Taxes

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First Southern National Bank has partnered with Banzai to bring you clear, in-depth lessons to help you dive into the financial topics you care most about.

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Paying Taxes

2020-08-06T20:35:48+00:00August 6th, 2020|

When tax season comes around, you need to be thorough to make sure you pay what you owe and save where you can. PAYING TAXES Whether you're buying a new home, changing jobs, getting promoted, starting a business, or raising children, you'll run into income tax implications. But that doesn't always mean you'll

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Tax Planning

2020-08-06T19:25:39+00:00August 6th, 2020|

By planning ahead, you can legitimately reduce the tax you owe. The most effective way to pay the least tax that you are legally obligated to pay is to make financial decisions with an eye to their tax consequences. For example, one way to reduce your current income tax is to contribute to a tax-deferred retirement

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Completing a Return

2020-08-06T17:42:35+00:00August 6th, 2020|

Your tax return tests you much like a standardized test, but it doesn't have to be as complicated as it seems. Filing a tax return is a matter of following the line-by-line instructions that come with your tax form. Each form has its own set of instructions, and includes a number of charts

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Coach: Make the Most of Your HSA or FSA

2020-08-06T17:04:53+00:00August 6th, 2020|

Coach: Make the Most of Your HSA or FSA HOW IT WORKS Both an FSA and HSA lower your taxable income while providing a way for you to pay for health care costs, but they're not quite the same. This Coach will provide information on both types of accounts, guide you through estimating your health care

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Meet Your 401(k)

2020-08-10T18:03:51+00:00July 1st, 2020|

If you’re lucky enough to be introduced to a 401(k), you’ll make a friend for life. Even if you’re just starting your first real job—actually, especially if you’re just starting your first real job—it’s time to start thinking about retiring. That’s not a comment on how motivated or unmotivated you are, or a

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Checking Out Charities

2020-06-30T18:49:38+00:00April 17th, 2020|

You've heard people say that it's better to give than to receive. But what does that really mean? Checking Out Charities Many people associate giving with charity, and donating money to help those who are in need. You can also make donations to organizations that support causes that you believe in. There are

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Tax Brackets and Statuses

2020-08-06T17:28:14+00:00March 11th, 2020|

Your income taxes are determined by what you earn and other key factors. You pay federal income tax at one or more tax rates, or percentages, based on how much money (that is taxable) you earn. That’s because the government slices income into segments called tax brackets. Your tax bracket, or the range of incomes that you

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