A sole proprietorship is the simplest, cheapest, and most common type of business to set up. Alternatives include S corporations, C corporations and limited liability companies (LLCs). The type of business you set up may not affect your ability to attract customers but will definitely impact how much you spend to run your business and how you pay taxes. Read on to learn more about the ins and outs of being a sole proprietor.
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Skilled nursing facilities (SNFs) can be a valuable next step after hospital care, helping patients regain their strength and rehabilitate after an illness, injury, or surgery. However, they’re only a short-term care option, after which patients need to transfer somewhere else. The question is, where? In this post, we highlight the various options while examining how patients and their families can determine the best senior care option after rehabilitation.
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It’s been said that the English language can be difficult for some people whose native language is something other than English. The nonprofit world sometimes seems like it uses a language all its own. It’s not so much strange grammar, punctuation, or verb tense. Instead, it is (mostly) normal English words or phrases that are easy enough to read, but not very clear in their meaning. If you are not immersed in all-things-nonprofit, you may be completely unfamiliar with these terms. Even if you’ve heard them a hundred times, people are still often confused about what they really mean. Here a 7 common words and phrases used in nonprofit circles that are not well understood:
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The IRS and U.S. Department of the Treasury this week finalized rules for certain provisions from the Secure 2.0 Act of 2022, including catch-up contributions for 401(k) and other plans, which apply to workers age 50 and older. Starting in 2027, catch-up contributions generally must be after tax (also called Roth), rather than pretax, for workers who made more than $145,000 from their current employer during the previous year. But some plans could make the change in 2026 “using a reasonable, good faith interpretation of statutory provisions,” the IRS said. This is significant change for high wage earners. Click below for the full story.
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The U.S. Department of the Treasury has released a preliminary list of jobs eligible for the “no tax on tips” deduction enacted via President Donald Trump’s “big beautiful bill.” Trump’s provision allows certain workers to deduct up to $25,000 of “qualified tips” yearly from 2025 through 2028. The deduction phases out, or gets smaller, once modified adjusted gross income exceeds $150,000. The tax break is available even if you don’t itemize deductions. The Treasury’s preliminary list outlined 68 occupations that “customarily and regularly received tips” on or before Dec. 31, 2024, which would qualify for the new deduction. Click for the list of tipped workers who may qualify for Trump’s “no tax on tips” deduction:
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Many investors don’t know about the 0% capital gains bracket, which allows you to “harvest gains,” or sell profitable assets, without triggering taxes. With new deductions added for 2025, more investors could qualify for the 0% bracket under President Donald Trump’s “big beautiful bill.″ That could offer a “golden opportunity” to sell investments at 0% capital gains. Click here for some key things investors need to know, according to financial experts.
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Here are 5 fascinating facts from the first half of 2025 on the following topics: the Magnificent 7, $Trump crypto, long-term care insurance, wrinkly fingers, and weather forecasting. Click to find out more.
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Trump said on the campaign trail that he planned to eliminate federal income taxes on Social Security benefits. However, the reconciliation process through which the budget and tax legislation was passed prohibits changes to Social Security. So instead, the “big beautiful bill” includes a $6,000 additional deduction for certain older Americans ages 65 and over, which is being called a "senior bonus". Here’s it works:
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Can you settle an argument between me and my spouse? I have always moved my 401(k) plans into an IRA just to keep paperwork simple so I don’t have to watch too many accounts. My wife has three 401(k) plans from old jobs and she doesn’t want to move them because she said she likes how they have performed. I think over time her expenses will be lower if she consolidated. What do you think? Click for the answer.
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Tolls are a fact of life when you’re driving in New Jersey and in surrounding states. E-ZPass is supposed to make traveling through those tolls a little easier, even if you don’t have an E-ZPass account or transponder on your vehicle. But some unsuspecting motorists are falling for a scam to steal their private information. Keep reading to see what happens.
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For many people, pets are more than companions or protectors. They’re beloved family members. Americans spend an estimated $147 billion a year annually on their furry friends — costs that have more than doubled in the past decade. Pet insurance policies provide a way for pet owners to manage those costs, and the number of insurance companies that provide medical and wellness coverage to pet owners has increased in recent years. They offer coverage akin to health insurance at a variety of rates, depending on the type of plan you purchase.
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Various press reports have suggested that the US dollar (USD) status as the world’s reserve currency is at risk. While concerns around the long-term dominance of the USD are valid, it is equally important to recognize the significant structural and institutional barriers that prevent other currencies from replacing it as the global reserve currency: the Chinese yuan (CNY), Japanese yen (JPY), euro (EUR), gold, and digital assets are often cited contenders. None are viable replacements. Click below to read why.
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Gold hit record highs amid fears about tariffs, trade wars and their economic impact. For some consumers, it’s a way to cover urgent expenses; for others, it’s an opportunity to capitalize on long-forgotten pieces that have suddenly become far more valuable than they were just months ago. Experts say to proceed with caution and recommend having a rough idea of your gold’s value before trying to sell it.
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So, Aunt Jane just asked you to be the trustee of her trust. You were flattered and, of course, accepted. But what did you get yourself into? Too many consumers readily accept fiduciary appointments with little thought of the time commitment, headaches and liability they may face. Other fiduciary roles include being named executor to an estate or agent under a power of attorney. Serving as a fiduciary can be a noble act and be of great help to family members, friends, or loved ones. But improperly handled, it can be a difficult, stressful, and costly endeavor. Carefully evaluate before accepting any such appointment what is involved. Get professional help before, during, and at the end of serving as a fiduciary to be sure that you handle your responsibilities properly, and protect the beneficiaries as well as your own interests.
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Credit card fraud and identity theft involve the unauthorized use of your information, but they are not the same. Credit card fraud occurs when unauthorized charges are made using your credit card information. Some ways thieves can obtain credit card numbers include data breaches, stealing your physical card and skimming your card. Identity theft differs in that it goes beyond only stealing your credit card number. With identity theft, someone has assumed your identity by stealing your personal information, such as your name, address, date of birth and Social Security number to fraudulently open accounts in your name. The good news with identity theft and credit card fraud is that federal laws protect you from liability should you be victimized. While there’s no way to guarantee that your identity won’t be stolen, there are many identity theft protection services to help you monitor your personal information and you provide alerts to help prevent you from falling prey to scams and malicious websites.
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If you've ever gone online and researched ways to save more for retirement, you may have come across a strategy referred to as the "mega backdoor Roth." This strategy entails 2 steps: (1) making after-tax contributions to your 401(k) and (2) then doing a conversion either to a Roth IRA or Roth 401(k). An after-tax 401(k) contribution is different from a Roth 401(k) contribution and different from a pre-tax contribution. You will need to pay taxes on any earnings included in the conversion, but the taxable amount will likely be small, especially if the after-tax contributions get converted soon after the contributions were deposited into the plan. Your pre-tax, Roth, and after-tax 401(k) contributions plus any employer contributions can total $70,000 in 2025 ($77,500 if at least age 50 and $81,250 if age 60-63), so there is potential for sizeable sums to be converted (thus "mega" in the name of the strategy). Whether you can take advantage of this strategy depends not only on your ability to save but on the specifics of your 401(k) - many companies still don't allow it. Keep reading for more details on the interesting planning technique.
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It is that time of year to consider making an IRA Contribution. You have until April 15, 2025 to make a contribution for 2024. You can also make your 2025 contribution at the same time. Keep reading for more details.
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The Inflation Reduction Act gave the IRS $80 billion in extra funds over 10 years, with a large chunk of that money to be used by the agency for enforcement activities. Congress has since clawed back a sizeable chunk of the funding, and Republican lawmakers are itching to entirely repeal the IRS's windfall. A retiree’s chances of being audited, or otherwise hearing from the IRS, can escalate depending on various factors, including the complexity of your return, the types and amounts of deduction or other tax breaks you claim, and whether you happen to still be engaged in a business. Keep reading for ten audit red flags that could increase the chances the IRS will give your return unwelcome attention.
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Three programs, one application. Eligible New Jersey residents can now apply for property tax relief with a new, combined application designed to streamline three separate programs. The new application allows seniors and disabled residents to apply for ANCHOR, Senior Freeze, and the upcoming Stay NJ program all with one form — called the PAS-1. Keep reading for more info.
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I was chosen as one of New Jersey’s Five Star Wealth Managers for 2025. Less than 6% of advisor candidates in the New Jersey area were named 2025 Five Star Wealth Managers. This is my 11th time receiving the award! My name was listed, along with other award winners, in a special section of the NJ Monthly magazine in the January issue. As a bonus, certain other award winners (including me!) will be listed in the Wall Street Journal on Feb. 26, 2025.
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When a new law is fully implemented in 2026, companies including Venmo, PayPal, eBay and Etsy will be required to distribute the form to any business or seller whose gross transactions exceed a drastically reduced threshold of $600. But amid blowback, the IRS keeps tweaking how it phases in the controversial policy. The latest instance came just before Thanksgiving, when the IRS announced it intends to provide "relief" for Americans who professionally use payment apps and online marketplaces through 2025. In a Nov. 26 news release, the agency confirmed that payment firms will be required to report gross transactions exceeding $5,000 in 2024. The threshold in 2025 will be $2,500.
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In 2025, 401(k) participants can take advantage of increased contribution limits to boost their retirement savings. The regular contribution limit for 401(k) plans is $23,500. Additionally, individuals aged 50 and above can utilize the catch-up contribution, allowing them to save an extra $7,500 beyond the standard limit. But for those aged 60 to 63, the SECURE 2.0 Act introduces the new super catch-up contribution, enabling savers to contribute even more. In 2025, eligible participants in this age bracket can contribute an additional $11,250 on top of the regular limit for a total contribution of $34,750.
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Medicare beneficiaries who take a lot of pricey medications will get a big break in 2025. That’s when the $2,000 annual cap on out-of-pocket costs for drugs bought at the pharmacy or through mail order takes effect. The limit is one of the 2022 Inflation Reduction Act’s most consequential provisions to lower prescription drug prices for Medicare enrollees. **** Jan. 20, 2025 Update - President Trump issued an executive order to rescind part of the Biden Administration's efforts to lower healthcare costs, but the $2,000 annual out-of-pocket cap on prescription drugs wasn't affected.
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