Articles

You might think your urge to get out the mop and rubber gloves and give your life a scrub is just a local custom or a natural result of the warmer weather. But historians insist the cultural roots of spring cleaning go back thousands of years to springtime rituals practiced around the world. Psychologists claim the long popularity of the practice is down to its ability to improve your mood and mental health. Which means benefits of spring cleaning don’t just include just a cleaner garage or supply closet. A deep spring scrub might be just what you need to boost your focus and tackle your business with fresh energy.

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Geared toward keeping seniors in New Jersey during their golden years, Stay NJ is designed to offer property tax rebates to those 65 and older with incomes of up to $500,000. New Jersey residents may apply for Stay NJ using the PAS-1 application. Payments are calculated based on property tax bills as well as eligibility for ANCHOR and Senior Freeze. All seniors qualify for all three programs, but eligibility is determined by criteria such as household income and length of residence. Stay NJ checks are now being mailed to approximately 430,000 qualifying taxpayers who applied last year. The payments are to be distributed in quarterly installments at an average of approximately $637 for the first check. The first quarterly payment began rollout Feb. 9. The next quarterly payment is scheduled to be mailed in mid-May.

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Today’s medical alert systems have come a long way from a simple button worn around the neck to get help in a medical emergency while at home. While medical alert systems still offer in-home protection, modern devices do much more than that. These devices have evolved to support older adults’ health, communication, and independence. The right medical alert system can keep older adults independent at home with modern features, including protection anywhere you go, fall detection, connectivity to family through caregiver apps and tools, flexible device options, and other non-emergency services that support seniors’ life tasks. Below, we’ll explore some of the features of modern medical alert systems and how they help maintain an older adult’s independence as they age in place.

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I was named a Five Star Wealth Manager in NJ again in 2026! Only 5% of advisors were named this year and this marks my twelfth time winning the award. As in prior years, Five Star Professional partnered with New Jersey Monthly magazine and all award-winners were listed in a special section of the January issue.

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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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Click to view this very funny clip

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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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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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As 2023 comes to an end, you may have just a few weeks left to use any leftover money in your health-care flexible savings account. Employer-sponsored FSAs allow you to save pretax dollars and use the funds for qualified medical expenses. An individual can save up to $3,050 in these accounts in 2023. However, unlike a health savings account, which roll over year to year, the funds in an FSA are considered “use it or lose it."  According to Employee Benefit Research Institute data, almost half of workers forfeit some of their pretax dollars.  Click the link below for seven ways to take advantage of leftover savings while you can.

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The holidays are a time to relax and enjoy being around family and friends. There’s also more time for in-depth conversation about topics that might not normally come up - such as financial planning for members of the family.  For parents, ask if their finances are healthy and if their living arrangements are viable.  For children, share information they need to know about your finances and ask if they are taking the right steps for their financial futures.  For spouses/partners, discuss shared goals for your future together and make sure you are on track with your budget.  Click below for the full article.

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