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How to File an Extension on Your 2023 Tax Return

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 15th 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 15, 2024. Continue reading to learn how to file a paper tax extension.

Financial Planning Taxes

NJ ANCHOR Benefit Program Renewed for Second Year

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:

Financial Planning Taxes

BFG in the News: Victor answers a reader’s question about contributing to a Roth

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…

Investing Taxes Retirement Planning Income Planning Social Security Baron Team Insights

Informational Video: ANCHOR Benefit Program Deadline Extended

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.

Financial Planning Taxes Videos

BFG In the News: James answers a reader’s question about distributions from an inherited IRA

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...

Financial Planning Taxes Retirement Planning Baron Team Insights
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The most common 1099-R Codes when filing your taxes - 2020

You will receive a form 1099-R if any money has been moved out of a retirement account. How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes. The code will appear in box 7 of the 1099-R.

Taxes