The “Affordable New Jersey Communities for Homeowners and Renters” program (ANCHOR) has been renewed for the second year. This year’s program provides property tax relief to NJ residents who either owned or rented their main residence on October 1, 2020 and met the income limits (Your 2020 NJ gross income was not more than $250,000 for homeowners, and $150,000 for tenants). Some important information to take note of:
Victor Cannillo, NAPFA-Registered Financial Advisor, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I’m 69. How long can I contribute to a Roth?”, originally published on June 27, 2023. For 2023, the total contribution limit is $6,500 per year; $7,500 if you’re over 50. You can contribute to your Roth IRA in perpetuity as long as you’re still…
Whether you are tired of piles of papers cluttering up your home or are trying to go “paperless,” it is important to know what documents you should keep and which you could shred. Below we list some of the important documents the Federal Trade Commission (FTC) suggests that you should always keep:
Baron Financial Team Answers Questions About “Your Personal Economy”. Presented by Nicholas Scheibner, CFP®, Wealth Management Advisor at Baron Financial Group. View or listen to our video for Nick’s to-do list prior to retirement.
With the filing due date fast approaching, you are probably in the process of collecting all of your tax-related documents from the past year. Tax returns must be submitted by April 18th this year. If you realize that you are going to need more time to compile information for your tax return or 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, 2023. Continue reading to learn how to file a paper tax extension.
Congress passed new laws in the SECURE 2.0 Act of 2022, changing the age requirements for taking Required Minimum Distributions (RMDs) from retirement accounts, as well as increasing the catch-up contribution levels. As of January 1, 2023, individuals must begin taking required minimum distributions (RMDs)...
As you prepare to file your 2022 taxes, especially if you are thinking of filing your taxes early this year, keep in mind the following about 1099s and 1099-R codes...
The start of a New Year is a good time to share our financial checklist again. We created our checklist in January of 2020, as we began a new decade, to help people take a fresh look at their financials. As Financial Advisors, we are dedicated to educating our clients and our community about the importance of their financial health. We hope you find this checklist helpful! You can download the checklist here:
On October 21, 2022, the IRS announced that the contribution limit for 401(k), 403(b), many 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500 for 2023. Below is a summary of the upcoming 2023 changes to retirement plan contribution limits...
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 2023. 2. Review your long-term investment strategy...
The ANCHOR benefit application deadline has now been extended to January 31, 2023. This video presentation, originally published on October 11, 2022, has relevant information regarding the New Jersey program, but with the original application deadline of December 30th. The program provides property tax relief to NJ residents who either owned or rented their main residence on October 1, 2019 and met the income limits.
Many clients have been asking us about Series I Savings Bonds. Here are some details that you need to know to determine if I Bonds are right for you - they are typically best for someone who has additional savings, which they feel they may not need for the next 1-5 years.