Thursday, July 19, 2018

How Nonqualifying Deferred Compensation Plans Are Taxed


Financial advisor Robert Gill has been working in the financial services industry for more than 20 years. Robert Gill oversees daily operations at the independent brokerage firm of Epic Wealth Management in New Jersey,

Over the course of his career, Mr. Gill has handled many financial tools and plans designed for financial security, including nonqualified deferred compensation (NQDC) plans. Also known as 409A plans, NQDC plans allow employees to delay the receipt of compensation such as salary, bonuses, and other taxable income. 

Most companies offer NQDC plans as an executive retirement benefit since 401(k) plans are not good fits for high-earners. However, other workers can also set up NQDC plans with their employers.

One of the benefits of NQDC plans is that when funds are deferred, a worker is not taxed on the deferred amount for that year. This allows high-earners to set aside a large portion of their salary for retirement without having to pay taxes on those earnings each year. 

However, when deferred compensation is collected, it is taxed. This means that a worker’s tax burden increases as their deferred compensation increases.

Extra taxes are also applied to the funds held by an NQDC plan if a worker receives funds from the plan early or if the plan doesn’t meet legal requirements. In these situations, workers are taxed on the entire amount of the deferred compensation as soon as they receive an early payout. This is true even if only part of the deferred funds are paid to the worker. Further, taxes are applied to the interest on the plan, and a 20-percent tax penalty may apply to all deferrals.

Tuesday, June 12, 2018

Financial organization , product diversification


Robert Gill, a New Jersey financial advisor, founder and CFO of Epic Wealth Management for more than a decade. In this role, Robert Gill helps his clients to understand deferred compensation plans and other financial products. EPIC has tools and technological platforms backed by human integrity that allow clients to make logical financial decisions and can measure their investment decisions. Once a financial philosophy is embraced , it allows clients to stay the course when the road gets bumpy. EPIC’S platform is built on a groundbreaking view of client’s financial world that is updated daily. 

Designed for high-earning employees and executives, the deferred compensation plan allows a participant to set aside more of their pay than is permitted under a 401(k) or comparable retirement vehicle. The money grows on a tax-deferred basis, although the employee would have to pay taxes on its withdrawal. If the saver is in a lower tax bracket at the time of withdrawal, he or she would save the difference in taxes due.

In some cases, the employee can also choose an investment vehicle in which to place the deferred compensation contributions. In other cases, however, the company may pay interest directly to the saver. Both versions allow the deferred funds to remain in the possession of the employer.

This means that if the company finds itself in financial trouble, participants in deferred compensation plans may see their money allocated to secured creditors. This does translate to some degree of risk, but many high earners find the increased flexibility in saving for retirement to be worth the potential loss.

Friday, December 8, 2017

Saint Peter's Prep School Alumnus Named Notre Dame Starting QB


The recipient of a business marketing degree from Castleton State College, Robert Gill is a New Jersey resident who serves as president of Epic Wealth Management, a subsidiary of Chelsea Financial Services. New Jersey's Robert Gill provides scholarship opportunities through Saint Peter's Preparatory School and is a fan of the Notre Dame Fighting Irish football team. 

The 2017 college football season begins toward the end of August and the Fighting Irish's starting quarterback will be Brandon Wimbush, a 2015 alumnus of Saint Peter's Preparatory School. Wimbush, a 6-foot-1, 228-pound native of New Jersey, debuted with Notre Dame as a freshman in 2015 and played in only two games. He made seven rush attempts and recorded a touchdown, but didn't throw the ball. He was redshirted in 2016 while DeShone Kizer and Malik Zaire battled for the role of starting quarterback. 

The 20-year-old finance major contemplated transferring schools, but eventually embraced the redshirt role and practiced hard throughout the year against the team's defense. He also made the most of his extra time to study film and improve his conditioning in the gym. Following the end of the 2016 season, Kizer entered the NFL Draft and was selected by the Cleveland Browns, while Zaire transferred to the University of Florida. Wimbush, meanwhile, makes his 2017 regular season debut as Notre Dame's starting quarterback on September 2 when the team plays Temple.

Saturday, March 11, 2017

The H.O.P.E. 5K Run & 2K Family Walk for Saint Barnabas Medical Center


Thursday, September 22, 2016

Three Common Money-Wasters


Robert Gill is the managing director for Epic Wealth Management, LLC, located in Tinton Falls, New Jersey. Working with both businesses and individuals, Robert Gill throughout his career has helped acquire over 300 client portfolios, developing strategies to help those clients achieve financial security. His company is an affiliate of Chelsea Financial Services.

One of the easiest and most obvious ways to start saving toward financial security is simply to waste less money, but it is often easier said than done. Consider eliminating these three money-wasters from your budget – or at least push for a better deal on what you want.

1. The gourmet coffee shop - If you are a regular coffee drinker, the price of your daily premium coffee adds up, and that is assuming all you get is coffee, let alone a $4 bagel or $6 pastry. You do not even need to give up your coffee, just the premium price tag. Brew your coffee at home and save the money you would otherwise spend on this daily money-waster. 

2. Bottled water – This is not the only source of drinkable water. Even if you live in an area where the tap water is not safe for drinking, you could buy a reusable filtration system and washable bottle. Both of these investments will eventually pay for themselves and start saving you the money you once spent on bottled water. 

3. Cable television, Internet, and phone - Companies that provide these services often offer special discounts at first, but then raise the price after the promotional period. Sometimes, though, all you need to do to get your bill lowered is ask. Don’t be afraid to frame it as though you cannot afford the current service. Your provider might be willing to help in the face of potentially losing a customer.

Wednesday, August 31, 2016

Three Workouts to Improve Your Boxing Game


At Epic Wealth Management in New Jersey, Robert Gill helps his clients achieve their unique financial goals for their families and businesses. When he finds time away form his professional duties and charitable work throughout New Jersey, Robert Gill pursues boxing and fitness.

Boxing in the ring is roughly 20 percent aerobic and 80 percent anaerobic. The discipline demands both stamina and agility, requiring good fighters to be well-rounded athletes. To improve your boxing skills, consider adding one or more of these intense non-boxing exercises to your training regimen.

1. Power lifting with barbells – While focusing on proper form to avoid injuries, add heavy deadlifts, squats, and bench press sets to your workout routine. These three big exercises will improve strength and stability in your legs, glutes, core, chest, and arms.

2. Variations on jumping rope – To improve footwork and agility, practice double unders, criss-crosses, and other challenging styles of jumping rope.

3. High intensity cardiovascular intervals – Whether you favor the treadmill, the stationary bike, or other cardio machines, add intense intervals to your training. Move at your normal pace for one minute, then sprint for 15 to 20 seconds. Repeat these intervals as many times as you are able, gradually working up to sessions of approximately 12 intervals.