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The Taxman Cometh Do you have a stack of forms sitting on your counter that you’re dreading sorting through? If so, you might have FOTM, or Fear of the Tax Man. It can often hit around February or March, and is incredibly common. One way of dealing with FOTM is by getting your finances ready so that when it comes time to file, you feel a little better. Here are our tips and to-dos to help you prepare. Start Early (If You Can) Ideally, you’ve already started this process, but if you’re reading this and haven’t started pulling your tax information together, don’t panic. Keep it together: Make sure you keep all the tax documents you receive together so they’re easy to find and reference when it’s time to file. If you are getting help preparing your taxes, this will also make the process much smoother. If you have a business, make sure you keep those expenses separate. Review your filing status: Your filing status can affect how much you owe in taxes each year, and whether or not you have to file at all. If you’re unsure about your filing status, the IRS has a tool for helping you figure it out. Look back at last year’s return: Think about what areas (if any) were frustrating or caused you trouble. Prepare ahead of time this year for how you might make it easier for yourself. Deduce your deductibles: Track your charitable donations, childcare expenses, any home improvements you made, and any other deductibles you may have. You can use our mobile or online banking to help track these. Get it done. Whether you file on your own or use a tax preparer, make sure you get everything in by July 15 or file an extension! Check out the IRS tips page for links and articles that may further help and guide you. Remember, FOTM is real, but if you’re prepared, you can alleviate the fear. Please note, First Bank does not offer direct tax advice. We recommend you speak to a professional if you have any questions about preparing your personal or business tax forms. 2 min read

Do You Need Help Financing Your Wedding? First Bank Can Help! A wedding is a beautiful day filled with love and commitment. Many consider it the biggest day of their lives. It’s a day you’ll spend months planning for and the rest of your life remembering. It’s also a day you could spend years paying for. While most couples spend less than $15,000, the average cost of an American wedding is over $25,000. Most couples need help financing a wedding and First Bank can help you take the first step down the aisle. With First Bank, tying the knot doesn’t have to mean tying up your finances. Types of Personalized Financial Options Here are some ways First Bank can help you finance your wedding. Take out a loan. Our personal loans offer competitive rates and flexible terms and won’t burden you with debt.* Open a First Bank credit card. Our rewards-earning credit card** allows you to buy what you need for your big day and then earn rewards. Take out a home equity line of credit. These can be used to make the large purchases required for the wedding of your dreams. Get Financial Help Beyond the Wedding In addition to helping couples finance a wedding, First Bank can provide financial support for the ensuing marriage through services such as savings accounts, life insurance, IRAs, health savings accounts, CDs***, home mortgages, homeowner’s insurance, estate services and more. First Bank has more than 100 locations in the Carolinas to help couples achieve their dream. If you need help financing a wedding, First Bank can be your best man or maid of honor. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. **See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ***CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings. Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value ——— Sources: Cost of Wedding: http://www.costofwedding.com/ 2 min read

Staying Safe from Tax Scams We received the following very handy and timely article from the Multi-State Information Sharing and Analysis Center (MS-ISAC) in regards to staying safe during this season of numbers crunching and record keeping for taxes. As always, if you have any specific tax questions, be sure to consult a tax prep professional. Watch out for these scams Unfortunately, much of your personal information can be gathered from multiple locations online with almost no verification that the right person is receiving the information. Criminals know this and use the information to file a fake tax refund request! If a criminal files a tax return in your name before you do, they will file it with false information to get a large refund, forcing you to go through the arduous process of proving that you did not file the return and subsequently correcting the return. Once they have your personal information, criminals can continue to commit identity theft well beyond the tax season. Another favorite technique used by criminals during the tax season is sending phishing messages indicating that a new copy of your tax form(s) is available. These emails often impersonate state, local, tribal, and territorial government comptroller or IT departments. If you fill out or attempt to login into the phishing website, the criminals will be able to see your login name and password, which they can then use to try and compromise your other accounts. The more information they gather from you, the easier it is for them to use the information to file a fake tax return in your name. Lastly, tax fraudsters also impersonate the IRS and other tax officials to threaten taxpayers with penalties if they do not make an immediate payment. It is important to remember: The IRS will not initiate contact about payment with taxpayers by phone, email, text messages, or social media without sending an official letter in the mail first. The IRS will not call to demand immediate payment over the phone using a specific payment method such as a debit/credit card, a prepaid card, a gift card, or a wire transfer. The IRS will not threaten to immediately notify local police or other law-enforcement agencies to have you arrested for not paying. 4 min read

Five Reasons to Refinance Your Mortgage Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan is paid off and replaced with a new one. This can be a great option for borrowers with good credit who want to alter their current loan. But refinancing could be risky for borrowers with less than perfect credit. Check out our list of reasons to refinance and see if you could benefit from refinancing your current mortgage. 5 Reasons to Refinance Lower interest rates—If mortgage rates have dropped since you first took out your loan, you could secure a lower rate by refinancing. Lower monthly payment—Lowering your interest rate could have a dramatic impact on your monthly payment. If you intend on staying in your home for several years, lowering your payment could help you save. Shorten loan term—When interest rates fall, homeowners can often significantly shorten their loan term by refinancing without much increase in their monthly payment. Convert between adjustable-rate and fixed-rate—With adjustable-rate mortgages, your initial interest rate may be low and and then increase over a period of time. Refinancing to a fixed-rate mortgage could allow you to avoid an increase in rate. Cash out to make a large purchase—If you have equity in your home, refinancing enables you to cash out on that equity without taking out a loan, such as a home equity loan. A lot of people will use this cash to pay for home repairs, college tuition, or make a large purchase, such as a car. These types of refinances are typically easy to complete and may even be tax deductible. If you still aren’t sure if a mortgage refinance is right for you, visit our online refinance calculator to see how much you could save, or visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ——— Sources: https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/ 2 min read

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