients of Forms SSA1099 and RRB-1099 — that no one from the agency will be reaching out to them by phone, email, mail or in person asking for any kind of information to complete their economic impact payment, also sometimes referred to as rebates or stimulus payments. No additional action or information is needed on their part to receive this.
Photos provided
Shown here is Belmont Savings Bank in Bellaire. Pam McKim, assistant vice president and branch sales manager at Belmont Savings Bank, said one way to increase one’s savings is to ask your employer to automatically deduct a specific amount from your paycheck.
such as mobile banking that tracks our categories of spending and customers identify areas in which they need or would like to cut back. “We offer a special WesBanco Savings account that can be opened with a nickel with no fees for mobile or electronic banking,” she said. “Customers are enrolled in America Saves at the time the account is opened. Also, we have a written template of a budget along with the instructions on how to create one that we can provide, as well as employees who can assist with the task.” Following are some additional tips from Werner: Consider saving at least part of stimulus payments if there is not an immedi-
ate need for the funds; Funds that normally would be used for dinners out, gym memberships, shopping, gasoline costs, etc. may be used to jump start savings; Plan weekly meals in advance and make a grocery shopping list; and, stick to it while
shopping and avoid impulse buying; Comparison shop between name brands and store brands; Consider cooking in bulk and freezing leftovers for future use; Search for coupons in newspaper circulars for items you use often.
Personal savings n Savings accounts help by making money less accessible to spend easily n People should put away at least part of their stimulus payments n Money can be deducted automatically from paychecks into savings accounts, even small amounts
A Supplement of The Intelligencer, Wheeling News-Register and The Times Leader
Page 8 — Monday, February 22, 2021
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