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:
We wish you and your families a Happy, Healthy, and Prosperous New Year! As we begin a New Year, we would like to take this opportunity to say Thank You! Click here to see the rest of our video message…
We wish you and your loved ones a holiday season filled with joy and happiness! Here are our perennial top 10 wishes for you:
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...
In this season of gratitude, we pause to say Thank You to our clients, family, and friends. We are grateful for your trust and confidence in us. Thank you for the privilege of getting to know and work with you. In this season of giving, we donate to our local food pantries to help those less fortunate in our community.
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:
In honor of Veterans Day, and the heroes who serve our country, Baron Financial Group is proud to donate to the "Building Homes for Heroes®" project: Building Homes for Heroes® is determined and devoted to bringing renewed hope to our nation’s injured veterans. The organization builds or modifies homes, and gifts them, mortgage-free, to injured veterans and their families, while providing support services to enable them to build better and brighter lives and reach new heights.
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:
Victoria Cannillo, an Associate Financial Planner/Analyst at Baron Financial Group, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “Will my son’s summer income count for financial aid?”, originally published in June 2024.
Medicare is health insurance for individuals who are 65 and older, under 65 with certain disabilities, or those who have End-Stage Renal Disease (ESRD) or Amyotrophic Sclerosis (ALS). The Medicare annual open enrollment period for the 2025 Medicare Advantage and Part D prescription plans begins Oct. 15, 2024, and runs through December 7, 2024. You can change your Medicare Advantage and Part D plans without special enrollment requirements.
A 30-second read by the Baron Team: If you are currently a Medicare card holder, below are some fraud-prevention tips provided by Medicare.gov that you may want to be aware of. Just like your credit card or social security card, you want to make sure your Medicare card and/or number is always protected.
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: