Year: 2024

Short-term rentals for vacation travel have exploded in the age of mobile data. Whether you plan to stay in one of the cheapest countries around the world or a nearby town, you'll find diverse property types and prices. But the internet is riddled with scary scenarios: bedbugs, last-minute cancellations, over-the-top host cleaning requests and bare-bones amenities. Worse, poor customer service has left guests scrambling for new digs. Whether you are booking a last minute year-end getaway or starting to plan next summer's vacation, here are some tools and tricks for successfully booking short-term rentals.

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Medicare is the federal health insurance program for people age 65 and over and younger adults with long-term disabilities. The program helps to pay for medical care services, including hospitalizations, doctor visits, prescription drugs, and some additional services. Those eligible may choose traditional Medicare or a Medicare Advantage plan, which is administered by a private health insurance company. Each year, Medicare beneficiaries have an opportunity to make changes to how they receive their Medicare coverage during the nearly 8-week annual open enrollment period that runs from October 15th to December 7th. People may prefer traditional Medicare if they want the broadest possible access to doctors, hospitals and other health care providers but Medicare Advantage may provide extra benefits, such as coverage of some dental and vision services, and lower costs, so it is important to review your options. Keep reading for a detail overview of the differences.

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Presidential elections can create uncertainty for investors who wonder what the outcome might mean for their portfolios. History shows that presidential elections have little direct impact on stock market performance. Stocks haven’t been particularly volatile in presidential election years. If we look back all the way to 1928, the vast majority of election years have seen fewer than ten +/- 2% trading days. The stock market has tended to do well during election years. Since 1928, U.S. stocks were positive in 83% of presidential election years (20 of 24) vs. 70% (52 of 74 non-election years). This election year (year-to-date through September 30) has already seen strong market returns, posting the 3rd strongest start to a presidential election year since 1928. Deviating from your strategic asset allocation based on performance fears around elections is usually unnecessary, and can even be harmful. Click below for more information.

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Ever since it won independence, the United States has cherished democracy and spurned the semblance of aristocracy and monarchy. However, the need for a central executive leader -- the president -- has made it difficult to avoid giving that person preferential treatment. After all, it's a big job. As time's gone on, the perks of the job have become more numerous. But perks aren't just about making the president's life easier; instead, many are for security or just practical reasons. Keep reading to see the 10 most expensive perks.

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Wondering if you can get Social Security benefits and work at the same time? The short answer is yes, you can.  However, your benefit may be reduced if you are under full retirement age (FRA), which is age 66 or 67 depending when you were born. While you can start taking Social Security as soon as you turn 62, doing so means you agree to a permanently lower benefit.  If you're also working and earning more than the "earnings limit" ($22,320 for 2024), your benefit will be temporarily decreased even more.  If you want to keep working after reaching age 62, it may be more advantageous to hold off claiming Social Security until your FRA. Not only will you have a higher benefit for all of your retirement years, but you won't have to worry about the Social Security earnings test. Click below for more information:

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It can be upsetting to lose your wallet, but there’s no need to panic. Most of the items in your wallet are replaceable. Sure, it can be a hassle, but all hope is certainly not lost.  Click below to see the steps to minimize the damage and get back to normal as quickly as possible.  

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Technology has made our lives easier in many ways, but it also introduces new vulnerabilities and risks for taxpayers. The IRS advises taxpayers to keep in mind two rules of thumb: One, it is unwise to provide personal and financial information by phone, email, or online. And two, if it sounds too good to be true, then it probably is!  Click the following link for an overview of this year's IRS "Dirty Dozen” list of common income tax scams, schemes, and strategies:

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Summer is a time when many parents and guardians experience greater childcare needs. With schools being closed for the season, many caretakers choose to send their children to summer camp. While summer camp can be costly, it can count as a childcare expense so you may be eligible for a tax break.  Consider that up to $6000 of summer camp costs can count towards the Child and Dependent Care Credit.  Alternatively or in conjunction with the tax credit, up to $5000 of pre-tax funds from a dependent care flexible spending account (if your employer offers this type of FSA) can be used to cover summer camp costs. Click the following article for details and restrictions.

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Bonds haven't been acting like bonds for years. Blame the Federal Reserve for pushing rates up to a 23-year high to combat inflation.  Have bonds provided ballast for portfolios?  Nope. Have they protected and preserved capital? Nope. Have they cost investors money?  You bet.  So, what's an investor to do now? Lean into bonds.  Say, what?  Yes, all the grim news in Bondland sets the stage for better performance ahead. Investing is about the future, not yesterday's news.  But no asset class stays down forever. And when you consider the high starting point of yields (many bond yields are at their highest levels in more than 15 years) — and odds that the Fed's next move will be to cut rates not hike them further — the outlook for fixed-income brightens.  

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A rally that has propelled U.S. equities to record highs increasingly rests on red-hot chipmaker Nvidia and a handful of other giant stocks, reviving concerns that the market’s performance has become tied to a cluster of companies. A look at the ten largest stocks in the S&P 500 shows their weighting ballooned to 34.1% at the end of May, the highest-ever month-end weight for the index’s top ten.  Many investors believe the companies’ market heft is deserved, given their robust earnings, dominant competitive positions and expectation they will capitalize on advances in the burgeoning artificial-intelligence field. But some are concerned the concentration of gains in a handful of powerhouses could threaten indexes if some of the big names start to wobble.

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Gov. Phil Murphy’s administration has begun mailing out applications for the 2023 version of New Jersey’s popular “Senior Freeze” property-tax relief program.  These applications are the first to go out since several key changes to the program’s rules were made to expand the pool of eligible recipients.  The income limit was raised to $150,000 and the 10-year residency requirement has also been lifted.  Recipients must be over age 65 (or receive Social Security disability payments), be a 3-year homeowner, and have paid property taxes during this period.  The deadline to file applications is Oct. 31, 2024.  Click below for more information and for a link to the state's online filing portal.

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Hurray! Another tax season has come and gone.  But wait... here's some more tax information to ponder.  When it passed in 2017, the Tax Cuts and Jobs Act (TCJA) was the largest overhaul to the U.S. tax code in decades. The clock is now ticking on the law’s many temporary provisions, which are scheduled to sunset at the end of 2025 unless Congress intervenes.  Some of the changes are good news, but it's bad news for most people. Click the following link for more details:

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We’ve all made a few money mistakes we wish we could take back. However, some financial mishaps are costlier than others, and they can have a lasting impact on your financial health.  April is National Financial Literacy Month - a perfect time to consider some common financial regrets and recommended actions to avoid them.  Here's an article that I believe is spot on with the 5 biggest problem areas.

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An IRA offers a tax-advantaged way to save money for your retirement. You must start taking a required minimum distribution (RMD) once you are age 73 (the RMD age was 72 from 2020 -2022 and was age 70 1/2 in prior years). Generally, distributions from an IRA are taxable as ordinary income. What if you don't need the money and don't want to pay the tax on the extra income? The rules are a bit complicated when a non-spouse inherits an IRA, but the entire account must generally be distributed to the beneficiary within 10 years, which may also be undesirable from a tax standpoint. In these situations AND if you are charitably-inclined, making a Qualified Charitable Distribution (QCD) out of your IRA or leaving your IRA to charity, including a Donor Advised Fund (DAF), may be appropriate. Keep reading for more detail on these strategies.

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It is that time of year to consider making an IRA Contribution. You have until April 15, 2024 to make a contribution for 2023. You can also make your 2024 contribution at the same time. Keep reading for more details.

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If you recently retired from a high-paying job, you may be surprised at the cost of your Medicare premiums. That’s because high-income earners pay more for two different monthly Medicare premiums.  An income-related monthly adjustment amount, or IRMAA, is an extra Medicare cost added to your Part B and Part D premiums. The Social Security Administration determines whether you’re required to pay an IRMAA based on the modified adjusted gross income reported on your IRS tax return from two years prior. You can appeal an IRMAA in two situations: a life-changing event reduced your income or if your tax information needs to be corrected.  Keep reading for more information.

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Here is an article meant to help small business owners manage their employees more effectively but I think it is more useful for employees.  It is the rare boss that will acknowledge his/her own behavior shortcoming and seek to change. Both your career trajectory and sanity are very dependent on your boss.... so if you see any of these 7 traits in your boss, it is probably best to find a new job!  Click below for detail on these traits.

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The Corporate Transparency Act (CTA) went into effect January 1, 2024. Many US business entities are now required to provide personal information of its beneficial owners to the Financial Crimes Enforcement Network (FinCEN https://www.fincen.gov/), a division of the US Treasury Department. The purpose of the CTA is to combat money laundering, terrorist financing, and other financial crimes by creating and maintaining a central database of the beneficial owners of legal entities.  Affected business entities, known as "reporting entities", include some corporations and most limited liability companies (including single member LLCs) and limited partnerships. Entities created for estate planning purposes, such as LLCs that own real estate or other investments, will also need to file. Trusts that own at least 25% of a reporting entity will also need to file. Since so many entities are required to report to FinCEN and there are deadlines and penalties for failure to file, this is a BIG DEAL.  I recommend that you contact your accountant or attorney for more information. Click below for more detail.

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It's time to set some goals for the New Year and getting more productive can certainly be on your list. Making small changes to help get stuff done doesn’t have to be complicated. This article includes seven simple tricks that you can try as soon as you’re finished reading this... and their effectiveness is backed by science! Click to read more.

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