Money Matters
• Tax preparation during COVID times •
• How to perform your own financial “check up” •
Individuals that earn less than $66K qualify for free tax service
The first full COVID tax season will bring about numerous changes in the way free tax preparation services are delivered. The locations of Volunteer Income Tax Assistance (VITA) sites in metro St. Louis that services a number of Illinois and Missouri counties will be reduced. Host sites, such as libraries, are not allowing the VITA programs to use their facilities.
Individuals whose income is less than $66,000 qualify for the free service. St. Louis metro VITA locations are managed by
• Metro-St. Louis Community Tax Coalition
• St. Louis Tax Assistance Program
• Gateway EITC Community Coalition
• National Association of Black Accountants
VITA sites that will open in 2021 may offer alternate methods of delivering tax
services. One example is the virtual VITA method. This new service, called Get Your Refund (GYR) allows for the receipt of tax preparation documents, client information, and on-line communication (text or email) between the client and the VITA site without physical face-toface contact. Virtual VITA is accomplished through an IRS-approved secure virtual portal. Communications occurs by email, text, or video conference. Required signatures occur through DocuSign or a similar product. A computer is not required to use virtual VITA, a smartphone is sufficient. The website is https://getyourrefund. org/
n The locations of Volunteer Income Tax Assistance (VITA) sites in metro St. Louis that services a number of Illinois and Missouri counties will be reduced.
using this service to meet the needs of clients in this COVID environment. GYR accounted for the filing of 40,000 returns from 20 programs during its pilot from April-Oct 2020. Missouri Department of Revenue has a new online MO Property Tax Credit application that allows the client/preparer to fill out a MO-PTC return in a wizard format, attach the documentation and submit the return electronically. The return is processed within 24 hours.
preparation documents and return your originals. After the return is prepared, the last part of the preparation process includes a review of the return with the client at a later date followed by client signature allowing the site to electronically file the return and receiving a copy of the return. On a side note, this is comparable to what a reputable return preparer is required to do.
The developer of GYR is Code for America based in San Francisco. For more information about Code for America, visit their website at https:// www.codeforamerica.org/
To find a VITA location in your area:
There are 103 VITA programs nationally representing 1,600 VITA sites
There will be that group of clients not as tech savvy and may find virtual VITA too challenging. The second example is a drop-off scenario analogous to dropping clothes off at the cleaners and returning a few days later for pickup. The site will get information, make copies of tax
• https://irs.treasury.gov/freetaxprep/
• https://www.aarp.org/money/taxes/ aarp_taxaide/
• United Way 211 hotline
Desmond Leong is the director of Metro-St. Louis Community Tax Coalition
Congratulations! You’ve decided to purchase a home.
Pier Yvette Alsup, Chief Diversity Officer, Together Credit Union
Today’s low mortgage rates certainly make this a great time to be in the market to purchase a new home. Now that your decision is made, it’s time to prepare yourself to make the right decisions by learning about the process, the people who can assist you, and the associated costs.
There are many steps to buying a home. Simply put, these steps are:
1. Create your budget: calculate your short and long-
term living expenses to understand how much home you can afford.
2. Find a neighborhood: consider schools, your commute to work, and other things important to you such as proximity to church, shopping, parks and entertainment. Working with a real estate agent can help make this process easier.
3. Explore loan choices: shop lenders and shop loan options that best align with your financial goals.
4. Choose a mortgage: consider your short and long-term budget, then decide on a term (length of your loan) and the type of rate (fixed or variable). With a fixed-rate mortgage, your
interest rate is the rate you’ll pay from start to finish. This is a good choice if you prefer knowing exactly how much to budget each month. With a variablerate mortgage, typically the rate starts lower than an available fixed-rate loan, but after a certain period the rate can adjust each year which may make it difficult to predict what your payments will be. Once you have chosen the type of home loan that’s right for you, it’s time to apply for your loan. Being preapproved is key when shopping for a home.
5. Find a home and learn about it: once you have found a home that meets your needs and budget, review its appraisal and be certain all necessary inspections are performed. Then, be
prepared to negotiate. Working with a real estate agent can make this process easier as well.
6. Prepare for closing: closing includes a lot of “signing on the dotted line” and finalizing the settlement along with paying fees including those for the title search and insurance, appraisal, survey, recording fee, escrow deposit and more, but when you’re through, you’ll have the keys to your new home!
For more information on the home buying process, visit Together Credit Union online at togethercu.org.
Kicking off 2021: Have you performed your financial checkup yet?
By Virmeka Jefferson
2020 was a year full of challenges. It challenged the way we think, the way we live, and the way we do business. Despite all of the obstacles, the team at Great Southern Bank is committed to helping all of our neighbors have a brighter 2021. With a new year upon us, it’s a great time to take stock of your finances and set goals. Performing a periodic checkup presents a unique opportunity to review the health of your financial situation and to plan for improvements. Your financial needs change over time, and working with your banker to review your finances will help prepare you for what’s next. Your banker can help you find smart ways to save, borrow, and manage your money. Even if you don’t typically overextend yourself throughout the year, a financial checkup is still a great practice to see if there are ways to manage your money better. After all, bankers are experts at making your money work harder for you!
It’s always the right time to set a new
goal or to dream a new dream, so don’t wait! There are just three easy steps to get started with your free financial checkup.
Step one: Find your nearest Great Southern Bank location at Great SouthernBank.com and contact us to schedule an appointment with a personal banker.
Step two: Consider the following questions before your appointment.
• Do you have a credit card/ other debt?
you investing in a 401k, IRA, or something else?
Virmeka Jefferson
• Do you have a rent or home loan payment?
• Do you have an auto loan payment?
• Do you have outstanding medical bills?
• Do you have a savings account?
• Any upcoming life events? Medical/surgery, college, vehicle, new job, wedding planning, home purchase/improvements, growing your family, etc.
• Are you saving for retirement? If so, are
Step three: Feel better about where you’re headed!
Imagine that you’re standing on a road that stretches out before you into the horizon. Heading into this unknown can seem overwhelming, but you don’t have to make the journey alone. It helps to have someone by your side that you can rely on for guidance and support. We all need that go-to person that can help us figure things out and point us in the right direction.
At Great Southern, you’ll have a whole team of financial experts behind you to help you reach your goals and cheer you on along the way.
Founded in 1923, strength and stability are at the core of the Great Southern Bank story. For 98 years, the goal has been to open doors for their neighbors with affordable ways to buy or improve your home, save for the future, or just to
get those finances back on track. When you’re ready to find your go-to banker, call any of the 19 convenient locations. You will be able to ask questions, learn more, and discover what’s possible.
About the author: Virmeka has a decade-long career in banking. Currently the Banking Center Manager of the Great Southern location in Ferguson, Virmeka is passionate about financial education and helping others reach their financial goals. Extending her time and talents to volunteer with local youth and as a volunteer at Operation Food Search, she knows the meaning of being a good neighbor.
Great Southern Bank is a Member FDIC and Equal Housing Lender. NMLS#423054. Great Southern Bank is not a law firm, accounting firm or credit counseling agency, and doesn’t offer legal advice, tax advice, credit counseling or similar services. We encourage you to seek qualified professionals of your own choice if you need help in any of those areas.
Maintaining a sense of normalcy while routines stay disrupted
With the roll-out of the vaccine taking place slowly, it may be a while longer before life returns completely to normal. However, if you have been working remotely, it may be a good idea to reincorporate some of the elements of your regular routine into your schedule now.
Not only will maintaining a sense of normalcy help you to feel more productive and more like yourself again, it could also help make the transition to the workplace smoother when it does occur. Here are a few ways to go about it:
• Rise and shine: Have you let your morning schedule slide into chaos during the pandemic? Now is the time to get back to your regular hours. Get to sleep each weeknight at your pre-pandemic bedtime and set your alarm for your regular wake hour. With no commute, you may find yourself with some extra time in the morning. Use it to get organized for the day, exercise or check items off your to-do list.
• Get dressed: Dress as though you are heading into the workplace. Wear pants that don’t have an elastic waistband, do your hair and wear accessories. Regain your sense of style and feel good about how you look.
• Structure your day: When working
Incorporating elements of your pre-pandemic routine while working remotely will help the readjustment back into the workplace when the time comes.
for it now. Set up a virtual coffee meeting, lunch or happy hour.
remotely, it’s easy to feel like the workday has no clear beginning or end. For better work-life balance, try to structure your day as you once did, setting regular business hours. Be sure to include breaks so you don’t experience burnout. And, if your weekdays once included time for socializing with colleagues, make time
• Use tech tools: Stay accountable to your new schedule as well as your fashion goals with wearable tech, such as the Casio Edifice Watch. With full-time Smartphone Link technology, this timepiece enables you to stay up-to-date and on time. When paired to a compatible smartphone via Bluetooth, you can access the correct time in your current location and for up to 300 cities worldwide, as well as your calendar, receiving notifications for tasks, meetings and events. Featuring five alarms, a stopwatch, countdown timer and a two-year battery life, this water-resistant timepiece can be a highly functional tool as you transition back to a regular schedule.
If working from home long-term has you feeling sluggish and unproductive, get back to your regular schedule. Maintaining a sense of normalcy can help get you out of the rut.
Photo by Ridofranz / iStock via Getty Images Plus
