Tax-saving tips brought to you by Briggs & Veselka Co. HEALTH & RETIREMENT CONTRIBUTIONS: Health Savings Account (HSA) Contributions Individuals who are covered by a qualifying high deductible health plan may make deductible contributions to an HSA, subject to certain limits. For calendar year 2020, assuming a full year of coverage, the maximum contribution is $3,550 for self-only coverage and $7,100 for family coverage ($3,600 and $7,200 for 2021), plus an additional $1,000 for those age 55 or older. Distributions from an HSA to pay qualified medical expenses are not taxable. Distributions used for nonmedical purposes are taxable, and if made before age 65, are subject to a 10% penalty tax. IRA Contributions for 2020 IRA contributions may be made on or before the original due date of the return. If otherwise eligible, those contributions may still be deducted on the 2020 return. ROTH IRA contributions have the same due date. No deduction is allowed but the growth can eventually be withdrawn tax-free as long as requirements are met. CARES ACT Created a $300 partial above-the-line charitable contribution for individuals taking the standard deduction and expands the limit on charitable contributions for itemizers Waived the 10% early-withdrawal penalty on retirement account distributions for individuals facing virus-related challenges. Allows businesses or individuals with business losses resulting in Net Operating Losses a five-year carryback of net operating losses (NOLs) earned in 2018, 2019, or 2020. The NOL limit of 80% percent of taxable income is also suspended, so businesses may use NOLs they have to fully offset their taxable income in carryover years. TAX CREDITS: Recovery Rebate Credit 2020 For 2020, eligible individuals are allowed a refundable income tax credit of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child under age 17. The credit is reduced by 5% of the amount by which the taxpayer’s 2020 adjusted gross income exceeds $75,000 ($150,000 for joint filers; $112,500 for heads of household), but not below zero. The IRS automatically made advance payments (Economic Impact Payments or EIPs) of the recovery rebate credit to most eligible individuals during 2020. This includes individuals who filed a tax return in 2018 or 2019 and individuals receiving government benefits such as Social Security Income, Social Security Disability Income, Veterans Compensation and Pension and Railroad Retirement. Eligible individuals who were not in one of the automatic payment categories or did not receive as much as they may be eligible for should compute this credit on their 2020 return. Taxpayers should have received Notice 1444, Your Economic Impact Payment, within a few weeks after the IRS makes the EIP. Taxpayers should keep the notice for use in filing 2020 tax returns as the amount received will reduce the amount of credit computed for 2020. BUSINESS ITEMS: Depreciation First-year depreciation deduction. Most used as well as new machinery and equipment bought and placed in service in 2020 qualifies for a 100% bonus first-year depreciation deduction. Qualified business income deduction A deduction of up to 20% of their qualified […]
Alysa Bergam, Personal Banker | SouthStar Bank Steiner Ranch Welcome Alysa Bergam! Alysa joins our Steiner Ranch team as a Personal Banker. Currently, she is working to obtain her degree in Accounting from Austin Community College. Alysa is eager to apply her administrative and managerial experience as well as her financial knowledge to her new role. In her free time, Alysa enjoys traveling, gaming, camping, and paddle boarding. She has visited several countries including Iceland, Hungary, and Croatia.
RIDE FOR THE BRAND, STAR LEADER, TRAILBOSS The ride for the brand award recognizes those individuals who have gone above and beyond to uphold the SouthStar Bank. In the cowboy days, when you worked for a big ranch or participated in a trail drive the cowboy was loyal to the Brand he “rode for.” Guys that rode for the brand had deep connection representing the ranch that transcended their daily work. To strengthen our culture, we continue to need employees that are a good example of this type of steadfast loyalty and who support our mission, vision and values. The Star Leader award is a special award given to applaud and promote the work and contributions of our most senior team. These individuals articulate a compelling vision for the institution and to have inspired others to that vision. They actively support all aspects of our Bank’s advancement and show the highest commitment to professional growth. Recipients deserve exceptional notice and praise. This year, we also wanted to recognize a few individuals who have stepped up in their leadership role. On a cattle drive, Trail Boss is the one in charge of the entire operation – keeping track of all the different elements of the drive, selecting routes, and making key decisions. Our Trail Boss awards go to those in who have helped guide our teams, selected routes for new and expanded operations, and supported key initiatives to exceed expectations. We can all agree that this year brought many new challenges, and I appreciate those who helped set the path for success. Loan Officer – Amanda Aaron Operations – Aften Serrano Support Operations – Mariela Tinajero Support Lending – Steffani Scarborough Mortgage Support – Donna Stephenson Star Leader- Bobby Simper Trail Boss Award – Alexis Michael, Billy Fleming, Gary Mobbs, & Trey Bertelson PRESIDENT’S AWARD This prestigious recognition is awarded by the bank president, David Kapavik, to the individual he and the executive team feel has made the strongest contribution to the organization over the past year in each region. They review many aspects including performance, leadership, service, and related organizational benefits. Urban North – Tina Zander Urban South – Ryan Noyce Rural North – Justen Salcido & Justin Kleiber Rural South – Lindsey Morkovsky INVESTAR SUPER STAR New award! This award recognizes one individual who has embraced our partnership Hilltop Securities. We look forward to the continued growth of this relationship and the benefits it provides for our clients. Pam Browning COMMUNITY INVOLVEMENT SouthStar Bank takes great pride in supporting our communities. The Community Involvement Awards recognize one recipient in each of our four regions for exemplifying the community bank spirit through active involvement in worthy causes and initiatives throughout the area. Urban North – Jesse Miller Urban South – Jeanette Ramirez Rural North – Melissa Greger Rural South – Julie Gamez STAR SERVICE AWARD The Star Service Awards recognize one recipient in each of our four regions for service above and beyond the expected norm. Recipients consistently demonstrate exceptional […]
Melissa Chavez, Retail Quality Control Specialist | SouthStar Bank Loan Administration Building Melissa Chavez is a Retail Quality Control Specialist based in Leander. A Texas State Alumni, she holds over 10 years of experience in the banking industry and is a recent addition to the SouthStar Bank team. Melissa loves to problem solve and find solutions to help both her team members and customers. Mentoring and educating her fellow coworkers is one of Melissa’s favorite things about her job. Melissa cherishes giving back to her community. She participates in many programs including Meals on Wheels, the Salvation Army Angel Tree, and fundraising for Dell Children’s Hospital. Melissa also enjoys spending her time with her family, going to the park, and painting. She hopes to one day travel with her family to Spain. A fun fact about Melissa is that Los Tigres del Norte was the first concert she attended.
Jasmine Reed, Personal Banker | SouthStar Southwest Austin The Southwest Austin team is expanding with the addition of Personal Banker, Jasmine Reed. This is her first time working in the banking industry, but she is excited to bring her outstanding customer service skills to the customers of Southwest Austin. In her free time, Jasmine enjoys painting portraits. Placing in the Colorado Congressional Art Show for one of her paintings was a proud achievement. Welcome Jasmine!
Megan Garcia, Personal Banker | SouthStar Bank Hearne Megan Garcia is a Personal Banker at the SouthStar Bank Hearne location. She has been with the bank for three years and enjoys having daily interactions with the community. One of Megan’s biggest career achievements was being voted Best Teller in Robertson County’s 2020 Best of the Best awards. Outside of work, Megan enjoys volunteering with the local little league. She loves spending time with her family, reading, and binging Netflix. Megan’s favorite place she has traveled to is Disney World. A fun fact about Megan is that an item on her bucket list is to go sky diving.