STATE BANK OF SOUTHERN UTAH BLOG

What to Do If You Can't Pay Your Taxes



Tax time can be tough, especially when you don't have the money to pay what's due. You may have gone into tax season knowing you were going to owe money and that you wouldn't be able to pay. Or perhaps you were walloped with a large, unexpected amount due. Either way, you're in a fix, and you have to figure out how to get out of it responsibly.




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Topics: Taxes


Preventing Tax Return Fraud




Identity theft continues to be a booming business: In 2014, 17.6 million Americans fell victim, and cyber criminals made off with $15.4 billion. And tax refund theft remains a lucrative piece of that business, despite the IRS' efforts to stamp it out.




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Topics: Taxes, Tax Returns, Fraud


Possible Reasons for a Missing Tax Refund



Avoid Misdirected Tax Refunds
Please re-check the account number listed on your tax return or stored in your tax software. Make sure that the bank account is OPEN and ACTIVE (not dormant or closed) and that you have checked the appropriate box on your return, checking or savings.
Missing a tax refund?
If your tax refund is missing, first double check the bank information that was sent with your tax return. There are four problem areas that might result in a rejected refund, as follows:
1. Bank Routing Number, the (RTN or ABA Number). Look for the 9-digit number on the bottom of your checks. State Bank's RTN is 124301779.
2. Bank account number. Make sure that you include all digits of your account number. Some numbers have a digit, a space and then more digits. Others will have 7 or 8 digits with no space. You must include all digits. There should be at least 7 digits in your SBSU account number.
3. Checking or Savings. You must accurately identify the account as a checking or savings account. Money Market accounts are designated as "checking". Your refund will reject if you incorrectly check the "Savings Account" box when your account is really checking or vice versa.
4. Your name. We can sometimes avoid rejecting a refund back to the IRS if your name is accurately listed, including any joint filers who also sign on your account.
Liability for misdirected refunds lies with the person who provided the incorrect information, not the bank. If your refund is missing, contact the IRS to begin the non-receipt process at (800)829-1040.



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Topics: State Bank of Southern Utah, Personal, Taxes, IRS, Tax refund, Avoid Misdirected Tax Refunds, Missing Tax Refund


Tips for Electronic Tax Refund



Getting your taxes done and out of the way is a good feeling especially if you are getting money back! Follow these tips to avoid any delay in receiving your electronic tax refund into your State Bank account.

These are common issues we find in delaying tax refunds:

- Make sure to include ALL of your account number digits.
- Do not insert numbers or zeros where



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Topics: Taxes, Tax Returns, Tax Refund Tips, Tax Tips


Important Birthdays to Remember


Courtesy of SBSU Financial Services

Unforgettable Birthdays

Birthdays may seem less important as you grow older. They may not offer the impact of watershed moments, such as getting a driver’s license at 16 and voting at 18. But beginning at age 59, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits.

59½ — You can start taking penalty-free withdrawals from IRAs and qualified retirement plans, provided certain conditions are met. Ordinary income taxes generally




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Topics: Taxes, Seniors, Retirement Planning, IRA, Benefits, Wealth Management, Medicare, Social Security, Education


About SBSU

Hometown banking was established in southern Utah with the opening of State Bank of Southern Utah in 1957.

Hometown banking is important because people who live and work in southern Utah make the decisions. Bank employees and officers understand the banking needs of area residents because they are affected by the same economic climate. Find out what hundreds already know - hometown banking is better.

Visit us at sbsu.com

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