Business Services, College, & Medical Savings Programs
Ruby Valley National Bank strives to help our business customers in all aspects. One way is providing merchant processing services. We have partnered with Elavon Merchant Services to help meet your credit card acceptance and processing needs such as:
- Processing for major credit cards such as MasterCard and Visa
- Toll free help desk
- Quick and convenient merchant approval
- Low cost new and refurbished equipment purchase, rental, and lease options to meet all merchant needs
Sound convenient to you? Come visit us to set up a custom program tailored to your specific business needs. Call us at 800-281-1031. Or you can call Elavon directly for program specifics and pricing at 800-725-1243 and mention that you are a Ruby Valley National Bank customer.
HEALTH SAVINGS ACCOUNT
If you have a High Deducible Health Plan (HDHP) you may be eligible for a Health Savings Account (HSA). HSAs are tax-favored saving arrangements that allow eligible individuals to use the money to pay for qualified medical expenses incurred by themselves, their spouses or their dependants. In 2015, the self coverage contribution limit is $3,350; family coverage is $6,650. Catch up contributions for those 55 and older is $1,000. Please visit with a Bank employee to see if this account may be of benefit to you.
Montana residents can save money in a special savings account for the purchase of a first home and save on Montana income taxes because of the First-Time Home Buyer Act that became effective on January 1, 1998. The account can be established at the Ruby Valley National Bank and the annual interest earnings are not subject to state income taxation if left in the account or used for eligible costs for the purchase of a single-family residence by a first-time home buyer. The money in a first-time home buyer savings account must be used by the 10th year following the year in which the account was established. Please come visit us for more information to see if this account may be of benefit to you.
The Montana Medical Care Savings Account Act allows Montanans to save money for medical expenses and long-term health care. The law permits a Montana resident to establish a medical care savings account (MSA) that can provide a deduction from Montana state income taxes. A Montana resident taxpayer can contribute any amount into an MSA. The maximum amount that can be used to reduce Montana taxable income is limited to $3,000 annually for each taxpayer. One benefit of an MSA is that the amount placed in the account (up to $3,000 annually) reduces an individual's Montana adjusted gross income and saves Montana income taxes.
Ruby Valley National Bank is a Registered Account Administrator for Montana Medical Care Savings Accounts. To determine if this plan may work for you, please come visit us for more information on eligible expenses, dependents, withdrawal procedures, federal tax liabilities, and penalties.
Did you know a child born today can expect to pay more than $100,000 to attend a four-year public college, and in excess of $250,000 to attend private school? That's a 122% increase over what today's college students pay. Sound staggering and quite overwhelming? Fortunately there are education savings programs available that allow you to start saving for your child's college education that are not simply tax deferred but tax-free!
Section 529 of the Internal Revenue Code allows states to design programs to help parents save for college tuition, fees, room, and board by lowering the tax burden on education savings. Known as 529 plans, earnings in these investments grow 100% federal tax-free.
In most cases, investors in 529 plans suffer a penalty if they withdraw their investment prior to their children enrolling in college. No federal tax is paid if program funds are used for education. If used for other purposes, distributions are subject to a 10% penalty. Proceeds from the plans can be used at any eligible college, university, proprietary, or vocational school worldwide. Unlike individual retirement accounts, there are no personal income caps or severe contribution limits.
Ruby Valley National Bank is an authorized agent for the Montana Family Education Savings Program through the College Savings Bank. Time is your most powerful ally to start saving for the future college bound child. Stop by or give us a call and we can you help you start funding your child's (or grandchild's) college education!