simplebooklet thumbnail

of 0
March 2018
Newsletter
As 2018 gets into full swing, mortgage rates are beginning to rise.
However, they remain optimal and you still have an opportunity to
take advantage of potential savings before it’s too late.
If you have a second mortgage or home equity line of credit, be
aware that recent tax code changes may impact the deductions
you can claim. For that reason, it may be beneficial to consult
your tax advisor and discuss the benefit of refinancing your first
mortgage to consolidate your second mortgage or home equity
line of credit.
Consolidating may also provide you an opportunity to elect to
shorten the term of your next mortgage, allowing you to pay
down principal faster and potentially save thousands in interest.
NorthStar also retains the servicing of all of our loans, so you will
continue to enjoy working with the same great NorthStar team
members you have come to know and trust.
Our mission is to help you achieve financial success. We
welcome the opportunity to speak with you anytime, in-person or
by phone, to review your situation and offer smart, simple
recommendations that propel you towards your goals.
Respectfully,
Jim Dean
President
UPCOMING EVENTS
President’s Message
March
11
th
- Plaineld Irish Parade
1:00p.m.
Downtown Plaineld
Plaineld, IL
• 17
th
- Bunny-licious Breakfast
9:00a.m. - 10:30a.m.
Plaineld Community Center
15014 S DesPlaines • Plaineld, IL
• 23
rd
- Flashlight Egg Hunt
8:00p.m. - 9:00p.m.
Clow Stephens Park
16650 S. Lily Cache Rd
Plaineld, IL
• 24
th
- Egg-citing Activies
11:00a.m. - 12:00p.m.
Clow Stephens Park
16650 S. Lily Cache Rd
Plaineld, IL
What’s Inside
Don’t Fall Victim to These 3
Tax Scams
Shred Event
The 8 Most Overlooked Tax
Deductions
Feedback?
Contact the CEO, Lloyd M. Fredendall
Star
Rewards!
NSCU
Acrylic Tumbler
4,000 points
Redeem your
points today!
Current Savings Rates
Share Savings APY*
$0.01 - $99.99..............................0.00%
$100.00 - $999.99........................0.05%
$1,000.00 - $2,499.99..................0.10%
$2,500.00 & higher.......................0.13%
Ultimate High Yield Checking APY*
$10,000........................................2.00%
Certicate of Deposit APY*
6 Months.......................................0.40%
1 Years.........................................1.21%
2 Years.........................................1.41%
3 Years.........................................1.71%
4 Years.........................................1.61%
5 Years.........................................2.06%
Money Market APY*
$0.01 - $999.99............................0.00%
$1,000.00 - $2499.99...................0.20%
$2500.00 - $9,999.99...................0.30%
$10,000.00 - $24,999.99..............0.35%
$25,000.00- $99,999.99...............0.45%
$100,000.00 & higher...................0.50%
*APY = Annual Percentage Yield.
Visit NSCU.org/cds for full details, terms and
conditions. Rates are subject to change
without notice. nscu.org/current-rates
Deposit Rates
NSCU.org • 630.393.7201
Current Auto Loan Rates
Model Year 2014 - 2018
Up to 48 Month..............as low as 3.24%
Up to 63 Month..............as low as 3.74%
Up to 75 Month..............as low as 4.24%
Model Year 2008 - 2013
Up to 48Month..............as low as 3.74%
Up to 63 Month.............as low as 4.24%
Up to 75 Month.............as low as 4.74%
Visit NSCU.org for additional loan rates.
All loans are subject to credit approval.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Don’t Fall Victim to These 3
TAX SCAMS
PHISHING
One misclick and all your taxpayer information can be in
the wrong hands. Be sure to only click links from reliable
sources. There has been a 400% increase in phishing
since 2016.
FAKE DEBT COLLECTOR
These false collectors will SEND you a bogus return,
then threaten you for the money you owe on debt.
The IRS will never threaten you, and will rst mail you
prior to contacting you through other means.
FALSE TAX PREPARERS
These scammers set up shop every year,
hoping walk-ins will trust them with their
tax returns, when really, they’re looking to
take your identity.
Use resources such as the Better Business
Bureau to see if the tax preparer is really
who they make out to be.
Source: Information Provided by Internal Revenue Service
SHRED EVENT
PLUS ELECTRONICS RECYCLING
April 21, 2018 • 9:00a.m. - 12:00p.m.
3 S 555 Wineld Road • Warrenville, IL
DONATION DRIVE
Help us collect items in need for Little Friends
®
.
Or, stop by and make a cash donation to help
support the benecial programs and
services they provide locally.
* Limit 2 boxes of documents for shredding per guest; tube style televisions and/or
monitors cannot be accepted for recycling.
• Shampoo
• Deodorant
• Body wash
• Toothpaste
• Elastic hair ties
• Eucerin, Aquaphor, CereVe lotions
• Johnsons baby shampoo
• Nice manicure sets like clippers etc.
• Hair brushes
• Combs
ITEMS MOST NEEDED
1. Reinvested dividends
This isn’t really a tax deduction, but it is a subtraction that can save you a lot of money. And it’s one that many
taxpayers miss. If, like most investors, you have mutual fund dividends automatically invested in extra shares,
remember that each reinvestment increases your “tax basis” in the fund. That, in turn, reduces the amount of taxable
capital gain (or increases the tax-saving loss) when you sell your shares.
2. Out-of-pocket charitable contributions
It’s hard to overlook the big charitable gifts you made during the year by check or payroll deduction. But the little
things add up, too, and you can write off out-of-pocket costs you incur while doing good deeds. Ingredients for
casseroles you regularly prepare for a nonprot organization’s soup kitchen, for example, or the cost of stamps you
buy for your school’s fundraiser count as a charitable contribution. If you drove your car for charity in 2017,
remember to deduct 14 cents per mile.
3. Student loan interest paid by Mom and Dad
In the past, if parents paid back a student loan incurred by their children, no one got a tax break. To get a deduction,
the law said that you had to be both liable for the debt and actually pay it yourself. But now there’s an exception. If
Mom and Dad pay back the loan, the IRS treats it as though they gave the money to their child, who then paid the
debt. So a child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by
Mom and Dad.
4. Moving expense to take rst job
Here’s an interesting dichotomy: Job-hunting expenses incurred while looking for your rst job are not deductible, but
moving expenses to get to that rst job are. And you get this write-off even if you don’t itemize. If you moved more
than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new
area, (plus parking fees and tolls) for driving your own vehicle.
5. Child and Dependent Care Tax Credit
A tax credit is so much better than a tax deduction—it reduces your tax bill dollar for dollar. So missing one is even
more painful than missing a deduction that simply reduces the amount of income that’s subject to tax. But it’s easy
to overlook the child and dependent care credit if you pay your child care bills through a reimbursement account at
work.
6. Earned Income Tax Credit (EITC)
Millions of lower-income people miss out on this every year. However, 25% of taxpayers who are eligible for the
Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the
rules can be complicated. Others simply aren’t aware that they qualify.
7. State tax you paid last spring
Did you owe taxes when you led your 2016 state tax return in 2017? Then remember to include that amount with
your state tax itemized deduction on your 2017 return, along with state income taxes withheld from your paychecks
or paid via quarterly estimated payments.
8. Jury pay paid to employer
Some employers continue to pay employees’ full salary while they are doing their civic duty, but ask that they turn
over their jury fees to the company coffers. The only problem is that the IRS demands that you report those fees as
taxable income. If you give the money to your employer you have a right to deduct the amount so you aren’t taxed
on money that simply passes through your hands.
For more tax deductions visit TurboTax.com. NorthStar is not a tax advisor. To discuss your tax situation please consult your tax advisor.
The 8 Most Overlooked Tax Deductions
NSCU.org • 630.393.7201
Bicki Dhillon
Mortgage Loan Officer
NMLS #812443
bdhillon@nscu.org
630-821-7207
Building Dreams
One Mortgage at a Time!
Whether you’re a first time home buyer,
buying a second home or a seasoned home
buyer, consider NorthStar for your
Mortgage needs.
Search. Buy. Sell. Save. Done!
Ready to buy or sell a home? NorthStar Credit Union is proud to offer
Hammond | Horne Team
REALTORS
©
Coldwell Banker
Shelbeyhammond@comcast.net
BonnieHorne@coldwellbanker.com
630.292.2998 | 815.483.8456
A free service for members that provides access to MLS listings, a
network of experienced Realtors and a rebate at closing!
From finding the home of your dreams to financing it,
we want to make every step in your home-buying experience
as easy and as affordable as possible.
For more information visit northstar.mycuhomeadvantage.com
NorthStar's Participating Realtor Team:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NorthStar Credit Union
NMLS# 421687
Contact me to
apply today!
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .