As part of the “One Big Beautiful Bill Act” (OBBBA) that was signed into effect on July 4, 2025, there are several “clean energy” tax credits that will expire. Please see below some deadlines to be aware of if you were considering any of these purchases and/or improvements.
The ANCHOR program is available for eligible New Jersey residents who owned or rented their main residence as of October 1, 2024. If you are a New Jersey resident who is 65 and older or was receiving Social Security Disability benefits on December 31, 2024, you can now submit a single application for Property Tax Relief for tax year 2024. For easy reference, the following information has been gathered from the NJ Treasury - Division of Taxation website for Senior Freeze, ANCHOR, and Stay NJ programs.
There are important questions at certain ages that you should keep in mind on your journey. Your options for Retirement and Financial Planning need to be given very serious thought and examination. You need to identify your goals, explore your options, and test for the unexpected. Am I OK financially? Can I live the lifestyle that I want in retirement?
Our financial planning chart provides information that includes key financial planning numbers for 2025. New to 2025: Retirement Plan Contribution Numbers – For Baron Clients, reach out to your Baron Team to make sure you are maximizing your retirement savings. You can click on the image to view the 2-page chart.
As you start to compile the documents you need for filing your tax return, it might be helpful to reference our flowchart below in determining what documents are needed. It is important to wait for all of your tax documents to arrive before filing, especially if you are thinking of filing your taxes early this year. Keep in mind the following:
The start of a New Year is a good time to share our financial checklist. Here are some priorities for you to review, plan for, and update in 2025. 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:
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 2025. 2. Review your long-term investment strategy...
Prior to tax year 2022, 529 contributions were not tax-deductible. For 2022 and beyond, the New Jersey College Affordability Act allows 3 kinds of income tax deductions if your gross income is $200,000 or less on your tax return. The NJ Division of Taxation outlines them as follows:
Can I do a Qualified Charitable Distribution (QCD) from my Individual Retirement Account (IRA)? This post provides guidelines for taking QCDs from IRAs. You need to be at least age 70 ½ before you can make a QCD. A Qualified Charitable Distribution is a way to support charities while also reducing taxable income created by your IRA distribution. This flowchart addresses common issues pertaining to QCD rules, including:
Our September 12th blog post focused on some basic information about Traditional Individual Retirement Accounts (IRAs). This post provides guidelines for taking withdrawals from Traditional IRAs that have been inherited. Reference this flow chart for guidance with your RMDs from an Inherited IRA. If you inherit an IRA, you must determine:
The purpose of this blog is to present some basic information about Individual Retirement Accounts (IRAs): Traditional and Roth IRAs and the differences between them. Inherited IRAs have different withdrawal guidelines, and these should be carefully reviewed. Contributions for tax-year 2024 can be made from January 1, 2024 – April 15, 2025. What is an IRA? An IRA is an Individual Retirement Account...
Gregory Cannillo, MBA, FPQP®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “Should I lower 401(k) contributions to do a Roth IRA?”, originally published in February 2024. Your ability to contribute to a Roth IRA is dependent upon multiple concerns: