Wolf River Catch Newsletter
The Planning Time of Year
A Message from Joe Peikert, President & CEO
Happy New Year to our valued customers and friends! This early part of the year can seem extra busy for many people. The hustle and bustle of the holidays may be over, but the new year can bring its own list of “extras” to do. For many of us, it is a time of planning. Perhaps a summer vacation or a trip. Upcoming projects around the house or yard. It may be retirement on the horizon, college visits to think about, or a new vehicle to start looking for.
We also think it is a good time of year for some financial planning. If you have made any financial resolutions or would just like to evaluate and get some things in order, allow us to help you with a financial “check-up”. Be sure to take a look at page 4 to find out more. Also on page 4 is some good information on how to protect your money and protect your identity. Scammers continue to be very creative and this time of year when taxes are on the minds of many, they will use tactics such as impersonating IRS employees to try to get information or money from you. Be sure to read the article and always stay on your toes whenever anyone you didn’t call is asking for information.
Speaking of taxes, now is the time to do some planning relating to your health care costs, retirement and income taxes. Take a look at the information on page 2 related to Individual Retirement Accounts and Health Savings Accounts. We have experts at each of our branch locations to help you plan several potentially tax-advantaged ways to save for retirement or health care related expenses. Of course you should always contact your tax adviser for specific tax advice.
One of our core values is: Community – Driven to serve those around us, while caring for what is entrusted to us. You may get a feeling of “stewardship” from this statement. That is intentional. We believe that when we do “well”, it allows us to do “good”. In each newsletter, we point out a number of ways we give back to the communities we serve. Page 3 highlights two more examples of this including a very successful food drive and a monetary contribution to support our local food pantries. And secondly, donating our time by helping our young people develop an early understanding of sound “money management” skills as they prepare for the “real world” following high school.
Whether you are wishing for “more snow” or “thinking spring,” enjoy this time of year and let us know how we can help you or someone you know with any financial needs they may have. We are here to serve you and our communities.
Thinking About Building, Buying or Refinancing?
Our mortgage lenders have fixed and adjustable rate mortgage loans available to help you make your dreams come true.
Stop in or call us now!
Save more for your retirement with an IRA!
We offer both Traditional and Roth Individual Retirement Accounts and each offers you special benefits. Stop in soon and let one of our IRA
Specialists explain the advantages. The Traditional and Roth IRA annual contribution limits for 2016 and 2017 are:
$5,500 – persons under age 50.
$6,500 – persons age 50 or older.
Let Christy in New London (left), Kim in Hortonville (center) or Teresa in
Greenville (right) explain all the advantages of an Individual Retirement
Account or Health Savings Account with us!
There’s still time to open or contribute to your IRA before the April 17, 2017 tax filing deadline. See your tax adviser for all the details.
How a Health Savings Account (HSA) can help with medical expenses
With all the discussion of repealing the Affordable Care Act and the healthcare uncertainty that prevails today, shouldn’t you take control of your health care needs and those of your family? You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish your HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Any interest or earnings on the assets in your HSA are tax-free. We recommend you contact a qualified tax or legal counsel before you establish your account. In order to offer payroll deductions, your employer’s cafeteria plan must comply with Internal Revenue Code Section 125. The Internal Revenue
Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses, which can be found at www.irs.gov.
You will also find more information about both of these accounts on our website www.wolfriverbank.com
Enjoy The Convenience of Mobiliti!
Mobiliti is our on-demand service where you can access your account information 24/7 from any mobile phone with either text messaging, Mobile Web access or through a downloadable app. On a mobile phone use AppCode: GoMobile 0895 when prompted.
Visit our website www.wolfriverbank.com for details!
Serving YOU & The Community
Food Pantry Donations Exceed Expectations
Our 2016 Holiday Food Pantry Collection was again an outstanding success! We received more food and cash than in previous years and all of it was used to benefit families in our area. Special thanks to our customers, neighbors and staff members who donated food items and money to this very worthwhile effort! Working together, we made the holidays better and brighter for those in need.
Hortonville High School Reality Check
On Wednesday, February 22nd, three of our staff members were part of the Hortonville High School Reality Check program. This program shows
students the importance of budgeting and managing their money in “real-world” situations. They learn how to pay bills, manage a household budget and save for future financial needs.
Is it time for a financial check-up?
Your doctor, dentist and insurance agent all suggest you have an annual check-up to make sure everything is in order. The same should be true with your finances!
✔ Would an Individual Retirement Account help you plan for a worry-free retirement? Our IRA professionals can help you make the right choice –
regular or Roth.
✔ Would you, your children or grandchildren benefit from a savings account with us? Our staff can recommend the right option to help set aside
money for future needs.
✔ Is it time to refinance your mortgage? Our mortgage lenders can guide you through the process and get the paperwork completed promptly.
✔ If you’re a business owner, you may be considering an expansion or acquisition. Our business lenders have the expertise to help make your dreams a reality.
Stop in and let us help you with your financial check-up!
Be Alert For Income Tax Scams
If it sounds too good to be true, it probably is! In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake Internal Revenue Service communication.
An aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. Callers claim to be employees of the IRS, but are not. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.
Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. Or, victims may be told they have a refund due to try to trick them into sharing private information. If the phone isn’t answered, the scammers often leave an “urgent” callback request.
Please remember that the IRS will never:
• Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
• Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
• Ask for credit or debit card numbers over the phone.
Remember: Scammers Change Tactics — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but variations of the IRS impersonation scam continue year-round and they tend to peak when scammers find prime opportunities to strike.