If you received your PPP loan, what should you do now? The main purpose of the PPP loan is to keep your employees on payroll and the proceeds should be used for: Payroll costs, including payment of state and local taxes based upon compensation Group healthcare benefits and retirement Interest on mortgage obligations Rent Utilities […]
Healthcare
How Much is the NJ Health Insurance Penalty?
Although there are no longer Obamacare penalties at the Federal level starting 2019, the State of New Jersey has implemented its own penalties for 2019. What are some of the requirements, exemptions, and penalties regarding this new law? Requirements: The law requires you to have minimum essential health coverage or qualify for an exemption of […]
What Keeps Business Owners Up at Night?
Aside from worrying about everything, there are really just a few timeless concerns of most business owners. If you don’t have at least one of these concerns then that is probably a concern. Here they are with a few solutions: Employees: No matter how well you run your business, it will always be a challenge […]
When Should Your Parents Stop Being Involved in Your Financial Affairs?
Our parents raised us and shaped who we are today, and there is probably nothing that we can do in comparison to what our parents did for us, except for perhaps raise our own children well. But, when should our parents stop taking charge of our finances, career and/or business? It is a good for […]
Paid Sick Leave in NJ? What You Need to Know
Another change in New Jersey that affects both employers and employees in the state is paid sick leave, which was effective starting October 29, 2018. Here are the details: Number of sick days: The New Jersey Earned Sick Leave Law allows employees to accrue 1 hour of sick leave for every 30 hours worked, up […]
Are there Alternatives to Traditional Health Insurance?
My last post titled, “Did You Know that NJ Now Requires All Residents to Have Health Insurance?” gave a few exceptions to the new New Jersey mandate that requires all New Jersey residents to have health insurance. One of the exceptions to the mandate is health care cost sharing, which almost no one has ever […]
Did You Know that NJ Now Requires All Residents to Have Health Insurance?
Starting this year, New Jersey is requiring all residents to have health insurance. Even though the Federal government has gone in the opposite direction, there are a handful of states that have their own mandates or are considering a mandate. What are some of the requirements, exceptions, and penalties regarding this new law? Requirements: The […]
5 Financial Truths
There is a lot of information out there about finances, and it’s hard to figure out what is exactly true or not true. Always seek the truth, especially from someone that is not trying to sell you something. Here are some examples: College: We are led to believe that all of our children must go […]
IRS and NJ Taxation Highlights
Yesterday I attended a continuing professional education seminar with speakers from both the IRS and the State of New Jersey. Here are some highlights after all of the recent Federal changes and also many New Jersey changes that most people are not aware of: Your paycheck may be under withheld: After the new Federal […]
What is the Best Type of Business to Own?
What’s the best type of business to own? One that makes money of course, but let’s dig a little deeper . . . Simple: The more complex a business is then the harder it is to operate. For example, if your business requires the talents of very technical people, then this complicates the delivery of […]