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Mason City (641)423-1600 Change Location

Your Preferred Branch

Mason City Change Location

2601 4th Street SW
Mason City, IA 50401

Tel. (641)423-1600

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Monday-Thursday: 9:00am - 4:00pm
Friday: 9:00am - 5:00pm
Sat: 9:00am - 12:00pm
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  • Charles City Branch
    300 North Main Street
    Charles City, IA 50616

  • Clarion Branch
    315 Central Avenue East
    Clarion, IA 50525

  • Kanawha Branch
    220 North Main Street
    Kanawha, IA 50447

  • Mason City State Street Branch
    33 East State Street
    Mason City, IA 50401

  • Mason City West Branch
    2601 4th Street SW
    Mason City, IA 50401

  • Mora Branch
    730 Forest Ave East
    Mora, MN 55051

  • New Hampton Branch
    124 West Main Street
    New Hampton, IA 50659

  • Osage Branch
    501 Main Street
    Osage, IA 50461

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Attending to Year End Tax Planning

 

Posted On: October 25, 2021 by First Citizens Bank in: Wealth Management

At the end of the year, it’s important to think about taxes and year-end tax planning.  We’re going to discuss a few things to consider as you weigh potential tax moves before the end of the year. if you might be in a lower tax bracket next year, defer income until then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments to postpone payment of tax on the income until next year. Look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses like medical, qualifying interest, and state taxes before the end of the year could make a difference on your return. Also if you itemize deductions, try to make deductible charitable contributions.  And even if you don't itemize deductions, you can receive a $300 charitable deduction ($600 for joint returns) for direct cash gifts to public charities. Bump up withholding

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