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!) were listed in the Wall Street Journal
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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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