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Financial Matters


Should I split assets between two firms?
Q. I have some inherited funds with Morgan Stanley managed with an asset management fee, and I have my own investment accounts with Bank of America. I'm planning to move all the accounts to one institution. Would it be better to split it between two different firms like Fidelity and Schwab? Is there a risk to having all my financial eggs in one basket? I manage my own funds and I don't like the idea of an asset management fee.
-- Investor

» Read entire article.


Selling the home you may inherit
Q. I am power of attorney and sole beneficiary for my uncle who has advanced dementia. He lives in a New Jersey state run veteran's nursing home but still owns his home. Is it better to sell the home prior to his passing? And although I am sole beneficiary, I want to distribute monies to other family members and charities after his passing. What are the tax consequences? His estate is worth around $210,000. 
-- Caretaker

» Read entire article.


Deducting donations to sports teams
Q. I have a local pizzeria and local sports teams have asked me to make donations. They would put my logo on their shirts in exchange. Can I deduct whatever I give to them or do they have to be set up as a charity?
-- Wondering

» Read entire article.


I was scammed. Can I take a deduction?
Q. I lost $7,000 in an IRS scam. I'm wondering if there is any way I can take a deduction for it?
-- Scammed

» Read entire article.


How the veteran's tax exemption works
Q. I'm confused about the veteran's tax exemption. Is the exemption against earned income or are there no income limitations? For example, how does Social Security or other unearned income, like interest, dividends and capital gains, count in the calculations?
-- Veteran

» Read entire article.



Your income and the new retiree tax break
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on May 31, 2017
Q. I'm single. My annual pension is 67,000, Social Security is $18,000 and I have a part-time job that pays $20,000. Do I qualify for the new retiree pension tax break if I bring my total income to under $100,000?
-- Retired

» Read entire article.



How the gift tax exemption works
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on April 14, 2017
Q. Last year, I discounted the selling price of my house by $65,000 as an early wedding gift to my daughter and her husband. Under IRS gift tax rules, $14,000 of that to each of them is exempt from my taxes. Can I apply the remaining gifted balance against the federal lifetime gift cap?
-- Mother-in-law

» Read entire article.



Jobless? How to raid your 401(k)
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on March 31, 2017
Q. I read your article "Tapping 401(K) if you're unemployed" about using an IRS rule called 72-t to take money out early. I'll turn 55 in February and I've been unemployed for more than a year. My unemployment ran out last year. Even though I'm a year away from 55, is there anything I can do?
-- Unemployed

» Read entire article.



Health saving accounts can save tax dollars
By Karin Price Mueller | NJ Advance Media for NJ.com on March 23, 2017  
Q. What's the difference between an HSA and an FSA?

» Read entire article.



What does Trump mean to international investing?
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on February 14, 2017
Q. With all the Trump turmoil, what international investments should I avoid? And which should I buy?
-- Looking for opportunity

» Read entire article.



Bad Karma and IRS Audits
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on February 14, 2017
Q. I want to give away my china and crystal. The pieces sell for a high price on the reseller websites, but those same sites offer to buy the pieces for maybe a quarter of that price. If I donate, do I have to get an appraisal? Or can I just use the seller prices on the website as proof of value for the IRS?
-- Downsizing

» Read entire article.



How to get back money from the NJ 'exit tax'
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on January 19, 2017. 
Q. In June 2016 I sold my home in New Jersey while residing in Delaware. The home was purchased in 2004 and we moved in 2007. The "exit tax" withheld $10,000. Can this be reclaimed when I file my taxes? Can I file this as a "loss?"
-- Assistance needed

» Read entire article.



Paying your child's student loans
By Karin Price Mueller | NJMoneyHelp.com for NJ.com on January 05, 2017. 
Q. I want to make a sizable payment to my child's student loan. Are there any limits? It is considered gifting? Does it have any income tax ramifications either for the child or me?

» Read entire article.



Where rental homeowners can find money help
By Karin Price Mueller/NJMoneyHelp.com October 26, 2016
Q. Is there any relief for people who have to sell their rental properties to pay for their main property because of financial difficulties? We own a rental property and plan on selling because about 10 years ago, we took out a loan to improve our home but then that same year my husband got laid off for the first time out of three. We need this income to help pay the loan off and reduce our mortgage. I also lost my job. — In trouble

» Read entire article.



Disability and whether you qualify for the senior freeze
By Karin Price Mueller/NJMoneyHelp.com October 13, 2016  
Q. My mother wants to file for NJ Senior Freeze. She meets all of the requirements except perhaps one. She has collected Social Security for years, but is that different than the Social Security Disability payments mentioned in Form 2015 PTR-1?
— Trying to help

» Read entire article.



Should a wedding band form a corporation?
By Karin Price Mueller/NJMoneyHelp.com October 4, 2016  
Q. I’m in a wedding band and it’s my only job. I earn about $100,000 a year. I’ve never created a company for myself or for the band. Would that be smarter for taxes? Most of the payments we get are cash or check. -- Boy in the Band

» Read entire article.



How income impacts the senior freeze
By Karin Price Mueller/NJMoneyHelp.com August 19, 2016  
Q. Does the Senior Freeze income restriction include Required Minimum Distributions (RMDs)?— Senior

» Read entire article.



Deducting training costs isn’t always a slam dunk
By Karin Price Mueller/NJMoneyHelp.com June 21, 2016  
Q. My son is in college and plays basketball for his college team. He also does extra training for himself. If he spends the summer getting paid to train little kids, can he deduct his own training costs?— His biggest fan

» Read entire article.



Could the 2016 presidential election affect your portfolio? By Karin Price Mueller/NJMoneyHelp.com May 31, 2016
Q. How much do I need to worry about the presidential election and my stocks? Should I go to cash until the “uncertainty” is over? --Waiting

» Read entire article.



Why it may be time to hire a tax professional.  By Karin Price Mueller/NJMoneyHelp.com May 26, 2016
Q. My tax return has always been simple and I do it myself, but I hear I can get value-add by using a CPA. What would I get out of it?

» Read entire article.



Do you qualify for an 'exit tax' refund? By Karin Price Muller April 12, 2016
Q. If I sold a vacation home in New Jersey and I had no other New Jersey Income — I am a Pennsylvania resident — do I have to file a full non-resident New Jersey return or can I claim a refund on the Exit Tax using Form A-3128? In other words, do I have to file both a non-resident return and the Form A-3128?— Confused

» Read entire article.



Can you cash in savings bonds to help with college payments? By Karin Price Muller April 7, 2016
Q. What are the tax implications when you redeem savings bonds? I have heard that if you use them for a child’s education you don’t have to pay taxes on the gains. - Bills to pay

» Read entire article.



I’m I money trouble!  Should I hit my credit cards… or my IRSs? By Karin Price Muller April 1, 2016
Q. I lost my job and I don’t have a big enough emergency fund. I’m afraid I will need to start using credit cards or take money from my investments. I have a Roth worth $18,000 and a regular IRA worth $38,000. What should I do? — Jobless

» Read entire article.


How to make sure you have the proper withholding from an IRA.
» Read entire article.


What's Taxable on alimony and child support? » Read entire article.


Can I Pay My Taxes Late?» Read entire article.


Splitting time between Florida and New Jersey: Where's your residency?
» Read entire article.


Can I deduct my student loan interest?» Read entire article.


How jury duty should be reflected on your taxes » Read entire article.


Determining how to donate your car to charity » Read entire article.


Market Turmoil: Don't Panic, There's Always Something » Read entire article.


What to know when filing taxes and getting divorced » Read entire article.


The Good and the Bad of Higher Interest Rates. » Read entire article.


Saving for retirement when you're self-employed.» Read entire article.


How do I pick a mutual fund?» Read entire article.


The Skinny on Robo-Advisors. » Read entire article.


Help! My Husband Didn't File Our Taxes. » Read entire article.


Do I Qualify for College Tax Breaks?» Read entire article.


Saving taxes when you sell your house. » Read entire article.

Grandparents pay for college, but tax credits for costs are not a sure thing. » Read entire article.

Calculating IRA Required Minimum Distributions for multiple IRAs. » Read entire article.

Don't let the 'exit tax' door hit you on the way out of New Jersey. » Read entire article.

Flip-flopping taxation of joint accounts. » Read entire article.

Taxation of IRA withdrawals for New Jersey income tax purposes. » Read entire article.

It's Tax Day and um, I'm not Ready for the IRS. » Read entire article.

Carrying Forward Stock Losses. » Read entire article.

 
 
Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

“The only thing we sell is good advice.”

 

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