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Guarantees don’t happen.

When it comes to business, no one can promise immunity from market ups and downs. But even though no one gets any guarantees, businesses can still be ready for anything. Here are some ideas to get you started.

Keep an eagle eye on your budget. Watching levels of debt, cash flow, and expenses are always important. But you’ll be especially glad you did if the economy heads south. Always make sure you have enough cash reserves to handle emergency expenses.

Consider your debt. It could be time to look at how your debt is structured. Look at both your long-term and short-term debt; think about whether they’re both structured in the best way.

Meet with your lender. It never hurts to meet with your lender for a financial review, show them your current financial information and talk about the best way to resolve any issues. Ask if you’re eligible for Small Business Administration guaranteed loans.

Examine your insurances. Reviewing all policies can help you eliminate old or obsolete items and possibly lower your deductible. Examining life insurance policies can have some perks, too. It’s always good to know which policies let you borrow against them. Plus, if you review costs and shop around, you might find a way to get the same coverage for a lower rate.

 

 

An article from the American Bankers Association

What’s your secret sauce?

Success depends on plenty of factors – creativity, hard work and commitment, just to name a few. Business loans also play an important role. They help take businesses to the next level or push ideas from the drawing board to real life.

But tackling the loan process? That idea can sound overwhelming. Especially considering how busy business owners already are. A successful loan process isn’t a pipe dream, though. Consider these tips from the American Bankers Association.

Do your research. Lenders will need financial information to consider your loan. Walking in cold turkey can definitely make the process feel like just another giant job on your to-do list. Check out this collection of financial documents they’ll need to see and give yourself time to collect them.

Trust that honesty is the best policy. You’d never work with a lender who was less than truthful, right? So, don’t throw your lender curveballs, last-minute surprises, or small fibs about your financial situation. Being completely honest truly helps them give you the best possible rate.

Give yourself plenty of prep time. Look at this list of 12 questions and consider your answers. Knowing all the answers helps define any fuzzy edges your project may have and helps you feel more prepared when you’re ready to get down to business with your lender.

Yes, it may have been born thanks to the bickering of politicians.

But today, the Tax Cuts and Jobs Act is impacting employers and employees all over America. Its supporters claim it will lower taxes on businesses and individual taxpayers, as well as, make tax filing simpler and easier. The end result of all that, they say, means a boost in business growth and personal spending. Is that the case? Time will tell.

One of the most immediate results of this tax reform? Additional cash in personal paychecks.

Starting in February, employers received new tables for tax withholding. This means most employees didn’t have to do anything to get their paychecks rolled back to the updated tax rates.

So, what else changes with this new law? Here are some of the highlights.

Not all deductions are created equal.New tax laws mean different deductions. One example, fringe benefits like moving expenses are now considered taxable for 2018 through 2025. Check in with your accountant to see what else might change for you or your business.

Health reform rules rolled back. A health care rule changewas folded in with this tax reform. Employers are still required to provide health care benefits to their full-time employees, but law makers cut penalties that came with the Affordable Care Act’s individual mandate. Translation: the Obamacare law that required all people to buy insurance or face fines has ended. This change will start in 2019.

Tax rates are changing. Tax reform impacts everyone in every income category. Rates in several categories are going down. Tax rates for earners up to and over $1 million will see rates dip. Backup withholding rates will also head south with this law, too.

Navigating the world of taxes, tax rates, and withholdings can feel overwhelming, especially with all the changes this new law has brought. But staying informed and educated is big step in the right direction.

 

 

As consumer use of mobile devices continues to climb, cyber criminals are targeting those gadgets more frequently. According to a report by the Federal Reserve, 43 percent of smartphone users say they have used mobile banking in the past 12 months. Pinnacle Bankis highlighting 12 ways consumers can take extra precaution to protect the data on their mobile device.

“We use gold-standard safeguards to protect customer information, but it’s also important for users to keep safety measures in place to prevent sensitive data from being compromised,” said L. Jackson McConnell, Jr., Pinnacle CEO.“It’s easy to forget that your mobile device can be vulnerable, but any device used to connect to the internet is at risk.”

Pinnacle Banksuggests following these 12 steps to protect your mobile device:

• Use the passcode lock on your smartphone and other devices – This will make it more difficult for thieves to access your information if your device is lost or stolen.

• Log out completely – when you finish a mobile banking session.

• Protect your phone from viruses – and malicious software, or malware, just like you do for your computer by installing mobile security software.

• Use caution when downloading apps – Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”

• Download the updates – for your phone and mobile apps.

• Avoid storing sensitive information – like passwords or a social security number on your mobile device.

• Tell your financial institution immediately if you change your phone number – or lose your mobile device.

• Be aware of shoulder surfers – The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.

• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.

• Beware of mobile phishing – Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.

• Watch out for public Wi-Fi – Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network. (See the Federal Trade Commission’s tips for selecting a VPN app.)

• Report any suspected fraud to your bank immediately.

According to the Internal Revenue Service, more than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2017 and will get a similar amount this year. As Americans receive their refunds along with additional benefits coming from the Tax Cuts and Jobs Act passed in December, Pinnacle Bank has highlighted seven tips to help them use the money wisely.

“Tax season is the perfect time to hit the reset button on your finances,” said L. Jackson McConnell, Jr., Pinnacle CEO.“Your refund can help put you on the right path towards reaching your financial goals. Consider using it to pay off debts or creating an emergency fund.”

To help consumers make the most out of their money, Pinnacle Bankhas highlighted the following tips:

• Save for emergencies – More than 60 percent of Americans are not prepared for unexpected expenses. You can prepare by opening or adding to a savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car.

• Pay off debt – Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.

• Save for retirement, your child’s education or future health expenses – Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA. Your bank can help set up an IRA, while a 401(k) is employer-sponsored. Look into opening a tax-advantaged 529 education savings plan to ensure school expenses will be covered when your child reaches college age. Or save for future health expenses with tax-free dollars by investing in a Health Savings Account.

• Pay down your mortgage or student loans – Make an extra payment on your mortgage or student loans each year to save money on interest while reducing the term of your loans. Be sure to inform your lender that your extra payments should be applied to principal, not interest.

• Invest safely with U.S. savings bonds or municipal bonds – The U.S. Treasury allows for savings bond to be purchased using your tax refund for as little as $50. Savings bonds earn interest for a maximum of 30 years.

• Invest in your current home – Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home.  This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term – and with tax credits (as long as Congress continues to renew the program). If you have more substantial renovations in mind, your bank can help with a home equity line of credit.

• Donate to charity – The benefit is two-fold: Giving to charity will make a difference in your community, and you can also claim the tax deduction, if you itemize.Pinnacle Bank also stressed the importance of lower-income workers filing a tax return—even if their income is too low to trigger any federal tax liability—in order to potentially claim the Earned Income Tax Credit (EITC).  Depending on a recipient’s income, marital status and number of children, the EITC can result in a refund of up to $6,318 to help them ensure financial security