We usually associate spring cleaning with clearing out old items in your house that are unnecessary to make room for the new. This is also an amazing time to take care of your financial house and clean out unnecessary expenses in your budget. Keep reading for a few tips to get started putting some expenses in the trash.

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New Jersey has implemented a new law mandating both for-profit and non-profit employers with 25+ employees provide a retirement plan for their employees. Instead of establishing a 401k, Simple IRA, or SEP IRA, employers can comply by participating in the new state-run plan, called The New Jersey Secure Choice program. The law was originally passed into law in 2019 with an effective date of March 2021 and an implementation deadline of Dec. 2021. Whether these dates gets extended due to the Covid-19 pandemic is uncertain so employers need to be prepared. Click below for more details.

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The $1.9 trillion Covid relief measure tweaked the child tax credit, earned income credit, and child and dependent care credit. The changes are mostly aimed at lower earners and only apply to tax season next year (for 2021 income). The pandemic aid law also lets households claim a Recovery Rebate Credit to collect any outstanding funds from stimulus checks. Here’s what taxpayers need to know.

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Shutdowns, layoffs and salary cuts brought on by the coronavirus pandemic have left millions of Americans searching for new sources of income. Those who’ve recently turned to gig work may be weeks away from a financial surprise in the form of unexpected tax bills and insurance coverage fine print.

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Traditional IRAs and Roth IRAs both offer tax-advantaged growth of money. The contribution for both account types for 2021 is $6,000, or $7,000 if over age 50. Which is better depends on a few factors. Some people are simply not eligible to make a Roth IRA contribution. Other people may not be able to deduct a Traditional IRA contribution, making it a less attractive option. For those who have a choice, it mostly comes down to when you pay taxes on the money.

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Many taxpayers expect charitable donations will be tax deductible, but this is only true for those who itemize deductions. The 2017 Tax Cuts and Jobs Act doubled the standard deduction and capped state and local tax deductions, so most taxpayers no longer itemize. In 2020, even taxpayers who claim the standard deduction may deduct up to $300 of charitable donations pursuant to the Cares Act.

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Andrew Novick, The Investment Connection, has been chosen as one of New Jersey’s Five Star Wealth Managers for 2021. Five Star Professional partners with New Jersey Monthly magazine to recognize a select group of New Jersey-area wealth managers who provide quality services to their clients. Andrew Novick will be featured, along with other award winners, in a special section of the January issue.

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Due to changes in the the tax code a few years ago, most taxpayers can no longer deduct charitable contributions. Making a Qualified Charitable Distribution (QCD) is a great way to make a charitable contribution and still get a tax benefit. A QCD is a direct transfer of funds from your IRA custodian to a qualified charity and counts toward satisfying your annual IRA required minimum distribution (RMD). IRA distributions are generally considered taxable income, but QCDs are excluded. RMDs were waived in 2020, but those over age 72 will be required to take them again in the coming year. Read more about QCDs by clicking the link below:

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Few budgetary concepts generate as much confusion as the Social Security trust fund. In 2021, working Americans will pay 6.2% of their wages up to $142,800 to the government and employers match that amount. The self-employed have to pay both amounts. This payroll tax is deposited into the Social Security Trust Fund and retiree benefits and administrative expenses are paid out of this fund. The following article is the best I've read explaining whether the federal government really raids the trust fund and whether Social Security will run out of money.

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Mortgage rates dropped to a new low for the 13th time this year, allowing a record number of homeowners to refinance, according to Freddie Mac, a government-sponsored agency that backs millions of mortgages. The rate on the 30-year fixed mortgage fell to 2.72% and the rate on the 15-yr fixed mortgage is even lower. Should you refinance now?

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According to the latest Bureau of Labor Statistics study, people have an average of 12 jobs over the course of their lives. There is more turnover than usual due to Covid-19. When starting a new job, you may worry about getting along with your boss and co-workers as well as whether you'll find the work fulfilling. You also need to review your new employer's benefits and here are some important things to consider.

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Halloween may be a shell of its usual self this year, but it is still a good time to eradicate the monsters who may be hiding in your company’s closet. Some monsters are much less frightening once they’re brought into the daylight. Keep reading for some advice how to deal with 5 typical ghouls and goblins sucking the revenue out your business.

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Clients are often misguided as to their rights and obligations in a divorce and, because of this, their expectations are often unrealistic. Often, clients will tell me what they believe the law to be; only for me to have to tell them otherwise. Below are 6 of the the most common misperceptions that I hear.

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When you were getting married, you did not plan on getting divorced. You wanted the relationship to last, but now you are worried that it won’t. Before you begin the divorce process, you could seek marital counseling, both as individuals and as a couple. If you ultimately decide to seek a divorce, the following financial planning tips can help you achieve a reasonable financial settlement to establish a strong foundation for your new life:

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Back in the spring there was considerable interest in viral and antibody testing among employers developing worksite return protocols. But survey results show that testing as a requirement for return to work has been largely set aside. Mercer, a leading human resources consulting firm, said that only 5% of respondents to a July survey required (or planned to require) employees to provide a negative COVID-19 test result before returning to the worksite, and just 2% required or planned to require a positive test for antibodies. Beyond the basics of asking employees about COVID-19 exposure or symptoms,facilitating physical distancing and hand hygiene, and requiring (or encouraging) mask-wearing, contact tracing has emerged as a leading strategy in efforts to keep employees safe at the worksite. Well over half of employers in Mercer’s current survey say they now conduct contact tracing.

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Without schools or caregivers to rely on, some employees, particularly women, are making the difficult choice to leave the workforce or cut back their hours, despite the long-term damage to their finances and careers. Mercer, a leading human resources consulting firm, surveyed over 750 employers and said the great majority are allowing parents to change their schedules or offering other forms of flexibility to help them cope during the pandemic. So far only 8% have added or expanded direct childcare assistance, such as onsite, nearsite, or back-up childcare, but we expect to see this number increase. Childcare support is becoming a new essential employer benefit.

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Before the COVID-19 changed the way we do business, working remotely was something many people imagined as sort of a future-work utopia. Having your home to yourself during the day while your partner or kids are out, sending work emails with your dog cuddled up beside you, having access to your specific brand of coffee — it all sounded like a dream. That’s probably not how working from home looks for you right now. In reality, you’re likely juggling how to make space in your home for calls and video meetings, keep yourself productive, keep your children occupied and oh yeah — stay sane in the midst of it all. Read on if you need help improving efficiency while working from home.

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Mutual funds are nearly 100 hundred years old! The “pooled funds” investment model enabled investors to purchase a diversified portfolio of financial instruments that would steer money, depending on the fund’s investment goals, into different asset classes. The idea started slowly but eventually took hold, as fund accounts grew and more and more mutual funds popped up on the investment landscape. The first – and oldest – mutual fund in the U.S. was the MFS Massachusetts Investors Trust, which rolled out in 1924 under the management of MFS Investments, out of Boston, Mass. Click the link for additional historical detail and to see a list of 8 other original mutual funds. Note that all still exist today (except for one, but it was merged into another fund, so it's legacy still lives on too).

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Due to COVID-19, many businesses are closed and employees have been laid off. According to recent studies, one in four Americans do not have enough money saved to cover more than two months of expenses and one out of every four people doesn’t have any savings. This means that going without work for a few weeks to a month will leave people in dire situations. Keep reading if you are in financial hardship and think bankruptcy might be right for you.

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Unlike the federal government, New Jersey is barred from operating at a deficit by its state constitution. That effectively forces spending cuts in the event of unanticipated financial downturns. As such, NJ has frozen $920 million in state government spending for the rest of the fiscal year as it grapples with a “significant” slowdown in tax collections in response to COVID-19. The "freeze" doesn't mean the payments won't be made - just that that they will be delayed. The biggest item on the list is $142 million for property tax credits paid through the homestead benefit program.

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The coronavirus stimulus package, known as the CARES Act, waives required minimum distributions (RMDs) from retirement savings accounts for 2020. Since RMDs are taxable, the waiver gives retirees who can afford to skip their 2020 distribution some amount of tax relief. Also, if you qualify, distributions prior to age 59 1/2 of up to $100,000 are not subject to the 10% excise tax in 2020, and distributions of up to $100,000 this year can be reported as income over three years and/or repaid.

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"As we emerge out of the shortest but deepest economic recession in modern history sparked by the coronavirus pandemic, we enter 2021 with investor optimism running high," said Bob Doll, CFA, senior portfolio manager and chief equity strategist at Nuveen. "The reopening of the economy combined with increasing consumer and business confidence should create a positive backdrop for equity markets in 2021, but the key question is how much of this good news has already been priced into the markets." For over 30 years, Bob Doll has published an annual set of 10 predictions for the equity markets, monetary policy, and global economy. Click below to see his predictions for the coming year.

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If you are uninsured, or are losing your insurance due to recent unemployment, you do have options to regain health coverage. Depending on your financial situation, only certain options may be affordable. But any level of coverage will help protect you and your wallet down the line. Options include securing coverage through your spouse's insurance plan, COBRA, the Affordable Care Act marketplace, or Medicaid.

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The IRS is giving Americans an extra three months to file their taxes for year 2019 as the country largely remains on lockdown due to the coronavirus pandemic. Instead of an April 15th due date, tax returns are now due on July 15th. Taxpayers that owe money can also defer federal tax payments, interest free and penalty free until July 15. Additionally, the deadline for making contributions to IRAs and Health Savings Accounts was similarly extended to July 15th. Note that you can still request an automatic extension to file your tax return to October 15th, but the extension does NOT change the deadline to pay any taxes or make IRA or HSA contributions.

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COVID-19 continues to wreak havoc on the world’s peoples and economies. In the United States, as businesses shut down or pare back, millions of workers have already been laid off, leaving many to wonder how they’ll pay their bills. The federal government just enacted the biggest economic rescue package in modern American history. The package grants households relief in the form of stimulus checks sent directly to most Americans, expanded unemployment benefits, paid sick leave, temporary student debt relief and more. Click the following link for a great guide to the federal stimulus package:

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A suite of new programs designed to support NJ businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19 was recently approved by the New Jersey Economic Development Authority (NJEDA) Board. The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Keep reading for more detail on these new programs:

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A record 3.3 million Americans just applied for unemployment benefits according to the US Labor Department. as restaurants, hotels, barber shops, gyms and other non-essential business shut down in a nationwide effort to slow the spread of the deadly coronavirus. If you are a NJ resident in need of guidance with unemployment benefits or how to handle your bills, such as mortgage payments, utilities, or other debts, keep reading...

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HSAs are the only type of account that offer a “triple tax benefit” for federal taxes - pre-tax savings, tax-deferred growth, and tax-free withdrawals. The account is intended to be used for current out-of-pocket health expenses, but investing and waiting to use the account later is even better!

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At this point, you’ve probably heard about the SECURE Act, which took effect on January 1, 2020. It makes several changes to retirement savings law. In my opinion, the most important change is the elimination of the "Stretch IRA" for most non-spouse beneficiaries. Here are the six key changes you need to know about:

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Receiving a property tax bill for your New Jersey home can be painful. Homeowners in the Garden State face the highest property tax rates in the country. But even with that burden, there may be steps that you can take to reduce your annual tax bill: consider filing a tax appeal with your municipality as well as determine if you are eligible for the homestead rebate, the senior tax freeze, or the rebates for seniors, blind/disabled people, or veterans. Engaging an attorney or accountant to help you with these items is probably in order.

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The latest student loan debt statistics show there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. The numbers are staggering for Parent PLUS Loans, in particular. When you think of your golden years, you think of rest, relaxation, travel and the good life. The last thing on your mind: student loans. Yet, for millions of Americans, student loans are still a reality. Here's what you need to know and what to do about it.

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Lynn Magnusson is an appraiser at family-owned Magnusson Estate Services, and says "putting inherited items in storage is almost always a HUGE mistake." Click below to find out why.

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As a small business owner, you need to accept that your employees are going to talk about you — whether it’s to colleagues in the break room, loved ones at home, or friends over coffee. What employees say about you when you’re not around represents how they really feel. And, while it’s hard to please everyone, there are a few things you never want employees saying about you.

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You've got a little extra cash and you'd like to find a place to escape. Should you buy a property and build equity with the potential for rental income? Or should you rent a getaway with no fixed costs, maintenance or hassle. Here's how financial planners, homeowners and investors have approached the decision to buy or rent a vacation home.

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Every year, scammers come up with new ways to steal money from consumers. They also retool older scams and bring them back with a new twist. We want to make sure you know what to expect so you won't become a victim. Even if you think you'd never fall for a scam, remember some of your loved ones may not be as savvy. Do your family a favor and make sure everyone knows the red flags to watch for. Here are five scams to expect to see in 2019.

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Frank Holmes, CEO of US Global Investors, states that there’s no better place in the US to do business than Texas, which has 38 billionaires on the Forbes list of the wealthiest Americans. He cross referenced Forbes’ findings with the Bloomberg Billionaires Index, which measures people on how they make their money, to find out who are the five wealthiest self-made Texans. Even if you have no ties to Texas, the list is very interesting.

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Getting stuff done and being more productive as a small business owner doesn’t have to be complicated. And when a change requires little effort, it’s easier to stick with than one that requires a lot of preparation or special tools. In fact, you’ll find that some of these productivity-boosters are simple enough to try as soon as you’re finished reading this, and their effectiveness is backed by science. So here are seven simple tricks to becoming more productive – starting now.

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A taxpayer’s dependents don’t necessarily have to be children. Subject to a lot of rules, you can claim certain adults as dependents too. The value of this tax provision is somewhat less than it's been in previous years, at least from 2018 through 2025, but current tax legislation also provides an additional tax break for adult dependents through this time period. Click below for more detail.

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Debt consolidation is combining multiple loans into a single loan. Companies that offer to help you consolidate your debt can use a variety of methods and it’s vital that consumers understand the differences in each plan. Many promote too-good-to-be-true debt relief programs, which rank high on the list of complaints received by the Federal Trade Commission. A NJ bankruptcy attorney claims these programs are not only a bad idea – they are a scam. Click to read more.

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Here's some happy news for college students - federal student loans are about to get cheaper. Each year, Congress sets the fixed interest rates for federal student loans. It only affects new loans - not existing loans. Read on for more detail.

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Bond yields remain stubbornly low. You can achieve a 3% dividend yield on a reasonably diversified portfolio of high dividend stocks, which is about the same as the yield of an intermediate term high quality bond portfolio. While I appreciate the appeal of using high dividend stocks instead of bonds, I remain unconvinced that it is appropriate for most investors. Keep reading for more detail including an article on the topic from Morningstar, a leading investment research firm.

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If you’re a Millennial, know this about financial planning: Time is still on your side, but it won’t be for much longer. If you wait too long, until you are in your 40s or 50s, you’ll have to save and invest a much larger portion of your income. Here are nine tips to shed whatever doubts may be holding you back and get started now.

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Organization isn’t complicated, but it is critical to our capacity for powerful functioning in this age of hyper connectivity. As our attention and concentration is pulled in multiple directions at any given time, agile productivity systems allow us to be more innovative, engaged and able to recognize new opportunities. Whether you are organizing your junk drawer or next year’s strategic plan, the process is universal. Follow these five simple steps to organize virtually anything.

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Something significant is happening in Social Security - people are retiring and taking their benefits later. In 1997, 57% of men claiming their retirement benefits under Social Security were 62, the earliest age at which one can do so. By 2017, that share had dropped to 34% because more people elected to put off claiming their benefits.  I'm not sure why the study only involves men since women are also eligible for social security benefits, but I suspect the reasons to delay benefits apply universally.

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