Understanding Solo 401k Plans

The Tax Cuts and Jobs Act of 2017 imposed significant changes to the 2018 tax code especially for self-employed people but one area it did not change is the benefit of Solo 401(k) or individual 401(k) plans. These retirement plans are designed for companies with one...

“Power of Attorney for College Students”

The time preparing for and the first few weeks of your son or daughter heading offing to college are usually filled with excitement, planning, paperwork, shopping, and adjustments.  One often overlooked important task is asking him or her to sign a durable power of...

Be Aware of IRS Tax Scams

As we welcome in a new year and many changes, we need to remain diligent of new tax scams pertaining to identity theft and refund fraud.  This is one reason NY State is now requiring your driver’s license number to file your State return. The IRS recently issued...

New Jersey Gas Tax Hike and Impact to Estate and IncomeTax

Governor Christie struck a deal with Democratic leaders of the New Jersey legislature on October 14 that will raised the gas tax but has corresponding sales, estate and income tax cuts to be phased in over the years.  Below is a synopsis: Increase the gas tax by $0.23...

Financial Planning Tips for the Fall

As Labor Day approaches, kids head back to school and football season kicks off, it is an essential time to get your finances in shape before year-end.  Implementing the following ideas can save you money and alleviate stress.  Think of it as Fall cleaning for the...