Leaving the Nest is a Big Financial Step

Staten Island business bank suggests goal-setting approach to managing money

 

STATEN ISLAND, N.Y. – Going forth on your own is often the beginning of the American Dream's springboard.


Victory State Bank, Staten Island's only community-based commercial bank, observes that the path to success typically is paved with goals.

Test-driving some what-ifs may be a sensible way to survey the landscape beforehand.

Preparing to be out on your own can be fun and exciting, the Federal Trade Commission (FTC) notes, but it also means taking on new financial responsibilities.


The FTC's Consumer Information page says that decisions made now about managing money can affect your ability to get credit, insurance, a place to live, and even a job.

DEVELOP A BUDGET

The first step toward taking control of your financial life is to evaluate how much money you take in and how much money you spend.

Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing.

Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest, the FTC advises.


You can use a worksheet to get started. The goal is to make sure you can make ends meet on the basics: housing, food, health care, and insurance.


Your public library, bookstores, and online resources have information about budgeting and money management techniques.

In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money.

INCOME VS. EXPENSES

Choose five “Help Wanted” listings from five different categories of the classified ads. These should be jobs for which you are qualified.


Read each job description carefully, noting the skills required for each position. Then make a list of your knowledge and skills to determine if the job might be right for you.

Using the hourly wage or yearly salary in one of the ads, determine how much you will earn each month.


First, subtract 30 percent for taxes to determine your net monthly income. Then, create a budget of how much you might spend on the following, and subtract these costs from your income.

A place to live.  Find the apartment listings. Choose a place to live and record the monthly rent on your budget sheet.


Groceries.  Find the food ads. Estimate the amount of food you will need each week and then multiply the cost by four to estimate your monthly expense. Remember to add in costs for non-food items, too, like shampoo, soap, toothpaste, and laundry detergent.


Eating Out.  Find a restaurant ad and deduct the cost of dinner for two plus a 20 percent tip.



Transportation.  Find the automotive section and find a new or used car you’d like to buy. Once you’ve chosen a car, add 6 percent for interest cost and divide it by 48 to estimate the monthly payment for a four year loan.

Other Expenses. Don't overlook auto insurance, gasoline, utilities (for example, gas and electric, Internet access, cable), phone, renter’s insurance, college tuition, clothes, haircuts, charity, a vacation, your daily cup of coffee, and maybe longer term savings to buy a home.

Add a reasonable amount to your expenses for these items.


What’s your bottom line? Do you have any money left at the end of the month? If not, what expenses can you reduce or eliminate? Is there a way to make more money?

 

 
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 atwww.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.

 

 

 

When a Business Owner Moves On

Staten Island commercial bank understands the payday aspect

 

STATEN ISLAND, N.Y. –  Sometimes a small business will shut down when its owner gets an offer of greener pastures, often with a generous salary and paid-for benefits.

Victory State Bank, Staten Island's only community-based business bank, along with loyal customers, regrets the loss of familiar services but understands the owner's good fortune in moving to a more lucrative venue.


Sole proprietorships open and close all over the borough, and the IRS offers a checklist for guidance when a business shuts down.

New York state also has guidelines that vary according to how the business was set up (www.tax.ny.gov), and New York City's Finance Department (www.nyc.gov) lists various kinds of taxes for businesses. Additional requirements apply to licenses.


So there's more to it than locking the doors, inasmuch as going out of business can incur some paperwork.

There are typical actions that are taken when closing a business. The IRS, for one, says an annual return must be filed for the year that the business ended.


If there are employees, final employment tax returns also must be filed. And final federal tax deposits of these taxes will be due. Also the IRS will look for a statement attached to the return showing the name of the person keeping the payroll records and the address where those records will be kept.


The annual tax return for a partnership, corporation, S corporation, limited liability company or trust includes check boxes near the top front page just below the entity information. For the tax year in which a business ceases to exist, a box can be checked to indicate this tax return is a final one.


If there is a Schedule K-1 (Partner's Share of Income), the same procedure needs to be repeated on the Schedule K-1.


Also required are returns to report disposing of business property, reporting the exchange of like-kind property, and/or changing the form of the business.


There are several typical actions to take when closing a business, depending on the type of business structure, and the IRS offers the following checklist:

 

 

  • Make final federal tax deposits
  • File final quarterly or annual employment tax form.
  • Issue final wage and withholding information to employees
  • Report information from W-2s issued.
  • File final tip income and allocated tips information return.
  • Report capital gains or losses.
  • Report partner's/shareholder's shares.
  • File final employee pension/benefit plan.
  • Issue payment information to sub-contractors.
  • Report information from 1099s issued.
  • Report corporate dissolution or liquidation.
  • Consider allowing S corporation election to terminate.
  • Report business asset sales.
  • Report the sale or exchange of property used in the business.

 

 

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 at 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 Helps Underscore Importance of Cyber-Security Diligence

 

Victory State Bank is urging Staten Islanders to remain alert when it comes to cyber security.

Every October since 2004, National Cyber Security Awareness Month – administered by the Department of Homeland Security (DHS)  -- reminds us of the importance of protecting not only our individual identities, finances, and privacy but also our country’s national security, critical infrastructure, and economy.

Victory State bank agrees with the Federal Bureau of Investigation (FBI), the DHS and other federal agencies when they remind us that Cyber security is a responsibility shared by all — the public sector, the private sector, and the general public.

As explained on the FBI’s website, Americans individually should ensure the security of their own computers and other electronic devices. You don’t want criminals accessing your bank accounts online. You don’t want to become part of a criminal botnet responsible for stealing millions of dollars. You don’t want to unknowingly infect your company’s computer network with a damaging virus.

So how can you protect against those scenarios? Here are a few tips:

§  Make sure you’ve got updated antivirus software installed;

§  Enable automated patches for your operating system;

§  Don’t open e-mail attachments or click on URLs in unsolicited e-mails;

§  Use strong passwords, and don’t use the same one or two passwords for everything, and

§  Avoid putting out personally identifiable information on social media platforms.

In other words, make it as difficult as possible for criminals and others to use your digital technology against you, against other innocent victims, and against our nation as a whole.

 

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 at 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 Commercial Bank Highlights

Useful Online Resource for Business Regulations

 

STATEN ISLAND, N.Y. – It’s a simple fact: All businesses are required to adhere to government regulations.

If you operate a business and are unsure about some aspect of requirements, Victory State Bank, Staten Island only community-bases business bank, suggest to log onto the “Find a Business Regulation” webpage at NYC.gov.

The online venue provides an opportunity to browse 931 city, state and federal licenses, permits and certifications within a vast array of business sectors.

 

 

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 at 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.

 

Paradox Lurks in Small-Biz Life

Patterns typify proprietorship seen by Staten Island commercial bank

 

STATEN ISLAND, N.Y. – Although the economy has improved over the past several years, owners of small businesses seem ambivalent about recommending entrepreneurship to a younger generation.

Victory State Bank, Staten Island's only community-based business bank, notes the curious paradox that owners are more satisfied being proprietors but say it's often a reach to feel successful.

Gallup reported these findings from a survey earlier this year of small-business proprietors.

The polling firm's interpretation is that proprietors like the basic lifestyle and self-sufficiency of entrepreneurship and therefore may lean toward being satisfied even when measures of success may seem iffy.

Given reasons for starting a business, owners typically cited the desire to secure their financial future (69 percent), being their own boss (66 percent), and setting their own hours (51 percent).

Other reasons seem less important to owners. These include taking advantage of new opportunities, continuing a family business, providing jobs for family members, or pursuing a hobby.

The survey was part of Wells Fargo/Gallup research, which additionally shows that most owners would do it again if given the chance, but they are divided on recommending to young people that they start their own business.

Perhaps they recognize “the significant challenges that come with the territory of being an entrepreneur in today's economy,” Gallup concluded.

 

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 at 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.