What's New at Shapiro Financial Security Group
10 Ways to Save Money Eating Out
After a full day of work, the thought of cooking dinner tonight was just a bit too much to contemplate. The allure of a nice dinner, eaten on a lovely patio on a beautiful night was irresistible. So, my husband and I went out to eat at a local restaurant. Italian inspired, locally sourced food, small plates for sharing – it was yummy. It was also expensive for a quick dinner on a Tuesday night. Budget? What budget? I suspect we are more typical than not for your average working couple.
Fun Activities to Teach Your Kids About Money
With summer vacation quickly approaching, kids are anticipating being outside, playing with friends, trips to the beach, going to the farmer’s market, even just getting an ice cream with the family. Everyone looks forward to more relaxed time together whether at home or on vacation. As parents, aunts, uncles and babysitters, we want our children to enjoy themselves but we also want them to retain what they have learned during the school year.
New Medicare Cards/ New Medicare Card Scams
Beginning this month, Medicare will begin sending out new Medicare cards to the 44 million Americans who are currently enrolled in the program. The change is an effort by the government to protect seniors and other users from identity theft. Previously, Medicare used Social Security numbers as its’ medical identity number and required recipients to carry the cards with them to assure access to their health care benefits, therefore putting people at risk of having their social security numbers stolen.
Financial Planning Tips for Newlywed and Almost Wed Couples
It’s wedding season. Or moving in together season. It’s exciting and scary and hopefully will be one of the best things that will happen in your life.
You have spent hours talking about your childhoods, your jobs, your dreams for the future, your wedding and decorating plans. But have you spent time talking about your finances? Your attitudes toward money may decide whether your marriage or relationship will last.
A St. Bernard Reads Across America
The National Education Association's Read Across America is an annual reading motivation and awareness program that calls for every child in every community to celebrate reading on March 2, the birthday of beloved children's author Dr. Seuss. They provide materials, resources and activities to keep children excited about reading throughout the entire year.
IRS Issues Alert About a Refund Tax Scam
IRS Tax Tip 2018-32, March 1, 2018
The IRS is warning taxpayers of a new twist on an old scam. In this one, cyber-criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers.
2018 Tax Cuts and Jobs Act: Information for Individuals
The Tax Cuts and Jobs Act of 2018 is the most extensive tax change legislation to be passed in the past 30 years. It effectively cuts individual, corporate and estate tax rates with the intention of fostering economic growth. With the title of “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”, it is not surprising that our tax professionals have been consuming many cups of coffee as they work to understand and apply the changes made in the legislation to 2017 taxes and for tax planning for upcoming seasons.
Financial Resolutions for the New Year
With the advent of a new year, many of us commit ourselves to making some improvements in our lives. Many make financial resolutions but quickly become overwhelmed with the abundance of options available. Just typing in ‘saving plans’ to Google elicits 9,160,000 results! How does one begin to determine which goals are realistic and meaningful?
Before setting specific resolutions, do some background work to assess what can realistically be accomplished.
2018 Tax Cuts and Jobs Act: Information for Homeowners
On December 22, 2017, the US Congress passed the Tax Cuts and Jobs Act, which effectively cut individual, corporate and estate tax rates. It is the most sweeping overhaul of tax laws in 30 years. The primary focus of the law was to lower domestic corporate tax rates with the intent that tax savings would stimulate the economy and be a precursor to increased new job creation.
The bill is over 500 pages in length and will have extensive impacts on taxpayers over, at least, the next 10 years. Some of the new provisions are permanent in nature, while other ones “sunset” after 12/31/25 and revert back to what the law was in 2017. The bill was passed by Congress within a very narrow period of time, with parts of the bill not fully detailing how the new law will or should be interpreted for the varying fact patterns of the country’s diverse set of taxpayers.
Herb Geiss, CFP® has Retired
It is with sincere appreciation, along with some sadness, that we announce that Herb Geiss, CFP® has retired from his position as Tax Manager/ Tax Preparer with Shapiro Financial Security Group effective as of January 1, 2018.
We have had the pleasure of having Herb as our co-worker, colleague and friend for the past 13 years. Herb invariably began his day with a huge smile and a hearty greeting to all. We have enjoyed many conversations on very diverse topics throughout the years and his presence will be sorely missed. We will also miss the delicious cookies and cakes that his wife, Pat, would bake and which he would bring in to the office.
The Equifax Breach and How to Protect Yourself
The massive breach at Equifax, one of the three main credit reporting bureaus, may have exposed the personal information of 143 million consumers. This represents almost one half of the U.S. population.
The Federal Trade Commission (FTC) reports:
“Here are the facts according to Equifax. The breach lasted from mid-May through July. The hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people. And they grabbed personal information of people in the UK and Canada too.”
Adventures in Debit Card Fraud
This past Monday, I sat down to pay our bills. As usual, I pulled up our bank account information online to see what our balance was and which purchases or checks had cleared. As I reviewed the account, I noticed 3 unusual debits that had been made on my husband’s ATM card the previous day. They were each for a substantial amount of money totaling almost $2200! The withdrawals had all been made in places to which we had not been. Knowing that we always talk to each other before making a purchase or withdrawal over $200, I gave Tom a call at the office to alert him to the activity on our account. He called the bank, they cancelled his debit card and told him that he had to report the theft of funds to our local police precinct in Brooklyn, NY. I went along with him to the precinct as I had been the one to note the charges (and to offer moral support).
CONSUMER ALERT: 'CAN YOU HEAR ME'
WASHINGTON, March 27, 2017 - The Federal Communications Commission is alerting consumers to be on the lookout for scam callers seeking to get victims to say the word "yes" during a call and later use a recording of the response to authorize unwanted charges on the victim's utility or credit card account. According to complaints the FCC has received and public news reports, the fraudulent callers impersonate representatives from organizations that provide a service and may be familiar to the person receiving the call, such as a mortgage lender or utility, to establish a legitimate reason for trying to reach the consumer.
New Medicare Cards are in Process
You are about to enter another dimension, a dimension not only of sight and sound but of mind. A journey into a wondrous land of imagination. Next stop, the Twilight Zone! -Rod Serling
In 2015, the U.S. Congress passed the Medicare Access and CHIP Reauthorization Act (MACRA). The act requires that all Social Security Numbers (SSN) be removed from all Medicare cards by April of 2019.
A Medicare Beneficiary Identifier (MBI) will replace the SSN-based Health Insurance Claim number (HICN) that is being used on the current Medicare cards. This MBI will be on all of the new cards and will be used for all Medicare transactions such as billing, eligibility status and claims…
What do Waiting Tables and Financial Planning have in Common?
Do you ever have a song that just sticks in your mind after hearing a small portion of it? Or watched a television program that leaves you hanging as to how the plot will resolve? Does your mind keep going over your ‘to do’ list as you are trying to fall asleep?
2016 Post-Election Tax Update
Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s tax proposals. Keep in mind that a candidate’s proposals can, and often do, change over the course of a campaign, during the transition phase and after taking office…
Commentary on the 2016 Presidential Election
You are about to enter another dimension, a dimension not only of sight and sound but of mind. A journey into a wondrous land of imagination. Next stop, the Twilight Zone! -Rod Serling
Wondrous? Only time will tell. Half our nation may have already allowed their imaginations to roam in this direction when they woke up the morning after Election Night 2016, while the other half of the voting public may have struggled to steady itself from the nightmare they experienced that disrupted their intended peaceful night’s rest.
What is reality is that Tuesday night’s unexpected outcome has given the Republican Party control over both the White House and Congress, for at least the next two years. The Clinton-Bush-Obama era is now officially over, and change is…
We are proud to announce that we have been included in Financial Advisor’s 2016 RIA Survey and Rankings.
Financial Advisor Magazine is a prominent financial services industry publication. For the past 11 years, the list has recognized and ranked the top RIA (Registered Independent Advisors) firms in the United States.
To be eligible, firms must be independent RIA’s, provide financial planning and other related service to individual clients, be SEC or State registered, and have at least $50 million in Assets Under Management (AUM) as of December 31, 2015. In addition to a firm’s AUM, the list weighs factors such as year-end assets, percentage of growth within the past year and the percentage of change in clients.
SFSG currently manages over $91 million in assets and is ranked #554 out of the 610 firms listed. In the past years, we have seen steady growth despite difficult market conditions and, with new technologies that we are implementing, we expect to see both a continuation of growth and services over the next year.
We would like to thank our clients for their continued trust and support that has enabled us to reach this level of recognition.
Taking a Vacation: Planning, Saving and Paying for Time Away
Congratulations on a really good decision. As explored in our article, “Should I Take a Vacation?”, time away from work and everyday life is necessary for good health, improved family bonding, and better performance at work. Vacations are good for your employers’ bottom line as well as the economy over all.[i] Some suggestions for making it happen.
Should I Take a Vacation?
The weather is getting nicer. The days are longer and our thoughts begin to turn towards summer and, maybe, taking some vacation time. Or maybe not. Questions run through our minds: Can I take time off from my job or will the work pile up too much? Will it make my job less secure? Can I afford it?
If you lived in Great Britain, France, Australia or any of the 20 or more countries that guarantee vacations to their workers, taking time off would not be a question. It would be your right. In other countries, vacations are seen as ‘standard practice for maintaining health, family life and productivity”.[i] In contrast, here in the United States, they are sources of anxiety. We worry that we will be considered disloyal, that we will lose that promotion to someone who didn’t take the time, or, because we don’t have guaranteed paid days to use, we cannot afford the time.
Seven Steps for Making Identity Protection Part of Your Routine (and some additional IRS resources)
IRS Security Awareness Tax Tip Number 3/ December 7, 2015
The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important to always be on guard.
The IRS has teamed up with state revenue departments and the tax industry to make sure you understand the dangers to your personal and financial data. Taxes. Security. Together. Working in partnership with you, we can make a difference.
Proxy Voting: Why am I getting these calls?
Recently our office has received a number of inquiries regarding phone calls that have been received requesting that the person cast their proxy vote as a shareholder in various investment companies. It seems that these calls have increased recently and there has been both annoyance and concern.
As most know, shareholders in a company have the right to vote on certain corporate matters such as mergers or election of directors. Most shareholders cannot or do not want to attend the annual and special meetings at which the voting occurs. Companies therefore provide shareholders with the option to cast a proxy vote – a vote in which one person gives another person or entity permission to cast a vote for them.
2015 Tax Year in Review
A large number of tax law changes have taken place in recent years. There are new, expired or extended tax laws, changes to tax brackets, standard deductions, personal exemptions, and other items that may directly affect your 2015 tax return. The purpose of this article is to alert you to changes that may present tax planning opportunities as well as potential pitfalls.
2015 Tax Planning and Safeguarding Against Identity Theft
According to the USPS, identity theft is America's fastest-growing crime with more than 9.9 million American victims last year alone, costing roughly $5 billion dollars.[i]
Check out ways identity thieves acquire information is theft of documents from mailboxes and what you can do to protect yourselves!
What we are doing to help safeguard against identity theft
In addition to sending tax organizers via encrypted email, to help further safeguard against the growing threats associated with identify theft we are now offering an optional online tax organizer.
Seven Steps for Making Identity Protection Part of Your Routine (and some additional IRS resources)
The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important to always be on guard.
FPANJ Awards Kenneth Shapiro with Lifetime Achievement Award
Upper Montclair, NJ (NOVEMBER 2015) - A 2013 Heart of Financial Planning Award winner with the Financial Planning Association of New Jersey (FPANJ) has now also received the organization's Lifetime Achievement Award. The accolade was given to Kenneth B. Shapiro at FPANJ's Fall Conference in late October.
After 5 years of hard work, Lou Ottati has received his Certified Financial Planner® credentials!
Congratulations to Lou Ottati, CFP®
After 5 years of hard work, Lou has received his Certified Financial Planner® credentials!
Earning the CFP® credential is a long and arduous road that requires extensive education, passing the comprehensive CFP® Certification Exam and 3 years of practice prior to receiving the certification. CFP®'s represent the highest level of financial integrity, competency, ethics and professionalism. They look out for the client's interests above all.
Ken's Trip to China
As many of you are aware, this summer, my son Russell and I took advantage of a “once in a lifetime” trip to China. My nephew, Zachary, who speaks fluent Mandarin Chinese and who was finishing up a year of studying in China, requested that we join him in touring parts of China before he returned to the US. He was excited to serve as our personal tour guide. My sole responsibility for this trip was to make the arrangements getting us to Shanghai where he was living. Zachary handled the rest, setting the itinerary and travel arrangements, allowing me to relax and enjoy an amazing ten day “educational” experience.
Fraud and Social Media: Phishing for Data
According to Experian Credit’s ProtectMyID.com, social media is ‘a new venue for old frauds’. The old fashioned ‘confidence man’ has gone online.
Social network sites encourage us to share the details of our everyday lives. We feel that because we build our networks around our families, colleagues and friends, we can trust the communications we receive via these sites. Unfortunately, cybercriminals have moved in to exploit this trust and serve their own nefarious purposes.
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