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 […]
Taxes
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 […]
Follow Your Emotions and Go Broke
According to dictionary.com, one definition of emotion is “an affective state of consciousness in which joy, sorrow, fear, hate, or the like, is experienced, as distinguished from cognitive and volitional states of consciousness.” Emotions can be complex and if you make business and financial decisions based solely on how you feel at the moment without […]
5 Traps to Avoid When Growing Your Business Rapidly
Growing your business, especially growing rapidly, can be a really great accomplishment, but there are dangers when growing too quickly. Here are several traps to avoid to ensure successful growth: Cash flow: Quite often, a small business will have cash flow issues when growing too rapidly. This is due to a delay of getting paid, […]
What’s Your Chance of an IRS Audit?
The IRS publishes statistics regarding the percentage of returns that have been examined by type of return. Not surprisingly, some taxpayers have a greater chance of being audited than others according to the latest statistics. Let’s take a look at some stats: The majority of audits, 74.8%, were conducted via correspondence, and the remaining 25.2% […]
Beware of These 3 Conflicts Between Husbands and Wives When Both Work, Which Lead to Marital Tensions
According to the Bureau of Labor Statistics, approximately 61.1% of both parents work in families that have children under 18 years of age. It seems to make economic sense to have both parents working nowadays, but it can create underlying tensions, which you should be aware of: Independence vs. interdependence: Spouses are interdependent upon one […]
Do This to Avoid a Big Tax Surprise
If there is one recurring theme from this tax season that caused the biggest tax surprise it is this: Double-check your withholdings: The withholding tables were revised and many taxpayers were under withheld, which caused them to owe taxes versus receiving a refund. The easiest way to correct this is to see how much you […]
The Instructions Said 20 – 25 Minutes
Recently, I purchased a bed from Wayfair that had to be assembled from four large boxes that it was delivered in. I waited until the weekend to assemble it and learned a few things: After spending hours and hours assembling and completing the bed, I took a look at the assembly time to see if […]
Some Horrible Ways to Lower Your Tax Bill That are Not Recommended
I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]
An Observation Regarding Money Worries
There are a few things that I noticed over the years that seem to contradict each other regarding money worries. There seems to be a link between being charitable, concerns over saving too much, and stress about money. Charitable giving: some people make a lot of money and give little to nothing to charity, especially […]