The amount of income tax you pay comes down to a relatively simple formula: add up all your taxable income and subtract the greater...
Howard Hook, CFP®, CPA, CAP®
How to Correctly Report Taxable Distributions from Retirement Accounts
Form 1099-R is the Form that reports the distributions taken from retirement plans during a given calendar year. Custodians, such as...
Reducing Income Taxes in Retirement
Everyone wants to make their money last longer once they retire. Earn more and spend less are two ways people think this can be done....
Cash is King
"Now you know why we always want a certain allocation to cash in your portfolio." This is the phrase advisors wish to say to clients...
How Do I Handle This Retirement Income on My Taxes?
The Question: I have $21,105 taxable interest income before taking personal exemptions and $3,862 in pension income. I’m 72 and...
How to Properly Report Qualified Charitable Distributions on Your Form 1040
A popular tax strategy for individuals over 70 ½ years of age who wish to give money to charity is to make a distribution to the...
Record-keeping Requirements for Charitable Donations
Now is the time that many people start to accumulate tax documents to either prepare their taxes or provide the documents to their...
SECURE Act Law Could be Boon for Charities
The recently passed SECURE Act has made several changes to retirement plans, some of which could result in an increase in the amount...
How Long Does a Merchant Have to Charge My Credit Card?
You make a purchase at a store, swipe your credit card, and sign the receipt. But then you notice that the charge doesn't appear on...
Why Donating Appreciated Stock and Mutual Funds may be Great Tax Strategies
One of the best ways to give to charity is to donate securities like stocks or bonds that have appreciated since you bought them. In...
Using Inherited Stocks to Pay for a Wedding
A reader of Ask NJ Money Help asked: I have stocks that I inherited from my father 10 years ago. He purchased them decades before and...
I Don’t Need My IRA Distributions, What Next?
A Reader of Ask NJ Money Help asked: I take Required Minimum Distributions every year, but I don't need the money. How can I decide...