Category Archives: Baron Team

How to File an Extension on Your 2016 Tax Return

A 60-second read by the Baron Team: Need more time to compile information for your tax return? Haven’t received all of the documents you need? It will be in your best interest to file a tax extension. This will extend the due date up until October 16, 2017.

How to file a Paper Tax Extension:

To file an extension, you are going to need to fill out Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return]. You can download the form and instructions from the IRS website.

With the form, you also need to send in at least 90% of your estimated tax liability due for the year.
To pay by check, mail the form with the check together. Make the check out to United States Treasury. On the memo line, write your Social Security Number, Form 4868, and the tax year (2016). This way, they know that you are sending the check as part of your extension.

When mailing in the tax extension, it is highly recommended that you send it via certified mail or another method that provides you with a tracking number. The envelope needs to be postmarked by April 18th. Check the instructions portion of Form 4868 for the correct mailing address (it varies according to what state you reside in).

 To Prevent any Penalties:

  • Carefully read all instructions and follow all directions on Form 4868.
  • Correctly estimate your tax liability for the year and send in 90% of the amount due.

Miscellaneous tips:

  • It is possible to file your extension online. See the IRS website for more details.
  • If you ever feel unsure or concerned about the process, consult a Tax Professional to assist you.

Any other questions, contact the Baron Financial Group Team.

Tips to Avoid Phone Scams

A 30-second read by the Baron Team: It is not uncommon to turn on the news or read an article and hear about a new scam. Lately, you might have heard about the “Can you hear me?” phone scam, as recently reported by CNBC.

Whether such scams wind up being legitimate or just hearsay, here are some helpful tips to keep in mind. Below is a brief snapshot of some of the phone-scam tips provided by the FTC (Federal Trade Commission).  To read the entire FTC article, “10 Things You Can Do to Avoid Fraud,” click here.

  • If you don’t recognize the phone number, don’t pick up your phone.  (If it is in fact a friend, family member or acquaintance trying to reach you, they will probably leave a voice mail.)

  • If you do pick up the phone and suspect it is a telemarketer or if it is a robo-call, hang up the phone. Don’t give out any personal or credit card information.

  • If you received a call that you think might be a scam number, search the number or caller id information, along with the word “scam” on the internet, to see if other people have written any complaints.

  • The FTC offers a free scam alert service that will send tips about scams to your email. Read more at https://www.consumer.ftc.gov/scam-alerts.

Feel free to reach out to us for any other questions.

Baron Financial Group Principals recognized as “Five Star Wealth Managers” for 2017

The Five Star award, administered by Five Star Professional,  recognizes service professionals who provide quality services to their clients.

Baron Financial Group is proud to announce that Principals, Victor Cannillo and Anthony Benante, are recognized as 2017 Five Star Wealth Managers in New Jersey.  They are proud to be multi-year award recipients. The list of recipients appears in the January 2017 issue of New Jersey Monthly magazine. 

Sarasota-based Principal, Anthony Benante,  also received the 2016 Five Star Wealth Manager award in Sarasota, as seen in Sarasota Magazine, in the November 2016 issue.  This is the 3rd year in a row Anthony received this honor. 

The Five Star Professional research team applies a vigorous research and evaluation process to identify service professionals who provide quality services to their clients. Professionals do not pay a fee to be considered or placed on the final list of Five Star award winners. Five Star Professional follows standard survey practices used by other professional research organizations. The research also includes a regulatory review to provide necessary checks and balances.

Click here for a list of selection criteria and research methodology.

Baron Financial Group is committed to putting clients’ interests first, providing independent and transparent advice, by using a true team approach.  

5 Financial Actions to Consider at Year-End

A 90-second read by Anthony Benante:  What 5 things should you be thinking about at the end of the year when it comes to your finances?

1. Review your personal budget and commit to a savings plan for 2017

a. On January 1, write down the balance in your checking account. Do this on the first of the month for the next three months. After you incorporate your income for the period, as well as take note of any cash withdrawals from other accounts, you can get a general sense of what your monthly spending is.

b. We work directly with our clients at Baron to help understand how their budget and all of their financial assets work together.  If you would like a budget sheet (either electronic or hard-copy), let us know. 

2. Review your long-term investment strategy

a. Is the long-term strategy in place for you still right for your specific circumstance? Are you going to be making any large purchases coming up in the New Year? Are you thinking about revisiting your risk tolerance – becoming more aggressive or conservative?

b. At Baron, we use a customized approach to design client portfolios.  We not only consider potential return, but also risk, as well as how the investments complement each other.  Having a long-term investment strategy is critical for investing success and provides a guide for when markets act unexpectedly or make a major directional move.

Continue reading 5 Financial Actions to Consider at Year-End

Good Cheer and the Spirit of the Season!

In the spirit of the season, a donation was made in honor of Baron Financial Group clients and friends to the Fair Lawn Food Pantry, to help those in need in the community.

Our clients completed our recent survey, giving us invaluable information to help us enhance the service that we provide. Baron was pleased to donate to the following charities, chosen by and in honor of the winner of the survey drawing.

  • Oasis: A Haven for Women and Children, Paterson, NJ
    Oasis currently serves those fighting poverty by meeting numerous basic needs. Read more at oasisnj.org.
  • Catherine Violet Hubbard Animal Sanctuary
    Catherine’s life was taken at the age of six at Sandy Hook Elementary but her legacy of kindness will live on. Read more at cvhfoundation.org.

We are committed to making the community a better place. Wishing  everyone a happy, healthy and prosperous New Year!

We are thankful for …

At Baron Financial Group, we are thankful for you, our clients, family and friends!

As is the firm’s practice at Thanksgiving, a donation is made to our local food pantry, to help those in need in the community. We recognize that there are members of the community who are not as fortunate as others, who need help to meet the most basic of needs. Our purpose is to help our clients reach their financial goals and to secure a better future for them and their families. In keeping with our philosophy, we are committed to making the community a better place.

If you would like to join Baron and contribute to the Fair Lawn Food Pantry, you can send a check, payable to “Fair Lawn Human Services Trust”, or send a food or personal product donation to:

Fair Lawn Health and Human Services
8-01 Fair Lawn Ave.
Fair Lawn, NJ 07410

It is our hope that together, we can look forward to a future of promise for all!

Medicare & Retirement Planning Webinar

Baron Financial Group’s Investment Committee provides an educational webinar on financial planning and investment management.  Medicare Consultant and guest presenter Mary Jean Cullen (MedicareAssist, LLC) discusses how Medicare works.  It is important to keep in mind that annual enrollment is open now through December 7th.

This presentation was first held at the September 13, 2016 Wine & Wealth event for our clients.

The webinar includes the following topics:

  • Beware of Market Doomsayers (0:00 -7:28) – Victor Cannillo
  • Asset Allocation and Diversification (7:30-15:53)   – Anthony Benante
  • Customized Financial Planning  (15:56-19:12) –  Nicholas Scheibner
  • What Role Does Life Expectancy Play in Retirement Planning? (19:13-23:15) – James Shagawat
  • Choosing A Medicare Plan: Learn What You Need To Know Prior and During Your Medicare Years    (23:30-51:44)  – Mary Jeanne Cullen

If you have any further questions, don’t hesitate to contact the Baron Financial Group team.

What Should You Look For in a Financial Advisor?

 

Start by choosing one who listens to you…

Baron Financial Group is a member of NAPFA (National Association of Personal Financial Advisors). We are a Fee-Only firm that is compensated solely by the clients, not by the purchase or sale of a financial product. Our fiduciary responsibility is to put the best interests of our clients first.

Watch the video to see what characteristics NAPFA recommends when looking for a financial advisor.

Baron Financial Group Presents Scholarship To Fair Lawn High Graduate

Baron Financial Group is pleased to present, for the sixth consecutive year, a Baron Financial Group Scholarship to a deserving Fair Lawn High School graduate.  The scholarship recipient, Benjamin Novick, from the class of 2016, will study finance at the Rutgers University School of Business in New Brunswick, New Jersey.  Going into business has been a goal for Ben since childhood and he is excited to begin his journey!

Continuing in our commitment to education, Baron Financial Group is proud to help this deserving student further his education.

Award recipient Benjamin Novick with Nick Scheibner, Baron Financial Group Financial Planner
Award recipient Benjamin Novick with Nick Scheibner, Baron Financial Group Financial Planner