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.
Baron Financial Team Answers Questions About “Your Personal Economy” Nicholas Scheibner, CFP®, Wealth Management Advisor at Baron Financial Group, helps explain how capital gains affects your tax situation and how we aim to minimize taxes.
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 17, 2022. Continue reading to learn how to file a paper tax extension.
Nicholas Scheibner, CFP®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I’m 75 and working. Can I still save in an IRA or 401(k)?”, originally published on July 13, 2021. Under the SECURE Act, you can now continue to make contributions to a 401(k) or IRA if you have earned income, with no age limitations.
As of January 1, 2022, the retirement plan contribution limit has been increased to $20,500. Plans include 401(k)s, 403(b)s and most 457 plans, as well as the federal government’s Thrift Saving Plan. Please note that contribution limits to traditional and Roth IRAs remain unchanged at $6,000 ($7,000 if you are age 50 or older).
As you prepare to file your 2021 taxes, especially if you are thinking of filing your taxes early this year, keep in mind the following:
James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I have an inherited IRA. How soon do I have to take distributions?”, originally published on November 30, 2021. If your inherited IRA falls under the 10-year rule, the IRS has clarified the rule in their publication 590-B...
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 2022...
Nicholas Scheibner is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on May 20, 2021. It is confusing to differentiate between the Roth IRA and the non-deductible traditional IRA. Here are some key points that might help clarify things:
Nicholas Scheibner is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on September 15, 2020. A 60-second read by Nicholas Scheibner, CFP®: If you want to transfer your 401(k) to a Roth IRA, here are three things to consider, other than the tax rates, before making a Roth conversion:
April is Financial Literacy Month and the perfect 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:
As you prepare to file your 2020 taxes, especially if you are thinking of filing your taxes early this year, keep in mind the following: