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Tax Changes - How Will They Affect You?
Posted on 1/9/2019 11:24:31 AM
The Tax Cuts and Jobs Act that was passed this past year represents the biggest change to tax code since 1986, and the second biggest change since 1913. While the goal was to simplify taxes for the majority, there are several changes that may affect your personal and business finances beginning in 2019.
Duncan McGuffie, Prudential's Divisional Vice President, presented a workshop that outlined the tax changes and provided tips for looking at your portfolio through a tax efficiency lens to some of Citizens National Bank's customers.
As we move into 2019, we are proud that we recorded yet another record year of profitability and growth while navigating a negative interest rate environment and increased competition. With the new tax laws becoming effective last year we saw increased competition from both credit union lenders and non-banks, requiring us to be more efficient. Our customers benefited from higher deposit rates and lower borrowing costs.
As we begin a new year, it's important to examine the factors that are driving our economy and gain an understanding of the trends that may affect your business. Bob Morgan, economist with Austin Associates, shares his insight as to where we're headed in 2019.
Direct Deposit - Even If Your Employees Don't Have a Bank Account
Posted on 1/9/2019 9:24:31 AM
According to the National Federation of Independent Businesses (NFIB) there are many benefits to you as the employer to paying your employees via direct deposit including: cost savings, reduced risk of check fraud or stolen checks, greater control over payroll, timely payment of salary checks, even when employees are away, and reduced bookkeeping because of immediate payments into employee accounts (no delays in cashing). Direct deposit is easy to set up through Citizens National Bank's Online for Business product and makes paying your employees much simpler from an operations standpoint.
As a financial advisor, Debbie Boisselle, VP Investments with Citizens National Bank, keeps a close eye on market trends and monitors the economic forecast closely. She recently shared her Mid-Year Outlook presentation with those interested in learning more about the current state of the economy and how she sees this year ending as people begin to plan for 2019.
Bonus Points Now and More Bonus Points Later with a New CNB Visa Credit Card!
Posted on 9/13/2018 11:26:02 AM
With a Visa credit card from Citizens National Bank not only do you get a competitive interest rate, but also a robust points-based rewards program which allows you to purchase electronics, apparel, travel, concert tickets and even gift cards.
This is the time of year when many businesses reflect on their purpose as they formulate a strategy for the upcoming year. Realizing where your strengths lie make it easier to know where your organization is headed and where you'll be successful.
If you're tired of the hassle of processing payroll every week for your employees and stressed out about staying on top of all the tax rules, consider letting Citizens National Bank do your payroll for you.
As we end the first quarter of 2018, the year started out strong with huge gains in the stock market. Unfortunately, we've also had a few dips to date and it's this kind of volatility that Debbie Boisselle, VP Investments for Citizens National Bank, expects us to see throughout this year.
Fact: 97% of US farms are still family-owned and 88% of those make less than $350,000 in gross cash income. What the government chooses to roll into a new Farm Bill will impact many Americans whose livelihood depends on agriculture. The current Farm Bill is set to expire in September of this year.
Ask any farmer how their crops are doing and 90% of their response will probably depend on that day's weather - "It's too hot, it's too wet, it's too dry, etc..." While it's nearly impossible to predict hour to hour what the weather might do, there are trends that meteorologists study that can predict weather patterns and predictions for outcomes over a period of time.
As we pass the halfway mark for 2017, the U.S. economy appears to be clipping along at a steady pace. Unemployment is under 5% and GDP is projected to hit 2.5% by year-end. Debbie Boisselle, VP of Investments for Citizens Wealth Management Group recently offered her take on the rest of the year and what she feels may be good areas to invest and things to take into consideration as you begin preparing for 2018.
"We've seen more growth in the last 6 quarters than the last 4-5 years," stated Robert Morgan, an economist with Austin Associates, when he recently spoke to several of Citizens National Bank's business customers about the economic outlook for 2017. That statement speaks volumes about the direction Morgan feels our country is taking in regards to economic activity and the opportunity for businesses to expand over the next year..
Bryce Knorr, senior analyst with Farm Futures Magazine, recently presented at an event Citizens National Bank co-hosted with Williamson Insurance Agency. Knorr pointed out 2017 is the first year since 1983 that farmers plan to plant more soybeans than corn and pointed to increased production costs as the reason for lower profit margins than the 1980's. Expected acreage of corn planted is projected to be down 3.7% while soybeans are projected to be up 8.5%. According to Knorr the USDA estimates yields for corn will be on average 174.6 bushels/acre and bean yields will be 15% higher than 2016 at 52.1 bushels/acre.
Despite a somewhat volatile political backdrop and continued slow economy, Citizens National Bank experienced an excellent year in 2016. We have continued to show consistent asset growth and increased earnings. While our net interest margin continued to be under pressure from low interest rates and a flattening yield curve, our focus on decreasing operating expenses and increased loan growth has once again produced a record year.
Tax-related identity theft occurs when an identity thief has used your social security number to get a tax refund or a job. Unfortunately, it may be several months later that you realize it has happened when you are notified by the IRS that you were paid by an employer you don't know or that more than one tax return was filed using your social security number.
If you are an Online for Business customer you're automatically enrolled in our easy-to-use mobile app. Simply download it from the App Store or Google Play and log in with the same credentials and token you currently use for online banking. The App is free.
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