Author Archives: HFM Advisors


Investment Firm Projects Record-Setting Coat Drive

For Immediate Release  Glassboro, NJ— HFM Investment Advisors, LLC, has expanded its Annual Gloucester County Coat Drive to support the broader South Jersey region, including Salem and Cumberland counties. This is their ninth year of collecting coats beginning October 15, 2018, and lasts through January 31, 2019.

So far HFM has collected and donated more than 15,200 coats to South Jersey residents in need over the past eight years. Last year, HFM amassed a record 3,006 coats. This year, HFM plans to top that record and surpass over 18,000 total coats collected.
Drop-off sites include HFM’s Glassboro, NJ office, all local Gloucester County Library System branches, the Margaret E. Heggan Public Library in Washington Twp., NJ, plus 30 additional locations. The Public can find a full list of the 30-plus drop-off locations at www.HFMadvisors.com/our-committment.
HFM guides others by helping them make effective financial decisions—but it cares about much more than numbers and charts. HFM supports its community through fundraisers, board memberships, nonprofit sponsorships, and more.

It achieves this goal through partnering with the Heart of South Jersey (www.heartsj.org), which distributes the donated coats to more than 20 nonprofit organizations that share one goal: helping others. As HFM extends its donation reach, Heart of South Jersey provides coats to veterans, children, families, and the homeless. The Y.A.L.E school of Cherry Hill provides volunteers to help count, sort and deliver coats throughout the drive.

“I’m eager to see the number of coats we collect this year grow with the help of your generous donations and more drop off box locations from last year. Our mission is to provide a coat for every man, woman, and child in need in South Jersey,” said HFM President Michael Pallozzi.

About HFM Investment Advisors, LLC.

HFM Investment Advisors is an independent, fee-based investment management and financial planning firm that empowers its clients through coaching and discipline. With a look-you-in-the-eye commitment, its goal is to keep clients educated, involved and confident in every financial decision they make. Learn more at www.HFMadvisors.com or call 856 232-2270.


Check your withholding soon | Avoid a higher tax bill next April

An important part of financial planning is Tax Planning. With so many changes to the tax code this year HFM is highly encouraging everyone to review their tax plan or make a tax plan this summer with their CPA or tax advisor. Don’t get caught in April 2019 with a potentially higher tax bill than 2017. Now is the time you should consider making changes to your withholding NOT in December 2018. Read the latest news from the IRS.gov on what to do and we remind you to consult with your tax adviser as well.

 

IR-2018-145, June 28, 2018

Washington, DC  – Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the Internal Revenue Service.

The Tax Cuts and Jobs Act, the tax reform legislation passed in December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing tax rates and brackets.

These far-reaching changes could have a big impact on the tax refund or balance due on the tax return people file next year. The IRS encourages every employee to do a “paycheck checkup” soon to ensure they have the correct amount of tax taken out of their pay.

Checking and adjusting withholding now can prevent an unexpected tax bill and penalties next year at tax time. The IRS Withholding Calculator ( https://www.irs.gov/individuals/irs-withholding-calculator) and Publication 505, Tax Withholding and Estimated Tax, can help.

The IRS encourages taxpayers to be proactive:

Do a ‘paycheck checkup’ soon

  • The Withholding Calculator can help taxpayers apply the new law to their specific financial situation and make an informed decision whether to change their withholding this year.
  • Adjust their withholding as soon as possible for an even, consistent amount of withholding throughout the rest of the year.
  • Taxpayers with more complex situations may need to use Publication 505. The publication is more effective for employees who owe self-employment tax, the alternative minimum tax or tax on unearned income from dependents. It can also help those who receive non-wage income such as dividends, capital gains, rents and royalties. Publication 505 includes worksheets and examples to guide taxpayers through their particular situations.

Underpayment penalties

  • To avoid paying the estimated tax penalty, taxpayers should ensure they have enough tax withheld from their paychecks and appropriate estimated tax payments. Ordinarily, taxpayers can avoid this penalty by paying at least 90 percent of their tax during the year.
  • If taxpayers expect to owe at least $1,000 in tax after subtracting withholding and refundable credits, they should make estimated tax payments.

Using the Withholding Calculator or Publication 505

  • Taxpayers should have their completed 2017 tax return handy to help estimate the amount of income, deductions, adjustments and credits to enter. They’ll also need their most recent pay stubs to help compute their withholding to date this year. Results from these tools depend on the accuracy of information a taxpayer provides.
  • Employees can use the results from the Withholding Calculator or Publication 505 to help determine if they should complete a new Form W-4, Employee’s Withholding Allowance Certificate, and, if so, what information to include on the form.
  • The calculator may also be helpful to recipients of pension and annuity income. These recipients can change their withholding by filling out Form W-4P and giving it to their payer.
  • If a taxpayer’s personal circumstances change during the year, they should re-check their withholding.

Adjusting withholding

  • If an employee determines they should adjust their withholding, they should complete a new Form W-4 and submit it to their employer as soon as possible.
  • Some employers have an electronic method to update a Form W-4.
  • Taxpayers who change their 2018 withholding should recheck their withholding at the start of 2019. A mid-year withholding change in 2018 may have a different full-year impact in 2019, so if taxpayers don’t submit a new Form W-4 for 2019, their withholding might be higher or lower than intended.
  • If an employee has a change in personal circumstances that reduces the number of withholding allowances they can claim, they must submit a new Form W-4 within 10 days of the change.
  • The fewer withholding allowances an employee enters on the Form W-4, the higher their tax withholding will be. Entering “0” or “1” on line 5 of the Form W-4 means more tax will be withheld; entering a bigger number means less tax will be withheld.

Additional information

  • The Withholding Calculator does not request personally identifiable information such as name, Social Security number, address or bank account numbers. The IRS does not save or record the information entered on the calculator. Taxpayers should be aware of tax scams, especially via email or phone and cybercriminals impersonating the IRS. The IRS does not send emails related to the calculator or the information entered in it.
  • The calculator and Publication 505 are not tax-planning tools. Taxpayers needing advice regarding the new tax law and personal situations should consult a trusted tax professional.

Taxpayers can get more information on these topics at www.irs.gov/withholding. For information on steps taxpayers can take now to get a jump on next year’s taxes, including how the new tax law may affect them, visit IRS.gov/getready.

 

From https://www.irs.gov/newsroom/tax-bill-this-year-check-withholding-soon-avoid-another-one-next-year


Coat Drive Expands, Helps South Jersey Citizens

SNJ Today featured HFM Investment Advisors, Inc. for launching its 8th Annual Coat Drive. By spreading the word and informing more people of our goal to keep South Jersey citizens warm this coming winter, HFM hopes to collect a record-setting amount of coats.

To find out how you can help, where you can donate a coat, and who the donations benefit, click here: Help Your Community

Click here to see the Coat Drive coverage:

HFM Coat Drive South Jersey

 

 


Questioning Your Financial Future?

…many people do.

Even if you have an investment strategy it may not bring you true investing peace of mind. The vast majority of investment choices are driven by emotional and psychological factors rather than on logic and rational thought.

Our Investors Dilemma Report outlines the process investors go through when facing important financial decisions and how your emotions could trip you up along the way.

Read about how uncertainty plays a large role in dictating how investors feel as well as how they behave. Bonus: Learn the three simple rules of investing and much more.

At HFM we believe the difference–maker to helping clients have a successful investing experience is sensible investor coaching from a experienced Advisor. Coaching can help guide you to make non-emotional financial decisions.

Click HERE to download our free report today!

 


2016 Coat Drive totals are in!

HFM would like to thank the community for their donations to their 7th annual coat drive. This year we collected just over 3,000 coats which takes our seven-year grand total to 12,200. The 2016 coat drive, which began in October, was hoping to reach the 10,000 coat mark but far surpassed it. Throughout the winter the coats were distributed to those in need throughout Gloucester County.

The drive had over 30 coat drop-off locations throughout the area. Several volunteers participated in the drive including students enrolled in the Standard 9 program at the Y.A.L.E School. The students volunteered once a week throughout the drive sorting and organizing the thousands of coats received.

 

Our Annual Mission

Our Coat Drive mission is to provide every man, woman and child in need in Gloucester County with a coat for the winter. Over 20 Gloucester County organizations received the coats such as the AmVets, Kitchen of Hope, Glassboro Success Center, Angels Clothing Closet, Unforgotten Haven, and many more. Visit http://hfmadvisors.com/our-committment/ to see a complete list of recipient organizations.

Paul Blackstock and his team from the nonprofit, Heart of South Jersey, worked quickly to distribute the coats throughout Gloucester County. When asked who receives the coats, Paul Blackstock said, “Families throughout the county and also homeless veterans. We work with VFWs, American Legions and several other organizations to get them out to those who need them.”

Our President, Michael P. Pallozzi, noted, “We are so happy we surpassed our goal this year, which means thousands of people got the help they needed. Gloucester County is a wonderful, strong community and we are thrilled to give back to our neighbors in need.”

 

Want to get involved?

HFM Investment Advisors conducts the coat drive every year. Our firm is always looking for partners to become collection locations. We are looking forward to helping thousands more neighbors when our 2017-18 drive begins next October. Contact Kristine Robinson at krobinson@HFMadvisors.com to get involved or for more details.


Top Tax Tips for your 2017 Returns

Tips for 2017

Standard Mileage Rates- Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (& vans, pickups or panel trucks) will be:

  • 53.5 cents per mile for business miles driven, down from 54 cents for 2017
  • 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
  • 14 cents per mile driven in service of charitable organizations

Read more here: https://www.irs.gov/uac/2017-standard-mileage-rates-for-business-and-medical-and-moving-announced

FAFSA If you have a student entering college in Fall 2017 you can complete the Free Application for Federal Student Aid (FAFSA) right now. This year it is much easier you do not have to wait until after you file your 2016 returns. Check out  https://fafsa.ed.gov/index.htm for more information.

Retirement- If you are saving for retirement there is good news about how much you can save. although most limits remain the same, certain plan type limits have increased for 2017. Check out these charts to see if it applies to your http://www.401khelpcenter.com/2017_401k_plan_limits.html#.WG51M1UrIdV 

Increased Social Security Payroll Taxes- Unfortunately you might pay more in 2017. The maximum amount of wages in 2017 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $118,500 to $127,200, an increase of more than 7%. By comparison, the 2016 wage base was unchanged from 2015.  See more at: http://www.journalofaccountancy.com/news/2016/oct/social-security-wage-base-2017-201615372.html#sthash.na3ADB3M.dpuf

If you are receiving Social Security Retirement Benefits– The SSA also announced that Social Security beneficiaries will get a 0.3% increase in benefits in 2017, after receiving no increase in 2016. – See more at: http://www.journalofaccountancy.com/news/2016/oct/social-security-wage-base-2017-201615372.html#sthash.na3ADB3M.dpuf 

We hope you have found this information helpful. We are not professional tax advisors so please consult with your CPA for your personal situation. If you don’t have a CPA and you need an introduction please let us know, we would be happy to connect you with one.


Important Tax Tips for 2016

US Tax Form 1040

Tips for 2016 Tax Returns

Now that the holidays are over and the new year has begun it’s time to start thinking about Tax Season. We scoured the internet and picked out a few important points that you as an Employee, Retiree or Business Owner should know for filing your return.

Tax Season Filing deadline– Begins Monday, Jan. 23, 2017 and you have an extra weekend as returns or extensions are due by midnight Tuesday, April 18, 2017.

Delayed Refunds – Taxpayers claiming certain tax credits like the Earned Income Tax credit (EITC) or the Additional Child Tax Credit (ACTC) should expect a longer wait for refunds- until mid February. Read more information here https://www.irs.gov/uac/2017-tax-filing-season-begins-jan-23-for-nations-taxpayers-with-tax-returns-due-april-18

Where’s My Refund? Great tool that allows you to check the status of your refund. Check out this video on how it works. https://www.youtube.com/watch?v=-WrZR2qc-3g

1099’s – Your investment account Custodian is responsible for issuing 1099’s. The mail dates vary throughout February and March. HFM clients will receive more information via email about their specific 1099 mail dates as they become available to us.

Tax Scams – Please note that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. Note that the IRS will never

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

Read about examples of recent scams  https://www.irs.gov/uac/tax-scams-consumer-alerts For more information on phishing scams please see https://www.irs.gov/uac/suspicious-e-mails-and-identity-theft  and https://www.irs.gov/pub/irs-pdf/p5027.pdf

We hope you have found this information helpful. We are not professional tax advisors so please consult with your CPA for your personal situation. If you don’t have a CPA and you need an introduction please let us know, we would be happy to connect you with one.

 


7th Annual Coat Drive

HFM Investment Advisors announces their 7th annual South Jersey Coat Drive. HFM is teaming up with local businesses and charities to collect over 10,000 coats.
video-cover-shot

Learn About Our Ten Thousand Coat Journey

The weather is getting colder and everyone needs a warm coat. But not everyone can afford one. See how our community works together to help neighbors in Gloucester County. Click image to check out our 2016 video to see how you can help too –https://hfmadvisors.wistia.com/medias/xqt7ftj1tb

Special Thanks to Heart of South Jersey, Kennedy Health, the Glassboro Success Center and so many others who are currently participating in our 7th Annual coat drive! #TenThousandCoatJourney #donate#sj #coatdrive #giveback #needvswant

Clean Out Your Closets

We are collecting gently used and new coats for men, women, and children in the Gloucester County area until January 31, 2017. Visit www.HFMadvisors.com/ourcommittment for a list of over 30 drop box locations for one nearest to you!

coat-drive


Starting the FAFSA Process

Starting the FAFSA Process

 

You should consider starting the FAFSA process sooner rather than later if someone in your family going to college in Fall of 2017. As of October 1st you can fill out the FAFSA instead of waiting until January. Even if your darling son/daughter hasn’t picked a school you can list potential schools to get the process started as the U.S. Department of Education expects aid awards to get back to students earlier from Colleges and Universities.  It’s easier this year as families can use a new tool that retrieves your tax information directly from the IRS.  There are also new rules and deadlines for which tax return year parents should use.  Check to see what the new state deadlines are for your area as that may have changed too.

Use this link to submit your FREE application for Federal Student aid https://fafsa.ed.gov/

Check out this article for great tips on starting the FAFSA process sooner rather than later. http://www.clark.com/fafsa-college-aid-application-now-easier