Baylake Bank Offers Top 10 Tips for 2010

December 21, 2009 -- During this busy season, you probably aren’t looking for yet another task to take care of at the end of the year. But taking a little time to review money matters right now can mean the difference between meeting your financial goals or being tortured by your taxes in 2010.

Inge Alverson Bacon,  CPA/CFP®/PFS/CTFA Senior Trust Officer (920) 743-5551 extension 1183 1-800-267-3610

Baylake Bank Trust Officer Inge Bacon provided key items to consider as you conduct your year-end review. She commented, “This is really just the starting point. I highly recommend that clients discuss each of these items in detail with their tax advisor and their financial advisor.”

1. Retirement contributions – maximize contributions, minimize tax consequences.
2. Charitable donations – cash and credit card receipts, appreciated stock, maximized deductions.
3. Itemized medical and miscellaneous expenses – group as many as possible in the same year to meet threshold percentage for your income bracket.
4. Filing status and exemptions – consider things like change in marital status, dependents, or student status.
5. Family tax planning – take advantage of tax credits through gifting or shifting income to family members in lower tax brackets.
6. Employee matters – arrange client billing and business expenses to minimize this year’s taxes.
7. Business income and expenses – review your withholding, quarterly taxes, losses vs gains, depreciation, and more.
8. Investments – plan for your year-end capital gain and loss status.
9. Personal residence and other real estate – consider additional mortgage payments, investment properties, and installment sales.
10. Income adjustments and tax brackets – in general, this is the number one item that can help maximize your money. Whether accelerating deductions & postponing income, or accelerating income & postponing deductions, careful planning will pay-off for years to come.

Baylake Bank serves its communities with a complete team of financial advisors from 28 financial centers in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara counties and from its website at www.baylake.com. For more information and assistance with year-end financial reviews, call (920) 743-5551 or 1-800-267-3610.