Take advantage of all the tax credits, deductions or exclusions you qualify for on your federal tax return. Stay informed about tax changes for 2009/2010, including new and expiring opportunities:

• “Making Work Pay” payroll tax credit
• Itemized deduction or increase in standard deduction for sales tax on
  the 2009 purchase of a new vehicle
• First-time homebuyer credit
• Additional standard deduction for real estate taxes
• Energy credit on qualifying improvements

Visit www.irs.gov or consult a tax advisor to see if you may be eligible to take advantage of these or other tax breaks.

Or find more tax information on our Advice & Planning Web pages.

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You Won’t Have to Wonder if Your Refund Check Is in the Mail with Direct Deposit

Did you know you can choose to have your tax refund deposited directly into your VCB account? And you’ll receive it faster than waiting for a check by mail.

Direct Deposit your tax refund to experience these benefits:

1. Security — You’ll eliminate the chance that you won’t receive your tax refund check due to lost or stolen mail.

2. Convenience — The money goes directly into your bank account, so you don’t have to make a special trip to the bank to deposit your refund.

3. Simplicity — As you prepare your taxes, just follow the instructions for “refund” on your return. Make sure you enter the correct account and bank routing numbers on your tax form to receive your refund as quickly as possible. If you’re depositing your refund to your VCB account, use routing number 056005253.

4. Flexibility — You can also electronically direct your refund to multiple accounts. Choose the “split refund” option on your return to divide your refunds among as many as three checking or savings accounts.

For more tips on preparing and filing your federal income tax, you can visit the IRS Web site, IRS.gov, or you can call 1-800-TAX-FORM (800-829-3676).

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You know the tax payment deadline is April 15th, but do you know your payment options?

   • You can pay by check or money order
   made out to the U.S. Treasury.
   • You can authorize an electronic funds
   withdrawal (direct debit) from your
   checking or savings account. This could
   be a good choice for you if you’re
   concerned about lost or stolen payments.
   • You can also pay by major credit card.
   Just remember to verify your maximum
   transaction limits to avoid payment delays.

Learn more about paying taxes or other bills easily and securely with FREE VCB Online Bill Pay.

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There’s Still Time to Minimize Your Taxes by Maximizing Your 2009 IRA

Remember that you have until April 15th to contribute to an IRA (Individual Retirement Account) for the 2009 tax year. Your money has more time to grow the sooner you begin saving, so take advantage of this investment opportunity. Don’t yet have an IRA? Ask a VCB account specialist about our market-leading rates on FDIC-insured IRAs, and take a small step that can develop into long-term benefits for you and your family.

Call (703) 534-0700 to talk to a VCB IRA Specialist about IRA accounts or other retirement planning options.

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ROTH IRA Rules Get Big Makeover in 2010

Roth IRAs differ from Traditional IRAs in tax advantages and qualification. With a Roth IRA, the earnings on your contributions are not subject to federal income taxes and aren’t subject to mandatory distributions. Until now, Roth IRAs have remained off-limits to higher income taxpayers.

However, starting January 1, 2010, individuals with more than $100,000 of modified Adjusted Gross Income will be able to convert a traditional IRA to a Roth IRA. For 2010 conversions, taxpayers can spread the tax due over two years, with half the tax payable in 2011 and the remaining half payable in 2012. Removing the limit on conversions effectively eliminates the income limit on contributions to Roth IRAs.

To learn if a Roth IRA conversion could benefit you, visit IRS.gov or consult a tax advisor.

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Free Financial Check-Up for the New Year

If your New Year’s resolution is to improve your financial picture, we welcome the opportunity to sit down with you to determine the right package of financial products for your household or business. Come in today for your free financial check-up.

Resolve to make the difference in your finanacial future. Call (703) 534-0700 today to schedule a financial check-up with one of our banking specialists.

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Princeton Woods Branch Opens in 2010

17054 Jefferson Davis Hwy., Dumfries, VA  ·  703-445-3010

On January 11, 2010, our 28th and newest branch opened in Prince William County, expanding our branch network to better serve the communities in between our Lake Ridge and Fredericksburg locations. Linda Latorre will manage the Princeton Woods branch, located at 17054 Jefferson Davis Hwy in Dumfries, VA, with Jo Ann Bell as the Business Development Officer.

To contact the branch, please call 703-445-3010.

Or use our branch locator to find more convenient VCB locations.