Avoid Summertime Tax Scams

 

Staten Island Business Bank cites worst of the worst from IRS

 

STATEN ISLAND, N.Y. -- Warm days, rest and recreation aren't the only attributes of summer.  Victory State Bank has found that so are tax scams.

The IRS reports that thieves don’t stop victimizing unsuspecting taxpayers with their duplicity after April 15. Identity theft, phone and phishing scams happen year-round.

Those three top the IRS’s ‘Dirty Dozen’ list of tax scams this year. Here are IRS warnings about these common tax scams:

 
Identity Theft.  Identity thieves steal personal and financial information to commit fraud or other crimes. This can include your Social Security number or bank information. An identity thief may file a phony tax return to claim a fraudulent refund.                       

The IRS has a special identity-protection page at 
IRS.gov.  It has resources to use for reducing the risk of becoming a victim. The page can also advise what steps to take if you are a victim of identity theft and need help. This includes how and when to contact the IRS Identity Protection Specialized Unit.

Phone Scams.  In these scams, thieves pose as the IRS and call would-be victims with one goal in mind: to steal money. Callers will tell you that you owe taxes and demand immediate payment. They will tell you that you must pay the bogus tax bill with a pre-loaded debit card or wire transfer. The callers are often abusive and threaten arrest or deportation. They may know the last four digits of your Social Security number. They also rig caller ID to falsely show that the call is from the IRS.               

Keep in mind that if a person owes taxes, the IRS will first contact them by mail, not by phone. The IRS doesn’t ask for payment with a pre-paid debit card or wire transfer. If you owe, or think you might owe federal taxes and you get one of these calls, hang up. Call the IRS at 800-829-1040. The IRS will work with you to pay what you owe. If you don’t owe taxes, call and report the incident to the Treasury Inspector General for Tax Administration at 800-366-4484.

Phishing Scams.  Criminals use the IRS as bait in a phishing scam. Scammers typically send emails that purport to come from the IRS. They often lure their targets with a false promise of a refund or the threat of an audit. They may also set up a phony website that looks like the real IRS.gov. These phony sites often have the IRS seal and other graphics to make them appear official. Their goal is to get their victim to reveal personal and financial information. They use the information they get to steal identities and commit fraud.              

The IRS doesn’t contact people by email about their tax account. Nor does the agency use email, social media, texting or fax to initiate contact or ask for personal or financial information. If you get an email like this, do not click on a link or open any attachments. You should instead forward it to the IRS at 
This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.VictoryStateBank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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Spending Flows More Freely

 

Staten Island Commercial Bank cites income increases as bullish indicator

 



STATEN ISLAND, N.Y. -- Americans are earning more and have more spending power, according to the latest government figures, which also show some loosening of the purse strings.


In May, both personal income and disposable personal income increased by the same amount, 0.4 percent, the federal Bureau of Economic Analysis found.

Purchases of durable goods increased 1 percent. Purchases of motor vehicles and parts accounted for more than half of May's increase.

Decreases, however, were found among purchases of nondurable goods and of services.


Personal consumption expenditures rose 0.2 percent.

                  

While the monthly percentages may seem small at first glance, they represent double-digit billions of dollars.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Staten Island Business Bank Underscores Importance of a Solid Resume

 

If you are seeking a job change, or are unemployed and beginning your search for a place to hang your hat, a great resume is one of the most important tools you require.

As explained on the Website of CareerOneStop, which is sponsored by the U. S. Department of Labor,
Employment and Training Administration, “
Your resume communicates your qualifications and your brand —who you are and what makes you different — to employers and recruiters. In a tough job market, you need a resume that helps you stand out in a sea of applicants.”

According to CareerOneStop, A great resume:

    • Grabs the attention of employers and recruiters
    • Sells your strongest skills and accomplishments
    • Shows why you’re a potential match for a position or project
    • Communicates both your current capabilities and future potential
    • Helps you take the next step in your career
    • And most importantly, gets you the interview!

 

Before you get started, it's important to know that resume writing has changed considerably in recent years. Because of fierce competition for jobs and other factors, there's now a much stronger emphasis on marketing.

To learn about top resume strategies, visit: http://www.careeronestop.org/ResumeGuide/TopResumeStrategies.aspx.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact for Victory State Bank: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

  

Staten Island Business Bank Highlights Saving and Investing Considerations

 

Finding money to put into savings can seem difficult, but there are some strategies that can make it easier.

Victory State Bank suggests you start be by asking yourself the following questions offered by the Federal Deposit Insurance Corp. (FDIC):

 

1) Do I have savings goals?

Knowing how much you want to save and why can help you stick to a plan.

For example, if you have a young child, ask yourself if you plan to help pay for college. Research indicates that children who have a college savings fund are more likely to go to college than those who don’t. Start by looking at "529 plans" sponsored by your state (typically with cost and tax benefits for residents) and compare them to other 529 plan options.

2) How can I spend less?

 Review how much you spent in the last month and consider ways to cut back. "Start by reviewing recurring expenses — even small ones — and determine what you might be able to cut out, downgrade, or find a better deal on elsewhere," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section.

Also try to pay less in interest. For example, if you have multiple loans, pay off the ones with the highest interest rates first. And, regularly reviewing your credit report and correcting errors (see Refinancing Loans: Not Just for Mortgages) can result in considerable savings on loans and insurance policies.

3) Do I have an emergency savings fund?

Financial experts generally recommend that you have at least six months of living expenses in a federally insured product, such as a savings account or a certificate of deposit (CD). The idea is to help you withstand a major reduction in income, such as from a job loss, or to pay for a major, unexpected home or car repair. To build your "rainy day fund," consider a combination of regular, automated deposits and any "windfalls" you receive, perhaps from a tax refund or a bonus at work.

4) Am I saving money on a regular basis?

"Automatic transfers into savings on a set schedule can help you save money before you spend it," said Bobbie Gray, an FDIC Supervisory Community Affairs Specialist.

5) How much investment risk am I willing to take?

Investments such as stocks, bonds and mutual funds can produce higher returns than bank deposits over many years, but you could also lose some or all of that money. (Remember, non-deposit investments are not insured by the FDIC against loss.)

In general, the longer you plan to keep money invested and the greater your tolerance for volatility, the more likely these investments can help you reach your targets.

6) Am I saving enough for retirement?

For many, the answer is "no" even when they think it is "yes." Options to save include workplace retirement plans, Individual Retirement Accounts (IRAs) offered by many banks and investment companies, and the U.S. Treasury Department's new "myRA" (MyRetirement Account) program.

The myRA account is a simple, safe and affordable retirement savings program that is backed by the U.S. government. Savers can open an account with as little as $25, there are no fees, the account will earn interest at a variable rate, and the investment is protected so the account balance will never go down. To learn more about myRA, go to myra.treasury.gov.

"Many working people can save considerably on their taxes through qualified retirement savings. And, if your employer offers a retirement savings program of any kind, find out whether it will match your investment contributions, and then don't lose out on any matches," Reynolds added.

To learn more about ways to save, see resources from more than 20 federal agencies, including the FDIC, at www.mymoney.gov.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Beware of Bogus Job Offers, Warns Staten Island Commercial Bank

 

Victory State Banks suggests job hunters follow cautionary tips from FTC

 

Victory State Bank is urging job seekers to use caution when responding to offers of employment.

If you’re looking for a job, you may see ads for firms that promise results. Many of these firms may be legitimate and helpful, but the Federal Trade Commission (FTC) points out that others may misrepresent their services, promote out-dated or fictitious job offerings, or charge high fees in advance for services that may not lead to a job.

The FTC advises job hunters do the following before spending money for a response to placement firms or completing placement contracts:

  • Reject any company that promises to get you a job.
  • Be skeptical of any employment-service firm that charges first, even if it guarantees refunds.
  • Get a copy of the firm’s contract and read it carefully before you pay any money. Understand the terms and conditions of the firm’s refund policy. Make sure you understand what services the firm will provide and what you’ll be responsible for doing. If oral promises are made, but don’t appear in the contract, think twice about doing business with the firm.
  • Take your time reading the contract. Don’t be caught up in a rush to pay for services. Stay away from high-pressure sales pitches that require you to pay now or risk losing out on an opportunity.
  • Be cautious about purchasing services or products from a firm that’s reluctant to answer your questions.
  • Be aware that some listing services and “consultants” write their ads to sound like they are jobs when they’re selling general information about getting a job.
  • Follow up with the offices of any company or organization mentioned in an ad or an interview by an employment service to find out if the company is really hiring.
  • Be wary of firms promoting “previously undisclosed” federal government jobs. All federal positions are announced to the public on www.usajobs.gov.
  • Check with your local consumer protection agency, state Attorney General’s Office, and the Better Business Bureau to see if any complaints have been filed about a company with which you intend to do business. You also may contact these organizations if you have a problem with an employment-service firm.

 

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.