Taxable Income – An Inflation Response

In case you missed it, inflation has bumped up prices for food, energy, and fuel. For the 2023 Tax Filing Season, the Internal Revenue Service has made some inflation adjustments that can help.

Here’s Some That Will Affect You:

What’s Changed
Federal income tax thresholds have increased by roughly 7% by bracket.

How Does It Affect Me
These increases will allow many to stay in a lower tax bracket.

What’s Changed
Standard deductions have increased across all filing statuses.

How Does It Affect Me
– Single and Married Filing Separately: The standard deduction will increase by $900. ($13,850)
– Married Couples Filing Jointly: The standard deduction will increase by $1,800. ($27,700)
– Head of Household/Ages 65 and Up: The standard deduction will increase by $1,500. ($20,800)

Example

In 2023, a married couple filing jointly could make a maximum of $89,450 to remain in the 12% bracket, compared to $83,550 in tax year 2022.

Bottom-line:

These increases and additional credits will allow taxpayers to reduce their taxable income and keep more income in their pockets.

See all Tax Bracket Adjustments and changes at irs.gov/newsroom

Apply for Our $1,000 Scholarship

Entries must be received by Friday, April 14, 2023.

Civic Central Credit Union will once again award three $1,000 scholarships to selected student members.

Eligible Applicants:

• Civic Central Credit Union Members
• Enrolled Full-Time in an Accredited College or Trade School in Fall 2023
• Did Not Win a Scholarship in 2022

To Enter, Submit a Typed Essay

In 500 words or less describe:

• Yourself, the school you plan to attend, and the reason you chose that school.
• Include any awards, memberships in organizations or offices that you have held.
• What you have done personally to prepare for school costs.
• Any community betterment you have performed or any future plans you have to better your community.
• How this scholarship will help you achieve your career goals.

Return application by email to info@civic-cu.org or by mail:

Civic Central Credit Union

Attn: Scholarship Committee

PO Box 1828

Jefferson City, MO 65102-1828

Entries must be received by Friday, April 14, 2023.

Scholarships will be awarded on Friday, April 28, 2023.

Best High-Interest Debt

Did you know we offer a competitive VISA® product?

A VISA® from Civic Central Credit Union can increase your buying power and help you reduce higher-interest debt.

What Makes Our VISA® Better:

1. Low Fixed Rates
2. Easy Cash Advance to your Checking Account
3. Never Any Balance Transfer Fees

Learn More at goodcu.org/visa/

Protect Your Identity in an Online World

Consumer behaviors are changing – Online commerce is up nearly 43%.

With the increasing opportunities to spend online, the possibilities for identify theft and account fraud grow.

Here Are Five Tips to Help Keep Fraudsters at Bay:

1. Don’t open or respond to unsolicited emails or texts from unknown contacts
2. Never sign into an account using a link in an email or text
3. Never provide passwords, PIN numbers, account numbers, etc., over the phone or via text or email
4. Only browse secure online websites
5. Use strong passwords and change regularly

Shared Branch Network

Did You Know…

You have access to over 5,600 Shared Branches and over 30,000 surcharge-free ATMs. Visit a participating credit union in all 50 states.

Call 888-748-3266 OR Text your zip code to 91989 for locations that are nearest you!

And home values are on the rise.

Don’t forget about our Home Equity Line of Credit! You can borrow up to 80% of your home’s value. And new this year, we’ve removed the $80,000 cap.

Enjoy fast, friendly service and an easy online loan application.

Use your equity today!