4 Key End-of-Year Tax Prepping Tips

Did you know that smart tax planning through the end of the year can actually help reduce the taxes that you'll owe? April 15 may be far away, but First Bank of the Lake wants you to know there are things you can start thinking about now in order to prepare for Tax Day 2018. Your bank at the Lake of the Ozarks is here to give you 4 tips to consider, that you may not have thought of yet, to help increase your tax breaks and hopefully save you money.

4 End of Year Tax Prepping Tips

1. Make your annual exclusion gifts.

For those of you who may not know, an annual exclusion gift is defined as a gift that qualifies for annual exclusion from taxes. For example, at the end of the year, people may want to make their "end of year estate planning" gifts to their loved ones. This may include cash gifts, stocks, bonds, portions of real estate, etc. You may make an annual exclusion gift of up to $14,000 per spouse, per person to reduce the value of your estate. This can help reduce the taxes you pay and be something your family members can appreciate around the holidays.

2. Give donations back to the community.

While you don’t need a reason to engage in charitable giving, a benefit is that you receive a tax write-off for donations. If you donate clothes, a used car or other things, you are required to itemize your deductions. However, if you send cash by December 31, all you need is to hang on to your canceled check or credit card receipt as proof of your donation. Many organizations also provide tax receipts. 

3. Consider converting your IRA to a Roth IRA.

An IRA is typically funded with pre-tax dollars and grows tax-deferred. When the account holder withdraws money from the account, those withdrawals are fully taxed as regular income. However, a Roth IRA is funded with after-tax dollars so withdrawals are tax-free. If you have many years left before retirement and think your income tax bracket will be the same or higher when you retire than it is today, then converting to a Roth IRA makes sense. 

4. Maximize out your retirement plan contributions.

There is no better investment than tax-deferred retirement accounts. They can grow to a substantial sum because they compound over time free of taxes. Company-sponsored 401(k) plans are an especially good deal if your employer matches contributions. Try to increase your 401(k) contribution so that you are putting in the maximum amount of money allowed or at least ensure that you are maximizing the amount matched by employer contributions. This is basically free money. By maximizing your retirement plan contributions as much as possible by year-end, you not only help get better prepared for retirement but you will help reduce your tax bill.  

First Bank of the Lake Cares About Your Financial Planning

Waiting to the last minute to prepare your taxes can create a lot of unneeded stress on yourself. Don't put yourself through that and plan early. We hope these tips help you to save money and get your taxes in order ahead of time. At First Bank of the Lake, our goal is to find you the right product or service to meet your financial needs. If you are in need of a bank you can trust, give us a call today.

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How to be Successful On Black Friday 2017

The leaves have started to fall and change color, you know what that means, it's officially Fall! This means the holidays are almost here, Thanksgiving is right around the corner and we couldn't be more excited to see our families, enjoy some nice home cooked food, and reflect on what we are thankful for. Then, comes the excitement that is BLACK FRIDAY! First Bank of the Lake wants to prepare you so you are successful this year on Black Friday. Our bank at the Lake of the Ozarks is here to give you 4 helpful tips to follow in order to shop successfully on Black Friday 2017.

How to be Successful on Black Friday 2017

1. Get familiar with the Black Friday ads.

It's not too early to search online now for some of the 2017 Black Friday ads. Get ahead of the game check out the best deals out there. This will allow for you to plan the stores you want to go to on Black Friday and not waste time going to a store that doesn't have a deal you want.

2. Start shopping the day of Thanksgiving.

Black Friday has become it's very own season and spans to more than just 1 day now. You can find some of the best deals during the week of Black Friday, but pay attention to Thanksgiving day. It has become a trend that stores are opening their doors on Turkey Day, so be sure to check out the deals listed on Thanksgiving too.


"On Thanksgiving and Black Friday, some stores offer perks to the first shoppers through the door." - DealNews

3. Know when its best to shop in a store or online

Make no mistake, Black Friday can bring large crowds to stores, especially stores in higher congested areas. They will most likely draw larger crowds that are seeking deals that are just too good to pass up. If the busy crowds aren't for you, you may consider opting out and shopping online on Cyber Monday. 

4. Draft your "in the store" game plan

Create a list of items you are shopping for and which stores will have these items. Also, know the hours that these particular stores will be open because most likely the hours will be different due to the holiday. Pay attention to the specifics of the deals you are interested in, some deals only last during certain times of the day.

First Bank of the Lake Cares about Your Identity Protection!

Identity theft is serious and we don't want it to happen to you. To learn more about the Equifax Cybersecurity incident, including whether your personal information was potentially impacted, or to sign up for complimentary identity theft protection and credit file monitoring, visit our website today.


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4558 Osage Beach Parkway
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Osage Beach, MO 65065

(573) 348-2265

3 Terrific Ways to Start Saving for Christmas Today!

Jingle bells, jingle bells, jingle all the way....that's right, Christmas is coming! Christmas will be here before you know it. Too many people wait until the very last minute to buy Christmas gifts. That's just not good for your stress level or your budget. If you are waiting until the last minute, you most likely have no money saved and are turning to your credit cards as a last resort. First Bank of the Lake is here to share with you a better way to prepare for the jolliest time of the year. It's much easier to get ready little by little, so here are 3 ways you can start saving for Christmas today!

3 Ways You Can Start Saving for Christmas Today

1. Set your spending goal ASAP.

Think about everything you want to buy this Christmas. Think about all the joy you want to bring to your family and what that might cost. Now, put that into numbers! Also, learn from your past. How much did you spend last year and were there areas in which you may have overspent? Whether it was the overpriced real Christmas tree or the over the top decorations, you may have room to cut back and STILL have a VERY MERRY CHRISTMAS. 

Once you've decided on the amount of money you feel comfortable spending, divide that by the number of months you have left until Christmas, for example, since there are technically only about 2 months until Christmas and let's say your budget is $500, you would just divide 500 by 2 and save $250 each month.

A great way to save would be to use your "under budget" cash. When you end up spending less than what you planned on for your monthly expenses, put that toward your Christmas budget.

2. Set up a Christmas savings account.

Consider opening a separate savings account just for your Christmas savings. Opening a separate savings account can allow your savings to be organized and you may be less tempted to dip into your Christmas savings for unrelated expenditures if your savings accounts are separated. Check with your local bank at the Lake of the Ozarks about opening up a side savings account for your Christmas spending.

3. Take advantage of all of the DIY Christmas ideas online.

Take advantage of all of the free Christmas DIY ideas out there. Check out Pinterest or Instagram to get some great ideas for DIY decorations and gifts. There really are some terrific ideas out there that can save you some money and allow you to use it on other things such as food or transportation to get to your destination for Christmas.

Check out Your Local Bank at the Lake of the Ozarks for that Christmas Savings Account!

First Bank of the Lake is YOUR local bank. When you work with us, you put your money to work growing your local economy. We have face-to-face relationships with our customers and we understand your local needs. Visit our friendly banking staff today to start saving for Christmas!


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4558 Osage Beach Parkway
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It's Financial Planning Month!

October is financial planning month! Take this opportunity to financially plan your savings. Put your money away for a rainy day! Your bank at the Lake of the Ozarks is here to give you 7 tips on how to financially plan your savings.

7 Financial Planning Tips

1. Keep a financial calendar

If you don't trust yourself to remember to pay your quarterly taxes or just regular bills, set appointment reminders and keep a financial calendar on your phone or on your laptop, the same way you would keep track of doctor or dentist appointments.

2. Check your interest rates

Here are a couple questions you should ask yourself regarding interest rates:

• Q: Which loan should I pay off first?
• A: The loan with the highest interest rate.
• Q: Which savings account should I open?
• A: The savings account with the best interest rate.

The point here is to pay attention to your interest rates. Paying attention to your interest rates can help inform you of which debt or savings commitments you should focus on.

3. Set a budget

Setting a budget is the true starting point to building your savings. Set a budget and stick to it.

4. Set at least 20% of your income aside for financial priorities

Financial priorities can include:

• paying off your debt
• building up your emergency savings
• saving for your retirement

Allowing yourself to get into a routine of saving 20% of your income every month can improve your savings drastically.

5. Create a financial vision board

Making yourself a financial vision board can help you to stay on track with your financial goals. What better way is there to motivate yourself than to start adopting better money habits?

6. Set financial goals

Make your financial goals specific! Don't be afraid to use numbers and dates when describing what you want to accomplish financially. How MUCH debt do you want to pay off by WHEN? How MUCH do you want to save and by WHEN?

7.  Get rid of those negative money thoughts

Telling yourself things like, "I'll never pay off my debt" is counter-productive and won't help. Don't set yourself up to fail. Switch to saying more positive things, such as "I CAN pay off my debt, I just need to stick to my financial planning."

In Need of a Bank You Can Trust to Guide You in the Right Direction with Financial Planning?

At First Bank of the Lake, we don't try to sell you a loan or service you don't need. We make all of our decisions right here at home - we use judgment and compassion when evaluating customer requests. Our goal is to find the right product or service to meet your financial needs. We're sure we have the perfect account to meet your needs. Come into First Bank of the Lake and talk with our friendly account specialists today!



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First Bank of the Lake - Striving For Excellence

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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265