Tax & Other Services

It is impossible to provide quality wealth management services without the help of qualified tax professionals. Fortunately, Capital Bank has its own team of tax specialists to support our services personnel in making important decisions for clients.

• These professionals prepare and file all appropriate federal and state income tax returns for every account over which we have fiduciary responsibility. They also generate other necessary tax documents for accounts over which we have agent or custodial responsibility. Most importantly, our tax services professionals provide each beneficiary or client with information to complete their personal income tax returns in a timely manner.
• Increasingly, clients rely on the Tax Services Department for preparation of personal income tax returns, gift tax returns, payment of estimated taxes and the handling of household employer duties. Fees for these additional services can be deducted directly from an individual's Wealth Management account, as can the charges for taxes, wages, etc.

Wealth Management Expertise for Individual Executors or Trustees

• Individual executors and trustees faced with the fiduciary responsibilities of record keeping, investment management, tax planning and preparing and filing annual fiduciary income tax returns, often seek us out for much-needed assistance. While we hope you would consider naming us as executor and/or trustee, we realize that there are situations where it makes sense to ask a trusted friend or family member to handle these responsibilities.
• Our wealth management and tax professionals are available, for a reasonable fee, to aid individual executors and trustees with their responsibilities.

Bill Paying Services

There are times when it may become difficult for an individual to handle daily financial affairs such as paying household bills or tracking health insurance benefits. We can help by developing a program to automatically pay these expenses directly from a trust or investment account.

Income Tax Preparation and Filing

When you establish an account relationship with our Wealth Management Group, you may find it efficient to have our tax specialists prepare your personal returns. We can also arrange to pay balances due and/or make timely estimated tax payments on your behalf.

Household Payroll Services

Whether you have a regular cleaning person or require round-the-clock care, we can prepare weekly payroll for your employees, file quarterly and annual payroll reports and assist in securing Workmen's Compensation and Disability insurances when necessary. These expenses can be paid directly from your Trust or Investment Account.

Investment in products offered through our Wealth Management Group are not deposits or obligations of, and are not guaranteed by, Chemung Canal Trust Company and/or Chemung Canal Trust Company DBA Capital Bank, a division of Chemung Canal Trust Company.  These investments are not insured by the FDIC, the Federal Reserve Board, or any other government agency.  Investment in these products involves risk, including the possible loss of principal.