Articles

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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Medicare beneficiaries have until Dec. 7 to change their Medicare health and prescription drug coverage for the coming year through annual open enrollment.  Health and drug plans make changes every year, so experts say it’s wise to revisit your selections to see which plans match your needs when it comes to cost and coverage, as well as the providers and pharmacies that are in network.  Additionally, you can switch from original Medicare, which is managed by the federal government, to a Medicare Advantage plan that is privately managed, or vice versa, during open enrollment.  Changing to a different Medicare Advantage plan is also permitted during open enrollment.  Keep reading for more details.

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According to the Federal Reserve Bank of Dallas, Mexico has once again cemented its place as America's top trading partner, with $263 billion worth of goods passing between the two countries in the first four months of this year. Trade with Mexico accounted for 15.4% of goods exported and imported by the US, just ahead of America's trade totals with Canada and China, which were 15.2% and 12% respectively.  Mexico's ability to take the top spot away from China — which had spent the last two decades integrating itself further into the US economy — is a clear sign of how the economic chaos of 2020 is set to continue to define the world economy for years to come.  Nearshoring increased during the pandemic because of the increased cost of shipping products across the Pacific and the consumer demand for faster delivery times.  Click below for the full article:

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Michelle Ruddy owns a vacant plot of land in Asbury Park.  From time to time, she gets inquiries about whether she would like to sell it. But she’s stuck, saying she’d like to build on it someday. Imagine the shock when she got a call from a lawyer who handled the closing of the land sale. “She asked me if I was Michelle Ruddy. I said yes. She said, ‘I want to make sure I mail your check for the sale of your property to the correct address,'” Ruddy said. “I hung up the phone thinking it was a hoax.”  But it was not a hoax. It was a sophisticated fraudulent attempt to steal money from the sale.  Click below for the rest of the story.

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As most of us know, people accidentally ruin their finances all the time. It’s unfortunate, but it happens. And it’s not something that only occurs with younger adults — even seniors often fall culprit to financial errors. If it’s easy for adults to make money mistakes, imagine how easy it could be for a college kid. Here are 13 potentially disastrous financial blunders you can help your college student avoid. 

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Spousal benefits are probably the most misunderstood Social Security benefit. Ex-spousal benefits may seem even more convoluted. Here is a summary of requirements to file for ex-spousal benefits. To be eligible to collect an ex-spousal benefit: (1) your ex-spouse must be living. (2) you need to be single, (3) you need to be at least 62, (4) you must have been married 10 years or more and (5) the ex-spousal benefit must be greater than your own worker benefit.  Keep reading for additional considerations:

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The “Kiddie Tax” is a law that stipulates how investment and unearned income are treated for minors or full-time college students under the age of 24. Before the Kiddie Tax, parents could save on taxes by putting investment accounts in a child’s name. Parents would gift stocks and other assets to their children, and income earned on the assets would be taxed at the child’s (lower) income tax rate, instead of the parent’s (higher) income tax rate. The Kiddie Tax closed this loophole by taxing children’s passive income at higher rates. Keeping reading to find out the details.

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At nearly the midway point of the year, the S&P 500 Index has proven surprisingly resilient despite numerous headwinds, such as multiple Fed rate hikes and instability in the banking system.  However, the S&P 500’s rally doesn’t necessarily match what’s going on inside diversified equity portfolios.  While the S&P 500 is up 12%, 7 stocks – Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla – are up an average of 69.0 percent! The rest of the stocks in the S&P 500 are up only 2.5%, on average.  It goes without saying that this is a whopping disparity. Investors with diversified portfolios [need patience] during this period of narrow leadership. We’re already seeing signs that market performance is starting to broaden out.

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There is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets, which is known as "step-up in basis". A capital gain happens when you sell an asset for more than what it initially cost. A step-up in basis takes into consideration the fair market value of an asset when it was inherited rather than when it was acquired. This means there’s a “step-up” from the original value to the current market value. Conversely, if someone gives a gift to somebody during their lifetime, the recipient retains the basis of the person who made the gift, which is known as a “carryover basis.” Click below for more detail including some examples.

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National College Decision Day, also known as College Signing Day, is the first day of May each year. On this day, high school seniors who applied and were accepted into one or more colleges must confirm their enrollment with the school of their choice. This confirmation is usually attached to an enrollment deposit. It’s the culmination of your hard work and dedication researching schools, taking entrance exams, touring campuses, writing essays, submitting your applications, and eagerly awaiting acceptances. Keep reading for some tips on what comes next.

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First came the good news. After taking classes at a community college, Ricki Korba was admitted to California State University, Bakersfield, as a transfer student. But when she logged on to her student account, she got a gut punch: Most of her previous classes wouldn’t count. Every year, hundreds of thousands of students start at community colleges hoping to transfer to a university later. It’s advertised as a cheaper path to a bachelor’s degree, an education hack in a world of ever-rising tuition costs. Yet the reality is rarely that simple. For some students, the transfer process becomes a maze so confusing it derails their college plans. Click below for the rest of the story.

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Why is Medicare so darn confusing? Let’s start with the basic rules. You become eligible for Medicare, the federal government’s health insurance programs for seniors, when you turn 65. Medicare includes Part A, which is premium-free and pays for most hospital costs, and Part B, which has a monthly premium and pays for most doctors’ fees and outpatient services. About half of retirees supplement original Medicare with a private Medigap policy, and in some cases, a Part D prescription drug plan. Others choose to bundle their Medicare services into a comprehensive Medicare Advantage plan, which may offer additional coverage, such as vision and dental care, in exchange for using a network of health care providers. Keep reading for more detail and information on initial, special, and annual general enrollment periods.

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The index gurus are at it again. Some of the best-known stocks are getting reclassified on Friday, and that means a lot of money is going to move around. Thirty years ago this would all have been of interest to academics, but almost no one else. That was before the triumph of indexing and exchange-traded funds. Every year in March, S&P and MSCI announce changes in the classification system. If you’re an investor in a broadly diversified total market index fund like the S&P 500, the changes will make little difference to you. The changes will be more significant if you trade sectors, which is an increasingly popular strategy. Click the link below to see details of this year's changes.

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Whether you're a recent college grad or have spent some years working and saving, you might be thinking about making your first home purchase. But is now really the right time for you to step into the real estate market? Can you even afford a house purchase? When is the right time to buy a house? Keep reading for help making such a major decision.

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It is that time of year to consider making an IRA Contribution. You have until April 18, 2023 to make a contribution for 2022. You can also make your 2023 contribution at the same time.

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The SECURE 2.0 Act of 2022 includes almost 100 new retirement plan provisions, many of which aren’t effective yet. But some big changes involving required minimum distributions and related penalty relief are already in effect, The age for RMDs was increased from 72 to 73 in 2023, and then to 75 a decade later, in 2033. The 50% penalty for skipping your RMD was reduced to 25%, and to 10% if the missed RMD is made in a timely manner. A new statute of limitations now applies to missed RMDs (3 years) and excess IRA contributions (6 years). Starting in 2024, Roth 401ks will be exempt from RMDs making them similar to Roth IRAs. Click below for more detail on these changes.

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Older Americans started 2023 with a trifecta of good news: bigger Social Security benefits, lower Medicare premiums, and easier access to Medicare enrollment. Social Security benefits increased by 8.7% in January as a result of the largest cost-of-living adjustment in more than 40 years. It’s not necessary to claim Social Security benefits in 2023 to cash in on the huge annual increase. Anyone who’s 62 or older and eligible to receive Social Security in 2023, meaning anyone born in 1961 or earlier, will profit from the 8.7% COLA. Not only did Social Security benefits increase this year, but Medicare Part B premiums, which are usually deducted directly from Social Security payments, declined for the first time in more than a decade, Most Medicare beneficiaries pay the standard Part B premium of $164.90 per month in 2023, down slightly from the $170.10 per month they paid last year, but some high-income retirees pay more. New Medicare enrollment rules also took effect in 2023. Click to read more on these items as well as the New Medicare enrollment rules.

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If your small business kept employees on the payroll through the pandemic, you may be eligible for the Employee Retention Credit (ERTC). Launched in the early days of the COVID-19 pandemic as part of the CARES Act relief package, it was intended to provide extra incentive for smaller businesses to retain their employees, although it was widely overshadowed by the Payment Protection Program (PPP). The ERTC is still available retroactively for both 2020 and 2021. Determining eligibility can be tricky, especially if you applied for PPP loan forgiveness, so you should generally consult a tax professional for assistance. Click the following link for more detail on the ERTC.

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Most people who invest in rental property do so with a profit motive, oftentimes raising the rents as high as they can in order to maximize their income. But in other situations, maximizing profits may not be the ultimate motive. Sometimes, a landlord may be willing to rent to a tenant at below fair market value. Examples include a parent renting a property to a child where the rent just covers the mortgage and utilities or when a landlord gives a deal to a friend. The IRS has very specific tax rules when it comes to below market rent.... and it generally isn't good. Click below for detail.

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If you are already on Medicare, now is the time to look at your options. You don’t need to take any action with your Medicare Advantage Plan or Traditional Medicare Part D prescription drug plan if you are happy with them. However, plans change every year so it’s worth confirming that your doctors, preferred pharmacies and other providers are still in network and that your medicines are still covered at the price you expect. You should also consider whether to switch from Traditional Medicare to Medicare Advantage. For more information, click below:

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ANCHOR, short for the Affordable New Jersey Communities for Homeowners and Renters, has replaced the NJ Homestead Rebate. ANCHOR is generally much more liberal than the NJ Homestead Rebate program is replaces. Homeowners making up to $250,000 per year and renters making up to $100,000 per year are now eligible for a rebate. The new program is still several years behind and is for tax year 2019. The deadline for filing your ANCHOR benefit application is December 30, 2022 so you need to act soon!

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In pre-pandemic years, Labor Day sales events offered generous discounts on new cars as dealerships aimed to clear out current-year models and start selling the next year’s versions. These days? Not so much. “Shoppers waiting for Labor Day sales events with substantial discounts on outgoing model-year vehicles will be frustrated by the lack of markdowns and choice of vehicles,” said Thomas King, president of the data and analytics division at J.D. Power, in the report. At least there is evidence used car prices are starting to soften.

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I've been suggesting excess be used cash to buy I Bonds for several months… but what about the far more popular sibling EE Bonds? I don't usually recommend either type of US Savings Bond because their interest rates are fairly low and you have to buy them through an account at TreasuryDirect, which is somewhat cumbersome. However, the interest rate on I Bonds is based on inflation, which has been at multi-decade highs, so I Bonds look quite attractive today. John Rekenthaler, a columnist for Morningstar, compares both types of bonds and reaches a similar conclusion.

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Bull markets can run for a long time—but they can't run forever. And when a bull stops running, it's better to be prepared than surprised. Is your portfolio ready? Get prepared with these seven investing tips.

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Question - My dad has terminal cancer. I am his oldest daughter and also the product of his first and only marriage. I have a younger sister and he was never married to her mother. My father always said I would inherit his house once he passed away, but he changed his mind after I spent several years in prison. Now he won’t give me a clear answer. My sister is already in charge of his house, car and bank account. Do I have any rights given that I was the product of a marriage and she wasn’t? And what about my parents divorce decree? I believe it said I was to be left the house and he was to pay child support to my mother, which he never paid and she never pursued. He was also supposed to put me through college and that never happened, either. What can I do, if anything? Click the link below for the answer.

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in the spring or summer and you’re sure to find plenty of garage sales.  Selling your unwanted stuff is a great way to make some extra cash. But if you’re not savvy about the tricks of yard sale con artists, you could end up at a loss. Here are 9 garage sale scams to arm against

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A Qualified Charitable Distribution (QCD) is a tax-free withdrawal from an Individual Retirement Account (IRA) that is made directly to a qualifying charity. It is a popular way to do good while also satisfying the Required Minimum Distribution (RMD) requirement. For IRA owners with charitable intentions, a QCD offers substantial tax benefits, but timing is everything! For those eligible to make a QCD, the timing of your QCD must be coordinated with your RMD. Keep reading for details.

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Do you have a college student who just graduated? Congratulations! Now it’s time to study up on the best way to pay off those student loans. Federal student loans come with benefits such as flexible payments, forgiveness and forbearance or deferment so they should be evaluated separately from other types of loans. Should you focus on paying off high-interest loans first or paying as little as possible? What about using a loan consolidator to refinance the debt? While not addressed in the following article, please keep in mind that student loan repayment, interest, and collections are paused through August 31, 2022 as part of Covid relief and rumors are swirling that the Biden administration is planning to cancel $10,000 in student debt per borrower.

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Inflation is higher than it's been in decades, which is creating an interesting opportunity to invest in US I Bonds. I Bonds are a special type of US Savings Bond that earn interest based on combining a fixed rate and a variable inflation rate that gets announced every 6 months. Historically low yielding, I Bonds are currently paying 9.62% annual interest through October. This is a fantastic rate for a low risk bond! Depending on your situation, I bonds may be a good place to park cash or become part of your bond portfolio. Before rushing out to buy them, know that there is a $10,000 per person annual purchase limit, you can’t touch the money for at least 12 months, and there’s a penalty for selling within five years. Additionally, you can only buy them in electronic form through an account with the US Treasury, known as TreasuryDirect. Keep reading for more information.

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If your tax bill was higher than anticipated, it could be due to the Net Investment Income Tax (NIIT). NIIT is a tax on investment income, such as interest, dividends, and capital gains. Importantly, it is a 3.8% surtax, meaning it is an extra tax on top of other taxes that may be owed on your investment income. For instance, qualified dividends and capital gains are generally taxed at 15%, but the rate for those subject to the NIIT will essentially be 18.8%. NIIT only applies if your modified adjusted gross income (MAGI) is more than a certain threshold - $200,000 (single taxpayer) or $250,000 (joint taxpayer). This is not a new tax - it has been in effect since 2013! Continue reading for more details.

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