Tax season is approaching, but there’s still time to maximize your deductions. Take advantage of IRAs to lower your taxable income. Moving taxable income into these accounts can reduce your tax bill. These contributions also improve your retirement outlook.
See details on eligibility and more at irs.gov.
Open an IRA
Call 573-636-5338
According to the Federal Trade Commission, American consumers lost $8.8 billion to fraud in 2022 – 30% more than in 2021.
To protect your money and help prevent fraud, we remind our members to be ever vigilant with personal information.
Unless you are expecting contact from your financial institution you should always use caution when you get unexpected calls or emails.
Scammers are coming at consumers any way they can. The most common contact methods include text messages, phone calls and emails.
They will attempt to trick you into action with pieces of personal information they’ve already gathered before contacting you.
Be Aware of These Common Fraud Types:
Imposter Scams – Scammers contact you pretending to be a trusted party that requires a payment on an “overdue” account.
Prize, Sweepstakes and Lottery Scams – “Companies” contact you saying you’ve won a prize, but they need your account information to transfer it or a payment to ship it.
Investment Scams – Criminals present you with a too-good-to-be-true investment opportunity that requires a cash deposit but promises an amazing return.
Even the savviest of consumers can fall victim to fraud. Trust your instincts and use caution. If the caller seems overly insistent, ask for a callback number for further verification.
Have you ever misplaced your paper statement or wished you had access to one from the past?
Enroll in Online Banking to get access to current and past statements.
Here’s How:
Once we verify your account, you can opt-in for eStatements and convenient access to your accounts.
A recent flurry of calls that indicate you’ve been “pre-approved for benefits” is another fraud attempt to get your personal information.
If you receive these calls asking to verify your full name and date of birth, immediately hang up the phone.
These scammers are trying to build a data profile on you so they can apply for credit cards or services in your name. Once they fill in all the blanks, they can run up huge amounts of debt in your name.
Never share your personal information over the phone. Anytime you receive an unexpected call, ask the caller to provide a call back number. If they hesitate, it’s likely they are not reputable. Hang up, then call back at a phone number you know to be legitimate.
Fraud Fighting: We Don’t Ask That!
We want to remind our members to be ever vigilant in their efforts to prevent fraud.
As a reminder, Civic Central Credit Union will never ask for your full account number or credit card number over the phone.
If you think someone is trying to access your account, please end the call.
Then contact us at 573-636-5338.
Scammers are getting more creative every day.
Including sending spam messages by text that ask you to secure your Amazon or PayPal accounts.
Never click on a link sent to you in a text message.
If you’re concerned about an account, visit their official website and login with your secure credentials to check for suspicious activity.
We Will Never Ask for Your:
· Passwords of any kind
· One-Time Passcode
· Full Social Security Number
· PIN Number
· Credit Card 3-Digit Security Code
· Credit Card Expiration Date
· Online Banking Secret Word or Password
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
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: