Current Situation

The SAVE Plan was a federal student loan repayment program introduced in 2023 by the former White House administration to lower borrowers’ monthly payments and expand pathways to loan forgiveness before being struck down by a federal court.

According to the Department of Education, federal loan servicers will start issuing notices to borrowers on July 1 with instructions on how to transfer their loan balance from the SAVE Plan to one of the newly-approved repayment options. Borrowers will have a 90-day deadline to enroll in a new repayment option. (Servicers will notify borrowers of their specific 90-day deadline.)

Tips to manage the change

• Get familiar with your options. Borrowers currently enrolled in the SAVE Plan have approximately 6 months until their first payment under a revised repayment plan is due. Consider taking the next several weeks to learn about the different repayment options and which one fits best with your current financial situation.
• Compare income-driven options carefully. Not all plans calculate payments the same way, and small differences in how income is defined can lead to big changes in your monthly bill. Look closely at how each plan treats discretionary income, family size, and forgiveness timelines before deciding.
• Update your income and household information. Make sure your loan servicer has your most recent financial details. If your income has dropped or your family size has changed, you may qualify for a lower payment under a new plan.
• Don’t wait until the deadline. You’ll have a limited window to choose a new repayment plan once notices go out. Submitting your application early can help you avoid processing delays, missed payments, or being automatically placed into a plan that may not be the best fit.
• Consider making interest-saving moves now. While your loans may still be in forbearance, any voluntary payments you make can go directly toward your principal. Even small amounts paid now can dramatically reduce the total interest you’ll pay once regular repayments resume.
• Explore forgiveness and employer benefits. Some borrowers may qualify for programs like Public Service Loan Forgiveness, or can receive help through employer student loan repayment benefits. It’s worth checking eligibility now so you can align your repayment plan with any long-term forgiveness or assistance opportunities.
• Act like a banker. Remember, more money is made by the lenders when they get you to delay and lower your payment as much as possible. In fact, most interest earned on these loans happens in the first half of repayment. KNOW THIS and act accordingly. A good strategy might be to lower your monthly payment and then use the payment savings to front load principal payments.
• Find the loan crossover point. This is the point where more of your monthly payment goes toward principal rather than interest. If you haven’t reached yours, get there with a sense of urgency. A tremendous amount of interest expense can be saved for every dollar you pay down on the loan prior to this point.

Finally, remember to run a monthly amortization schedule based on your planned repayment to understand how much interest you’ll pay over the life of the loan AND on each payment. This will allow you to move from a defensive posture to one of managing your loan to your advantage.

The post Higher Student Loan Payments on the Near Horizon appeared first on Alloy Silverstein.

 Decide on your financial goals as a family. 

• How much money will you need? When will you need the money, and how will you get it? 
• Construct a net worth statement (a list of your assets and debts) and compare it to last year’s statement. Are you gaining or losing ground? 
• With your goals (and the effects of inflation) in mind, review the performance of your savings and investments  

Take steps to protect what you already have. 

• Do you have adequate disability insurance coverage to replace take-home pay if you become incapacitated?
• Do you have enough life insurance if you or your spouse should pass away? 
• Do you have replacement value property insurance on your home? 
• Do you have adequate insurance for calamities such as automobile accidents or lawsuits?

Update your withholdings. 

Was your tax bill this year higher than you anticipated or was your refund lower than you would have wanted? Review your paycheck withholdings to make sure they’re up to date, and submit a new W-4 if you need to make changes. 

Evaluate your spending history. 

Make it a goal to not live beyond your means and set a budget for the rest of 2026 that will keep your unnecessary spending down, while also paying down debt. 

Consult with your CPA. 

Talk to your accountant and financial advisor about your goals and expectations now — your future self will thank you! 

The post Mid-Year Personal Finance Check-In appeared first on Alloy Silverstein.

State-run programs, such as NJ’s Retire Ready Auto-IRA, meet legal requirements but come with limited investment options, no employer matching, and minimal flexibility. 

A private retirement plan, by contrast, offers custom investment choices, higher contribution limits, potential employer tax credits, and reduced administrative burden. It can help attract and retain employees while giving you more control over your own savings. 

Contact us to discuss your options and learn how establishing a plan can be easier and more affordable than you might expect.

The post Are You Aware of State Retirement Plan Mandates? appeared first on Alloy Silverstein.

529 plans continue to evolve, and many families are surprised to learn how flexible these accounts have become for education and long-term planning. Understanding contribution limits, qualified expenses, rollover opportunities, and state-specific tax benefits can help you make the most of these accounts while avoiding unnecessary tax consequences.

If you have questions about 529 plans, education-related tax benefits, or how these accounts fit into your broader tax strategy, Alloy Silverstein’s CPAs are here to help. Contact our team for personalized guidance and proactive tax planning support.

The post What Should Families Know About 529 Plans [VIDEO] appeared first on Alloy Silverstein.

The post Is Caring for Parents and Children Affecting Your Financial Goals? [VIDEO] appeared first on Alloy Silverstein.

Done thoughtfully, this annual reset can pay dividends all year by helping you cut unnecessary costs, uncover hidden money, and put smarter systems in place that keep working long after the cleaning is finished. Here are some ideas to get you started.

Create a once-a-year money map

Step back and take in the full landscape of your finances. Update your list of accounts, check that beneficiaries are correct, refresh important passwords, and review your credit report. This is also a good moment to scan your bill schedule so nothing slips through the cracks. Think of it as creating a clear financial map before making any changes.

Turn forgotten clutter into cash.

Your home and your accounts may be holding money you forgot about. Sell items you no longer use, redeem credit card rewards, and close old accounts quietly collecting dust. It’s also worth searching for unclaimed funds through your state’s database. Small discoveries add up quickly when you sweep through every corner.

Plug quiet money leaks.

Recurring expenses have a way of multiplying unnoticed. Review your subscriptions, streaming services, insurance policies, and monthly utilities. Cancel what you no longer use and call providers to ask about better rates. A quick round of comparison shopping can also reveal cheaper options. These small trims often lower your costs for the rest of the year.

Recalibrate the systems that grow your savings.

Revisit your emergency fund and any sinking funds for upcoming expenses. If your income has grown or bills have dropped, increase automatic transfers even slightly. Small adjustments here tend to compound quietly month after month. Once the system is updated, your savings can keep growing without extra effort.

Tighten the bolts on your debt reduction strategy.

Review your balances, interest rates, and current repayment strategy. You may find opportunities to refinance, consolidate, or shift extra payments toward the highest-interest debt. The goal isn’t to reinvent your entire plan. It’s simply to tighten the bolts so your payoff strategy stays efficient and moving forward.

Realign your goals with the life you’re living now.

Take time to revisit both short- and long-term financial goals. Some priorities may have shifted since last year, and timelines may need adjusting. This is your chance to make sure your money is still moving toward what matters most today. When your spending, saving, and investing reflect your current priorities, your financial plan becomes far easier to follow.

A deliberate spring financial reset can have a lasting impact throughout the upcoming year. By reviewing key accounts, trimming waste, and realigning your goals, you can create a stronger system that supports your finances long after spring ends.

More Resources:

• Financial Spring Cleaning for Your Business
• Spring Cleaning Your Business’ Finances
• 6 Ideas to Help Your Small Business this Summer

The post Spring Cleaning Your Finances: How to Refresh Your Budget and Boost Savings appeared first on Alloy Silverstein.

While a checklist can help in the moment, one of the most impactful things you can do is prepare ahead of time. Having key information organized and shared with trusted individuals can significantly reduce stress and confusion during an already difficult time.

Why Planning Ahead Matters

When someone passes away, their loved ones are often left to piece together financial, legal, and personal information. If those details aren’t readily available, it can delay important decisions and make the process more costly and complicated.

By keeping your affairs organized and communicating with your family or future executor, you can ease that burden. And because unexpected situations can happen at any time, it’s never too early to start the conversation.

Important Documents to Have Ready

After a passing, there are several critical documents that need to be located quickly. These may include:

• A will, trust documents, or other estate planning paperwork
• Financial account statements
• Deeds or titles for real estate
• Vehicle titles or lease agreements
• Keys to storage units or safe deposit boxes
• Unpaid bills and credit card statements
• Insurance policy information

If a will is not in place, the estate settlement process can take longer and may involve additional legal expenses.

Who Needs to Be Notified

In addition to gathering documents, certain organizations and institutions must be notified. These typically include:

• Social Security (often handled by the funeral home, but it’s important to confirm)
• Banks and financial institutions
• Credit card companies and insurance providers
• The deceased individual’s employer, if applicable

Timely notification helps prevent issues such as identity theft, continued billing, or delays in benefits.

Don’t Forget About Digital Accounts

Today, many financial accounts, subscriptions, and bills are managed online. That means access to login information is essential.

Make sure you or a trusted person knows:

• Which accounts exist
• How to access them
• What payments are set to autopay

Overlooking digital accounts can lead to missed payments or difficulty closing accounts later on.

When to Seek Professional Help

If you’re unsure where to begin, working with an attorney or estate professional can provide clarity and guidance. They can help ensure the estate is settled properly and that all legal requirements are met.

Planning ahead won’t eliminate the emotional weight of losing a loved one—but it can make a difficult time a little more manageable for the people you care about most.

More Resources:

• When a Loved One Dies
• Everyone Needs a Personal Financial Organizer

The post What to Do When a Loved One Passes: A Practical Guide to Getting Organized [VIDEO] appeared first on Alloy Silverstein.

Taking a proactive approach now can help you reduce future tax liability, optimize cash flow, and make strategic financial decisions all year long. Here’s how to kick-start your tax planning cycle.

1. Adjust Your Withholdings if You Received a Large Refund

A big refund can feel rewarding, but it often means you gave the government an interest-free loan all year. That money could have been used for:

• Debt reduction
• Savings or investment growth
• Covering planned expenses

After filing, revisit your Form W-4 and run a projection for 2026. Fine-tuning your withholding improves monthly cash flow and reduces the risk of over- or under-correcting later in the year.

2. Review Estimated Tax Payments if You Owe a Large Balance

If your return included a sizable balance due, it may indicate under-withholding or insufficient quarterly estimates.

• Review all income sources, including self-employment, investments, or bonuses
• Adjust estimated payments early in the year to avoid penalties
• Stay ahead of cash flow challenges instead of reacting at filing time

3. Plan Charitable Giving Strategically

Take advantage of the $1,000 above-the-line charitable deduction ($2,000 for married couples) to maximize the impact of your giving.

• Spread contributions throughout the year to match cash flow
• Ensure you capture the full deduction for each eligible gift
• Coordinate charitable plans with long-term financial goals

4. Maximize Retirement Contributions

Confirm contribution limits for IRAs, 401(k)s, and other qualified plans for 2026.

• Even modest monthly adjustments can significantly reduce taxable income
• Early planning makes it easier to reach maximum contributions without straining year-end cash flow
• Consider both traditional and Roth options based on your tax strategy

5. Fund Your Health Savings Account (HSA) Strategically

HSAs offer a triple tax advantage: deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

• Review eligibility and contribution limits
• Coordinate planned medical expenses with funding strategy
• Treat your HSA as both a healthcare savings tool and a long-term tax planning vehicle

6. Account for Major Life Events

Life changes can drastically affect your tax picture:

• Marriage can alter filing status and tax brackets
• Divorce affects dependency claims and support payments
• A new child can unlock credits and deductions

Anticipating these events allows you to adjust withholding, estimated payments, and plan for available tax benefits early in the year.

7. Track Tips, Overtime, and Other Variable Income

Accurate reporting is essential for income like tips or overtime:

• Confirm how your employer reports this income
• Ensure payroll reflects proper treatment
• Employers and business owners should review compliance procedures
• Early tracking helps prevent errors and maximizes any tax advantages

Build Your Tax Strategy Year-Round

The most effective tax strategies are built early and revisited consistently. Use your filed 2025 return as a starting point:

• Make adjustments now for 2026
• Optimize cash flow and deductions throughout the year
• Avoid surprises next tax season

Next Steps

Schedule a year-round tax planning session with Alloy Silverstein. Our team helps clients stay ahead of the tax curve — not just during filing season, but all year long.

The post Your Tax Planning Cycle Starts Now: Smart Moves After Filing Season appeared first on Alloy Silverstein.

Situations like these serve as a reminder that safeguarding your finances requires diligence, structure, and trusted third‑party guidance. Professional athletes, as well as college athletes benefiting from Name, Image, and Likeness (NIL) deals, often experience life changing financial opportunities early in their careers. While exciting, this reality can also create unique risks and vulnerabilities.

Look Out for Number One: Stay Engaged in Your Own Finances

You don’t need a finance or business background to care about your situation. As with any approach in sports, there are various strategies that can be implemented that can mitigate the potential of failure. While some may opt for a hands-off approach and minimal involvement, this provides an ample amount of opportunity for anyone with access to have free range to do nefarious things without any oversight.

Even getting a basic understanding of where your money is going and why provides a basis level of internal control. If something doesn’t make sense, trust your instincts and ask for clarification. If the answer is unclear or confusing, ask again or request a more basic answer to provide you the clarity needed.

In accounting and auditing, professionals are trained to apply professional skepticism, which essentially is maintaining a questioning mindset while critically assessing information. Athletes and high‑earning individuals should adopt this same mindset when reviewing their own finances as the individuals and service providers should understand you have every right, and responsibility, to ask questions, request documentation, and seek explanations.

Family Doesn’t Always Mean Full Protection

Many athletes choose to involve family members in decisions and responsibilities. While this can come from a place of trust and loyalty, it can also create additional risks if safeguards are not in place.

Unfortunately, history has shown that financial disputes involving relatives are not uncommon. Family relationships do not replace internal controls, documentation, or oversight. Clear roles, limited access, and independent review help protect everyone involved. In most cases, having the specific responsibilities and authorizations in writing can create the clear boundaries that can be enforced without confusion.

The Importance of a Neutral Third‑Party Advisory Team

One of the most important steps athletes and entertainers can take is building a qualified, neutral advisory team. This helps protect both your finances and your future.

Your advisory team may consist of a CPA, attorney, agent, manager, PR, and more. These professionals provide objective guidance, identify risks, and support informed decision-making. Individuals should still conduct due diligence when selecting advisors — verifying credentials, reviewing experience, and confirming licensing. Qualified advisors often hold credentials such as CPA, CFP, or CFA, and appropriate regulatory licenses, but even in some instances, credentials do not translate to immunity.

When constructing your team, the most important concepts to consider is communication and collaboration. If your team does not communicate effectively with you and provide reasonable turnaround, they may be missing when you need them most. A team that does not work together in your best interests is not a team at all. While the communication with you as the client is vital, the various team members should also have the same professional courtesy for each other and work together in your best interests.

Prioritize Finances, Even With a Busy Schedule

Athletes and entertainers travel frequently and maintain demanding schedules. However, limited time should not lead to limited oversight.

When your CPA or advisor requests documents, clarification, or responses to potential red flags, timely communication is critical. Delays can lead to:

• Missed opportunities to identify issues
• IRS penalties or compliance problems
• Overlooked fraudulent or suspicious activity
• Poor financial decision‑making
• Future distractions that could have been avoided

Being hands‑on doesn’t mean managing everything yourself. It means staying informed and responsive. A strong advisory relationship works best when communication is consistent and collaborative.

Treat Yourself Like a Business

Athletes and entertainers are, in many ways, operating businesses. With income streams, contracts, endorsements, and investments, financial complexity can grow quickly.

Implementing strong internal controls and structured processes can help protect assets and minimize risk:

• Approval processes for major expenditures
• Segregation of duties when possible
• Independent review of financial statements and accounting records
• Regular reporting and reconciliations
• Documented policies and procedures

These guardrails create accountability and reduce the likelihood of errors, oversights, or misconduct.

Why are Athletes & Entertainers Prime Targets for Financial Exploitation?

High earnings, public visibility, and demanding schedules can make these individuals prime targets for exploitation. Recognizing risks early is key. Common disputes and fraud scenarios include:

• Mismanagement or diversion of funds
• Embezzlement or unauthorized access
• Shady investments
• LLC misuse
• Personal expenses paid with business funds
• Failure to repay loans

Red Flags to Watch For

Recognizing early warning signs can help prevent larger issues:

• Numbers that don’t add up
• Missing documentation
• Shortcuts or skipped processes
• Overly defensive responses to questions
• Legal escalation when questions continue

This Isn’t the First — And Won’t Be the Last

While MLB pro Alec Bohm’s news has brought renewed attention to athlete financial disputes, similar situations have occurred:

• Superstar Britney Spears (Various)
• NFL pro Baker Mayfield (2024)
• NFL pro Michael Oher (2023)
• NBA pro Kevin Garnett (2018)
• MLB pro Ryan Howard (2016)
• Actress Mischa Barton (2015)
• NHL pro Jack Johnson (2014)

These examples highlight that financial challenges can impact athletes and entertainers at any stage of their careers. Learning from these patterns can help protect your future.

Why This Matters More Than Ever: NIL Opportunities

With Name, Image, and Likeness (NIL) opportunities now available to college athletes, financial decision‑making is beginning earlier than ever before. Aspiring professional athletes may now earn meaningful income in high school or college. Establishing strong financial habits, advisory relationships, and internal controls from day one can help set the foundation for long‑term success.

Play the Long‑Term Game

Professional sports careers can be unpredictable, and longevity is never guaranteed. Long‑term planning with your advisory team helps preserve wealth, manage risk, build sustainability, and prepare for career transitions.  Smart decisions early can create financial stability long after playing careers end.

Build the Right Team from the Start

Financial success in entertainment and athletics is about protecting, managing, and sustaining wealth over time. A trusted third-party advisory team helps create structure, accountability, and long-term strategy.

Start the Conversation

Whether you’re a professional athlete, a college athlete navigating NIL opportunities, or a high‑earning individual, building the right advisory team early can make a meaningful difference.

The Alloy Silverstein Pro-Athletes & Entertainment advisory team works with clients to build structured financial processes, provide independent oversight, and support long‑term financial success.

If you’d like to learn more about how a trusted third‑party advisory team can support your goals and protect your income, reach out to an Alloy Silverstein advisor today.

The post Why A Trusted Advisory Team Matters: Financial Lessons from Recent Athlete Headlines appeared first on Alloy Silverstein.

When people think about income, they often assume it will automatically be taxed. But that is not always the case.

Under current federal tax law, several types of income may be excluded from taxable income or receive favorable tax treatment.

Understanding where tax-free income opportunities exist can help individuals and families make smarter financial decisions throughout the year.

Here are 10 common sources of income that may be tax-free under federal tax rules.

1. Municipal Bond Interest

Interest earned from municipal bonds issued by state or local governments is generally tax-free at the federal level. In some cases, it may also be exempt from state income tax if the bond was issued within your home state.

Because of the tax advantage, municipal bonds can be attractive to higher-income taxpayers. However, it is still important to evaluate the financial strength of the issuing municipality before investing.

2. Employer-Provided Health Insurance Premiums

Health insurance premiums paid through an employer plan are typically paid with pre-tax dollars, meaning they are not included in your taxable income. This remains one of the most valuable tax-advantaged employee benefits available.

3. Qualified Distributions From Roth IRAs and Roth 401(k)s

Contributions to Roth retirement accounts are made with after-tax dollars. However, qualified withdrawals of both contributions and earnings can be tax-free if IRS holding period and distribution rules are met.

This tax treatment makes Roth accounts an important planning tool for long-term retirement income.

4. Health Savings Accounts (HSAs)

Health Savings Accounts provide a triple tax advantage:

• Contributions may be tax-deductible
• Earnings grow tax-free
• Withdrawals are tax-free when used for qualified medical expenses

HSAs are available to individuals enrolled in eligible high-deductible health plans.

5. Child Support Payments

Child support received is not considered taxable income under federal tax law. This differs from alimony payments for divorce agreements finalized after 2018, which are also generally not taxable to the recipient.

6. Carpool Reimbursements

If coworkers or fellow commuters reimburse you for their share of commuting costs, those reimbursements are generally not considered taxable income.

However, commuting expenses themselves are typically not deductible.

7. Capital Gains From the Sale of a Primary Residence

Homeowners may be able to exclude a significant portion of profit from the sale of their primary residence.

• Up to $250,000 of gain for single filers
• Up to $500,000 for married couples filing jointly

To qualify, the homeowner must generally meet ownership and residency requirements.

8. Tip Income Exclusions (2025–2028)

Under current tax law changes, up to $25,000 of tip income may be excluded from federal income tax between 2025 and 2028.

This exclusion phases out for higher earners beginning at $150,000 of income for single filers and $300,000 for married couples filing jointly. Proper reporting on Form W-2, Form 1099, or Form 4137 is required to claim the benefit.

9. Overtime Income Exclusions (2025–2028)

Similarly, up to $12,500 of overtime income (or $25,000 for joint filers) may be excluded from taxable income during the same period, subject to the same income phase-out thresholds.

Taxpayers should confirm that payroll records properly identify overtime pay when preparing their tax returns.

10. Certain Employer-Provided Benefits

Many workplace benefits are excluded from taxable income, within certain limits. Examples include:

• Up to $50,000 of employer-paid term life insurance
• Employer-provided tuition assistance
• Flexible Spending Accounts (FSAs) for healthcare or dependent care
• Commuter benefits for parking or mass transit
• Certain adoption expense reimbursements
• Airline miles earned from business credit card purchases

Each benefit has its own eligibility rules and limits, but these tax-free benefits can meaningfully reduce your taxable income.

Tax-Free Income Still Requires Careful Planning

Just because income may be tax-free does not mean it should be ignored when preparing your return. Many of these items still have reporting requirements, limits, or phase-outs that must be handled correctly. A proactive tax strategy can help ensure you are taking advantage of available exclusions while staying compliant with IRS rules.

Talk With Alloy Silverstein About Your Tax Strategy

If you have questions about how these tax rules apply to your situation, the tax professionals at Alloy Silverstein can help. Our advisors work with individuals, families, and business owners to identify tax opportunities and avoid costly mistakes.

Contact our team or explore more resources in our Tax Reform Resource Center to stay informed throughout the year.

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