SouthStar Bank, Author at SouthStar Bank, S.S.B.

by SouthStar BankMarch 19, 2026

IRA Tax Filing Guide: What You Need to Know for Tax Season

Tax season can be confusing, especially if you have retirement accounts like an Individual Retirement Account (IRA). Understanding how IRA tax filing works can help you avoid costly mistakes, maximize potential tax benefits, and stay compliant with IRS rules. Whether you have a Traditional IRA or a Roth IRA, knowing how contributions, withdrawals, and reporting requirements affect your taxes is essential. At SouthStar Bank, we believe financial education is an important part of planning for a secure retirement. Here’s what you need to know about filing taxes when you have an IRA. How IRA Contributions Affect Your Taxes One of the key benefits of an IRA is its potential tax advantages. With a Traditional IRA, contributions may be tax-deductible depending on your income and whether you or your spouse is covered by a workplace retirement plan. If you qualify for the deduction, your IRA contribution can reduce your taxable income for the year. For example, if you contribute $6,500 to a Traditional IRA and qualify for the full deduction, your taxable income may be reduced by that amount when filing your federal tax return. A Roth IRA, on the other hand, works differently. Contributions are made with after-tax dollars and are not deductible. However, the major benefit comes later: qualified withdrawals during retirement are generally tax-free. Understanding these differences is key when preparing your IRA tax filing each year. Reporting IRA Contributions on Your Tax Return When you file your taxes, you may need to report your IRA contributions. Traditional IRA contributions are typically reported on Form 1040 and may require Form 8606 if you made nondeductible contributions. Your IRA provider will send you Form 5498, which documents your IRA contributions for the year. This form is often sent after the tax filing deadline because you can contribute to an IRA up until the tax deadline for the previous year. Even if you receive it later, it’s important to keep it with your tax records. How IRA Withdrawals Are Taxed If you took money out of your IRA during the tax year, you will receive Form 1099-R, which reports the distribution to both you and the IRS. For Traditional IRAs, withdrawals are generally taxed as ordinary income. If you take money out before age 59½, you may also face a 10% early withdrawal penalty, unless you qualify for an exception. With Roth IRAs, qualified withdrawals are typically tax-free if the account has been open for at least five years and certain conditions are met. Required Minimum Distributions (RMDs) Another important part of IRA tax filing involves Required Minimum Distributions, or RMDs. If you are age 73 or older, the IRS requires you to take a minimum amount out of most Traditional IRAs each year. These distributions must be reported as taxable income on your tax return. Missing an RMD could result in a significant penalty, so it’s important to stay on top of these requirements. Plan Ahead for a Smoother Tax Season Keeping detailed records of your IRA contributions, withdrawals, […]

Employee News

by SouthStar BankMarch 9, 2026

Welcome Antonio Torres! New Credit Analyst I

Antonio Torres has joined the SouthStar Bank Leander branch as a Credit Analyst I. Antonio received his degree in Finance from Texas State University and holds two years of prior experience in the banking industry. In his new role, he is excited to bring a fresh perspective to the Credit Department alongside his experience in banking and financial analysis. Antonio is eager to contribute to the team and help the Bank achieve its goals. Outside of work, Antonio is an active runner and loves to travel. His secret talent is that he is ambidextrous, and his biggest personal achievement is graduating from college. Welcome to the team, Antonio!

General Education

by SouthStar BankMarch 4, 2026

Common Savings Goals For Kids

Teaching children how to save money is one of the most valuable lessons parents can offer. When kids learn to set savings goals, they begin to understand that money is something to manage thoughtfully, not just spend immediately. At SouthStar Bank, we believe building smart financial habits should start early. Helping children identify and work toward savings goals can set them up for long-term financial confidence and success. Here are some common savings goals you can set for kids and how they help shape strong financial habits in the future. 1. Toys and Games For many children, the first savings goal is something fun, like a new toy, board game, or video game. This type of goal is easy to understand and highly motivating. Saving for a desired item teaches patience and delayed gratification. Parents can make this task more engaging by helping kids track their progress or divide money into categories such as saving, spending, and sharing. 2. Electronics and Gadgets As kids grow older, their goals often become bigger and more expensive. Items like tablets, laptops, or gaming systems usually require weeks or months of saving, which helps kids learn how to plan ahead and stick with a goal over time. This period is also a great opportunity to introduce budgeting principles and comparison shopping, showing kids how to find the best value before they spend. 3. Special Experiences Some savings goals are about creating memories rather than buying things. If your family values experiences over singular items, you may want to encourage your children to save for trips to amusement parks, summer camps, or special outings with friends. These types of goals teach kids that money can be used intentionally to plan for future events, encouraging foresight and responsibility. 4. Gifts for Others For some children who love to share and give gifts, saving money to buy a gift for a friend or loved one can provide a meaningful goal. Whether it’s for a birthday or holiday, this teaches generosity and thoughtfulness. Children learn that money can bring joy to others, not just to themselves, reinforcing positive values alongside financial skills. 5. Charitable Giving Some children choose to save for donations to causes they care about, such as animal shelters or community organizations. This act helps them develop empathy and social awareness, and understand that even small contributions can make a difference. It’s also a natural way to introduce conversations about values and community involvement. 6. Long-Term Goals Older kids and teens may set longer-term savings goals, such as a bike, a car, or future education expenses. These goals introduce more advanced concepts, such as consistency, prioritization, and long-term planning. Parents can use this stage to explain how saving in a bank account can help money grow safely over time. By helping children set clear savings goals, parents can turn everyday moments into meaningful financial lessons. Opening a Shooting Star Savings account at SouthStar Bank gives kids a safe place to store their money while learning how […]

Employee News

by SouthStar BankMarch 3, 2026

Congratulations Matthew Danielson! New Vice President of Lending

Matthew Danielson has been promoted from Portfolio Manager to Vice President of Lending at the Georgetown location. Matthew has seven years of banking experience, with the last five spent sharpening his craft at SouthStar Bank. In his previous role, Matthew developed a keen understanding of all facets of the deal lifecycle, from underwriting and credit preparation to closing and funding. As he moves into his lending role, he looks forward to leveraging this understanding into skills that will allow him to serve his clients best and manage customer relationships. Matthew’s financial foundation has given him a strong understanding of Commercial Real Estate and experience across several asset classes, equipping him with the knowledge and skills to help clients get the funding they need. In his new role, Matthew looks forward to expanding his existing customer relationships and building new ones. He is also excited to get more involved in the community through programs such as Leadership Georgetown, Leadership Temple, CCIM, and Temple Area Builders Association. Outside of work, Matthew has a passion for the outdoors, spending much of his time away from work fishing, golfing, and hunting. He also enjoys spending time with his wife and newborn son. Congratulations, Matthew! NMLS# 2182960

Employee News

by SouthStar BankFebruary 24, 2026

Welcome Charlie Waters! New Branch Executive & SVP of Lending

Charlie Waters has joined the SouthStar Bank Georgetown branch as the Branch Executive and Senior Vice President of Lending. Charlie holds more than a decade of experience in the banking industry with a strong focus on commercial real estate. Throughout his career, Charlie has had a great track record of success, with one of his most significant achievements being when he led his previous branch to be one of six branches out of 200 to increase both loans and deposits. As a lender, Charlie enjoys seeing his customers grow and developing projects that expand his team. He loves the feeling of knowing he is helping both his local economy and community. In his role with SouthStar Bank, Charlie looks forward to helping the Bank grow in a way that benefits customers and shareholders. Outside of work, Charlie is very involved in his community. He has served on several boards and committees throughout his career and is currently a board member of the Round Rock Chamber and a member of Rotary. He also enjoys spending time with his children and loves to hunt, fish, and golf when he can. Charlie is also a fifth-generation Williamson County resident, with past family members who have served as mayor, and a local school named after his great-grandfather. Welcome to the team, Charlie! NMLS# 1783984

Employee News

by SouthStar BankFebruary 20, 2026

Congratulations Sam Bell! New Urban North Area Manager

Sam Bell has been promoted to Senior Vice President of Commercial Lending and Urban North Area Manager. Sam has 17 years of experience in the banking industry, becoming well-versed in commercial real estate and residential lending, as well as in management roles that have cultivated his leadership style and results-driven mindset. He has repeatedly demonstrated the ability to exceed expectations while maintaining a strong focus on relationship banking and deal execution. In his previous role, Sam consistently demonstrated strong production, disciplined execution, and a deep understanding of what it takes to get the job done. In his new role, Sam looks forward to leading the Loan Officers in the Urban North Area and working closely with bank executives to help achieve the Bank’s strategic goals. Outside of work, Sam enjoys hunting, fishing, and spending time with his family. Sam has also been a member of CCIM for four years and serves on the organizational team for their Annual Clay Shoot event. Congratulations Sam!

Self-Directed IRA

by SouthStar BankFebruary 19, 2026

What to Look for in a Self-Directed IRA Custodian

A Self-Directed IRA (SDIRA) allows investors to diversify their funds beyond traditional stocks and bonds into alternative assets such as real estate, private equity/companies, tax liens, and precious metals. While this flexibility can open new opportunities, it also comes with added responsibility. Choosing the right Self-Directed IRA custodian is critical to protecting your retirement savings and staying compliant with IRS regulations. When evaluating a custodian, here are the most important factors to consider, along with how SouthStar Bank helps meet those needs. 1. Experience with Self-Directed IRAs Not all custodians are equipped to handle alternative investments. A qualified Self-Directed IRA custodian should have extensive experience administering accounts that hold non-traditional assets. SouthStar Bank’s IRA team brings specialized knowledge of Self-Directed IRAs and understands the documentation and procedures required to hold alternative assets within a retirement account properly. 2. Strong Compliance Practices IRS rules surrounding Self-Directed IRAs are strict, especially when it comes to prohibited transactions and disqualified persons. A reliable custodian should have established compliance processes to help ensure each transaction is properly structured. SouthStar Bank focuses on accurate recordkeeping and procedural oversight to help customers maintain compliance as they pursue their retirement strategies. 3. Transparent Fee Structure Understanding the true cost of your Self-Directed IRA is essential. Some custodians charge hidden or transaction-based fees that can add up over time. SouthStar Bank provides a clear fee schedule so customers know what to expect when opening and maintaining a Self-Directed IRA. Transparency helps investors plan more effectively and avoid surprises. 4. Timely Transaction Processing When investing in real estate or private assets, timing matters. Delayed funding or paperwork can result in lost opportunities. SouthStar Bank emphasizes efficient processing of Self-Directed IRA transactions, including purchases, sales, and required documentation, helping clients move forward with confidence when opportunities arise. 5. Personalized Customer Service Self-Directed IRAs are more complex than standard retirement accounts, making access to knowledgeable support especially important. SouthStar Bank offers personalized service through experienced professionals who can answer questions, explain procedures, and assist with account administration. This relationship-focused approach sets SouthStar Bank apart from large, impersonal custodians. 6. Security and Financial Stability Choosing a bank-based custodian offers additional peace of mind. SouthStar Bank operates in accordance with established regulatory standards and fiduciary practices, providing an added layer of trust and security for retirement assets. Customers benefit from working with a well-established financial institution that prioritizes data protection and internal controls. 7. Educational Support While custodians cannot provide investment advice, education plays an important role in helping investors understand how Self-Directed IRAs work. SouthStar Bank provides guidance on account structure, required documentation, and common pitfalls to avoid, helping customers make informed decisions about their retirement strategy. Choosing SouthStar Bank as Your Self-Directed IRA Custodian Selecting the right Self-Directed IRA custodian is about more than convenience; it’s about protecting your retirement plan and ensuring compliance. A custodian with experience, strong internal controls, transparent fees, and dependable service can make managing alternative investments significantly easier. SouthStar Bank offers the expertise, customer service, and […]

Employee News

by SouthStar BankFebruary 19, 2026

Welcome Eddie Pellecer! New Senior Vice President of Lending

Eddie Pellecer has joined the SouthStar Bank Southwest Austin team as a Senior Vice President of Lending. Eddie holds nine years of experience in the banking industry, establishing a strong familiarity with the Austin market and developing expertise in commercial lending. Before his banking career, Eddie served four years in the United States Marine Corps. This experience helped shape his discipline, work ethic, and leadership style. Professionally, Eddie brings strong financial analysis and credit risk expertise, paired with a relationship-driven lending approach. He is experienced in structuring sound transactions that align the needs of both the client and the Bank, while maintaining disciplined underwriting standards. Clear communication, collaboration, and integrity are central to how he approaches every deal. Eddie is excited about the opportunity to lend in a true community-bank environment where relationships and local decision-making matter. He is passionate about working closely with business owners to help them grow and serve as a long-term financial partner, rather than treating lending as a transaction. He values the ability to see the direct impact community banking has on local businesses and families. Outside of work, Eddie enjoys running, mountain biking, traveling, and experiencing different cultures, as well as cooking and listening to music as ways to recharge. Welcome to the team, Eddie! NMLS# 2473416

Employee News

by SouthStar BankFebruary 11, 2026

Congratulations Sche Kehner! New Assistant Vice President & Branch Manager

Sche Kehner has been promoted to Assistant Vice President and Branch Manager of the SouthStar Bank Kerrville location. Sche has been in the banking industry for 16 years and has spent the last 4.5 years with SouthStar Bank. She has established herself as a staple of the Kerrville team by delivering consistent top-tier customer service. As the Branch Manager, Sche is excited to continue expanding her knowledge of the financial industry to provide exceptional experiences for her customers. She looks forward to leading her team of amazing individuals while maintaining the integrity and warmth of the Kerrville branch. Outside of work, Sche loves to go fishing, crack open a novel, or spend time with her family and her personal zoo of animals! She also loves to get involved with the community, often volunteering with the Salvation Army Kroc Center. Sche loves the children in her community, and the Salvation Army aligns with her philanthropic goals.

Technology

by SouthStar BankFebruary 2, 2026

Alerts & Account Monitoring: Tools to Stay in Control

Keeping a close eye on your finances is vital to making sure your money and personal information remain secure. SouthStar Bank offers several tools to help customers remain secure and actively monitor their accounts. Learn more about all the tools available and make sure to take advantage of the features that can help you! Secure Alerts SecureAlerts keeps users up to date about important account activity via instant text*, email, or your Online Banking message center. With SecureAlerts, users can decide which alerts to enable, how they are notified, and how often. Notification options include: Debit Card Purchases Account Balance Alerts ATM Withdrawals CD Approaching Maturity And more! Rest assured, you’ll receive the latest details on your account, and watch for any suspicious activity. The simple, secure service is free to all SouthStar Bank customers enrolled in online banking. Enroll today through the Online Banking Portal! Travel Alerts Travel Alerts allow users to update their debit card preferences so their card isn’t flagged for potential fraud while travelling! The process is quick and straightforward. Access Travel Alerts through the SouthStar Bank Mobile App and specify your travel dates and destination(s)! Card Manager Card Manager lets users quickly manage lost or stolen cards on the go! This feature is easily accessible through the SouthStar Bank Mobile App. Under the Manage My Cards section in the Mobile App, users will have access to: Set alerts to ensure safe, secure card usage Set spending limits Set card restrictions based on location Turn off a debit card if you suspect it is lost And more! Positive Pay Positive Pay allows business owners to further protect their business from check and ACH fraud! The way this service works is simple: whenever the business writes checks, it uploads a list with details such as the check number, amount, and date. This information allows our SouthStar Bank team to verify all checks presented to your account. If the information matches, SouthStar Bank will process the transaction. If the information does not match, SouthStar Bank will notify the business owner and ask them to review the check and decide whether to pay it. For ACH payments, the process is quite similar. The customer will set up parameters based on selected criteria (e.g., dollar amount, originator) to block or flag specific ACH payments. Once set, any payments outside these parameters will be blocked or flagged, and the customer will receive a notification to review and decide whether to process the payment. Zelle Zelle® is a convenient way to send and receive money with friends, family, and others you trust through your mobile app or online banking portal. All that is needed is your recipient’s email address or U.S. mobile number, and money will be available to use in minutes if they are already enrolled with Zelle®. Users can enroll in Zelle today through Bill Pay on their Online Banking portal. It is always essential to verify legitimacy before sending money to someone. Follow these tips to stay secure! Make sure […]