The end of the year is here and there is no time like the present to start your financial and tax preparations if you have not already done so. 

Some tax strategies can be put into effect by the end of the year and some as late as when the tax return is due April 15th. Planning now can save you money and reduce your tax liability with both federal and state taxes.  For example, consider making a donation to your favorite tax-deductible charity.  There are many right here in our area.  Consider opening an individual IRA or Health Savings account.  There are many opportunities you can take advantage of if you act now.

Here are some websites you might find helpful.  These links connect to web sites OUTSIDE of Farmer's Trust and Savings Bank.  Farmer's Trust and Savings Bank has no control over these sites or their content or accuracy.  The sites outside of Farmer's Trust and Savings Bank will open in a separate browser window.  To return to Farmer's Trust and Savings Bank, simply close the new window to return to our site.

• Federal Tax Information - Internal Revenue Service, www.IRS.gov

• State Tax Information - Iowa Dept of Revenue, www.iowa.gov/tax/

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