Some elements of the new tax reform package that was signed into law late last year and took effect in 2018 are straightforward and simple to understand. Others are detailed and complex. And some areas are cloudy since the regulations haven’t been written yet. The simplest part of the package to understand is the lowering of tax rates in the seven tax brackets for individuals. “Whatever bracket you are in,…
In front of the building already under construction, Lone Star National Bank hosted a groundbreaking ceremony Feb. 7 to celebrate its second Edinburg location. The new branch will be the 34th in a network of banks throughout both the Rio Grande Valley and San Antonio. “Our goal is to continue to grow in the Valley, Lone Star National Bank President and CEO David Deanda said. “We are always there to…
David Salinas’ first job in banking was to make sure the candy bowls for customers were kept full at First State Bank on the downtown square in his hometown of Edinburg. Building on that modest start, Salinas has lived a full career in banking that includes working for the Office of the Comptroller of the Currency before working for large regional banks like Texas Commerce Bank, International Bank of Commerce…
As Rio Grande Valley temperatures plunged with a blast of winter weather, members of the Harlingen business community huddled together under a tent for a groundbreaking ceremony to mark the start of construction of Texas Regional Bank’s corporate headquarters. Just a few days earlier the bank opened its newest Harlingen branch in a temporary building at Stuart Place Road and Expressway 83, right next door to where the new banking…
Calculations vary with contributions and earnings In last month’s article, I wrote about the mistaken idea some people have that they earn too much to benefit from a Roth IRA. The Tax Increase Prevention and Reconciliation Act, passed by Congress in 2005, effectively opened up a legal avenue to make contributions to a traditional IRA, and then convert all or part of the funds to a Roth. Let’s dig a…
When Roth IRAs were created in 1997, they were an exciting new idea. They provided a way to make after-tax contributions that could, under certain conditions, grow entirely free of federal income taxes. Prior to that, traditional IRAs worked basically the other way around — you could make deductible contributions, but distributions would be fully taxable. The law also allowed taxpayers to “convert” traditional IRAs to Roth IRAs by paying…