Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Retirement
Unorthodox Emergency Funds
We are all told to set aside 3 – 6 months’ worth of expenses in a traditional savings account towards an emergency fund. It’s not a bad idea, but what if that isn’t enough for an uncommon occurrence and you’re in a bind? There are a few alternative options to accessing a larger amount of […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
Would This Have Predicted Bitcoin’s Peak?
Starting a few tax seasons ago, the IRS started to ask the question. “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” What does this have to do with the price direction of Bitcoin? Let me explain. Tax preparers have to ask this […]
Do These 6 Things Differently than Others if You Want to Get Ahead Financially
Do you ever wonder what the difference is between those who get ahead and those who are constantly struggling? There is a pattern of actions that are taken repeatedly by those who get ahead, while the opposite is true of those who struggle. Action #1: Delayed Gratification The financial impact of delaying gratification for future […]
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 […]
Small Business, Large Profits
All small business owners want to increase sales, open new locations, obtain more customers, add employees and grow, grow, and grow some more. It sounds good, but is it really necessary? Is there an alternative? Necessity: It is necessary to grow your business as the alternative isn’t too appealing. You have financial obligations and people […]
Is It Better to Pay Off Debts or Invest?
Almost everyone has some sort of debt and economic data shows that this is the case. Between mortgages, student loans, credit cards, business debts, and auto loans and leases (yes, a car lease is debt), many people find themselves allocating large portions of their income towards debt payments. When you are in a position to […]
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 […]