The SKG Team at Barnum Financial Group

The SKG Team at Barnum Financial Group At SKG, a team within Barnum Financial Group, we work to bring you closer to your financial goals. We take a different approach. Member SIPC (www.SIPC.org).

The growth of The SKG Team is the direct result of our philosophy: we believe our clients deserve more. You deserve personal attention, tailored solutions, and expert advisors who are in it for the long haul with you. Our desire to deliver timely advice and insightful guidance is born from seeing how the old paradigms fall short. We factor in every aspect of your life—short-term objectives and lon

g-term goals, personal dreams and business ambitions. Yes, you get a dedicated advisor. But you also get the collective knowledge and extensive resources of a team. Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Supervisory address: 6 Corporate Drive, Shelton CT 06484. 203-513-6000

A 5% yield looks like an easy win. It is not always that simple.Our very own Chris Kampitsis joined Kenny Polcari on Yah...
09/03/2026

A 5% yield looks like an easy win. It is not always that simple.

Our very own Chris Kampitsis joined Kenny Polcari on Yahoo Finance "Trader Talk" alongside FedWatch Advisors CIO Ben Emons to talk through what surging Treasury yields, geopolitical inflation, and tech fatigue could mean for everyday investors.
Watch the whole conversation here: https://yhoo.it/469vRWy

If you have kids in college, or student loans of your own, this school year brings a few changes worth understanding bef...
09/03/2026

If you have kids in college, or student loans of your own, this school year brings a few changes worth understanding before they catch you off guard.

A lot has shifted as a result of the One Big Beautiful Bill Act, signed into law in July 2025. Here's what matters most.

New Federal Loan Limits (Effective July 1, 2026) 📚
The federal government has placed new caps on how much students and families can borrow. Graduate students are now limited to $20,500 per year with a lifetime cap of $100,000. Medical and law students face a $50,000 annual limit with a $200,000 lifetime cap. Independent students face a combined lifetime cap of $257,000 in Direct Loans.

Families using Parent PLUS Loans now face a $20,000 annual cap and a $65,000 lifetime limit per student — meaning many can no longer rely on Parent PLUS to cover full tuition balances.

The Graduate PLUS Loan Program Has Been Eliminated ❌
Eliminated for new borrowers as of July 1, 2026. If you had a Graduate PLUS loan disbursed before that date, you may continue borrowing under previous terms for up to three academic years or until you complete your program — whichever comes first.

Pell Grants | Expanded Access 🎓
The maximum Pell Grant for 2026-27 is $7,395. A new Workforce Pell Grant program also opens up accredited shorter-term training programs of 8 to 15 weeks to Pell eligibility — creating new pathways for students pursuing trade certifications and career-focused education.

Student Loan Default on the Rise ⚠️
As of March 2026, approximately nine million borrowers with $220 billion in federal student loans are in default — more than 13 percent of the total $1.64 trillion portfolio. The Department of Education has also announced it will transfer responsibility for collecting defaulted loans to the U.S. Department of the Treasury.

Repayment Plans Are Changing Too 🔄
For new loans disbursed after July 1, 2026, IBR, PAYE, and SAVE are eliminated and replaced with two options: the Repayment Assistance Plan (RAP), an income-driven plan with payments of 1–10% of income over 30 years, and a Tiered Standard Plan with fixed payments over 10 to 25 years. If you're currently in SAVE, PAYE, or ICR, you must transition by July 1, 2028 — or you'll be moved into RAP automatically.

What This Means for Your Family
These changes reduce how much families can rely on federal borrowing. 529 plans, scholarships, and understanding the full cost of education before enrollment all deserve more attention in this new environment.

The SKG Team helps families build education funding strategies that account for the full picture. Drop a comment or send us a message if you'd like to talk through your options.

If you're self-employed or earning 1099 income, the tax code actually works in your favor. If you know how to use it.Unl...
08/31/2026

If you're self-employed or earning 1099 income, the tax code actually works in your favor. If you know how to use it.

Unlike W-2 employees, you're taxed on your net income, not your gross. That means every legitimate business expense reduces what you owe before you ever get to the standard deduction.

Key Deductions Every 1099 Worker Should Know 🤔
• Self-employment tax: You pay 15.3%, but you can deduct 50% of that directly from your taxable income.
• Mileage: The standard mileage rate for 2026 is 72.5 cents per mile, up from 70 cents in 2025. Track every business mile.
• Home office: If you use a dedicated space exclusively for work, a portion of your rent, mortgage, and utilities may be deductible.
• Health insurance premiums: Self-employed individuals can deduct 100% of health insurance premiums for themselves and their families.
• Retirement contributions: Contributing to a SEP-IRA, Solo 401(k), or SIMPLE IRA reduces your taxable income.
• Software, subscriptions, and equipment: Business tools, professional services, and technology used for work are generally deductible.

The QBI Deduction is Now Permanent 📋
First and foremost, understand this is in industry specific. Understand if your industry is affected by the QBI deduction.

This is the biggest news for self-employed workers. The One Big Beautiful Bill Act, signed into law on July 4, 2025, made the 20% Qualified Business Income deduction permanent, previously set to expire after 2025

If you're a freelancer, independent contractor, or sole proprietor, you may be able to deduct 20% of your qualified business income. The phase-in thresholds were also raised to $75,000 for single filers and $150,000 for married couples filing jointly.

What’s New? 🆕
The One Big Beautiful Bill Act also created new deductions for tip income, up to $12,500 for those in service industries where tips are customary, and up to $12,500 for overtime pay for eligible contractors. Not every 1099 worker qualifies, but for those who do, it's worth claiming.

Don't Forget the 1099 Reporting Threshold Change 📝
The reporting threshold for 1099-NEC forms has been updated to $2,000. If you hire subcontractors, make sure your bookkeeping reflects the new requirement.

The Bottom Line 🫵
Being self-employed comes with real tax complexity, but also real opportunity. The key is knowing what's available, tracking everything throughout the year, and coordinating your business deductions with your broader financial plan.

The SKG Team works alongside our clients' tax professionals to make sure nothing gets missed. If you're self-employed and want to make sure your financial plan reflects your full tax picture, drop a comment or send us a message.

#1099

August 30th is officially Birthday Day at SKG, with four of our team members celebrating on the same day!Lauren leads th...
08/30/2026

August 30th is officially Birthday Day at SKG, with four of our team members celebrating on the same day!

Lauren leads the way in onboarding new client accounts. John and Richie work behind the scenes analyzing client portfolios and financial projections. Sean focuses on helping clients with their ongoing servicing needs and updates.

It takes a full team to deliver next-level service, and we're grateful to each of you for the role you play in the experience we strive to provide our clients every day. Happy birthday, Lauren, John, Richie, and Sean!

Join us in wishing a happy birthday to Travis! One of the newest Client Service Associates on our team, Travis supports ...
08/29/2026

Join us in wishing a happy birthday to Travis! One of the newest Client Service Associates on our team, Travis supports clients with time-sensitive benefit selections and keeps the answers coming. He's currently working toward becoming a CFP professional and a financial advisor on the team, and we can't wait to see what's ahead for him.

Education funding often intersects with broader tax and financial planning considerations.From savings approaches to edu...
08/28/2026

Education funding often intersects with broader tax and financial planning considerations.

From savings approaches to education funding vehicles, today's decisions can shape a family's long-term financial picture.

Starting these conversations early may provide families with more flexibility.

If you're approaching retirement or already on Medicare, you've probably spent time thinking about healthcare costs. But...
08/28/2026

If you're approaching retirement or already on Medicare, you've probably spent time thinking about healthcare costs. But there's one charge that catches a lot of people off guard. IRMAA.

What is IRMAA?

IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional charge on top of your standard Medicare Part B and Part D premiums, triggered when your income exceeds certain thresholds.

It may feel like a penalty, but in reality, it's an income-based surcharge that can increase what you pay for Medicare coverage.

How is it determined?

The Social Security Administration (SSA) looks at your tax return from two years prior to set your IRMAA bracket. So what you earned in 2024 determines what you pay in 2026. That two-year lookback is important and it's exactly why planning ahead matters.

What can trigger it?

Certain one-time financial events can spike your income in a given year and push you into a higher bracket unexpectedly:
• Selling a large asset like a home, a business, or investment property
• Taking larger-than-normal distributions from retirement accounts
• Exercising stock options or selling large positions at a gain
• Roth conversions. Moving money from a pre-tax account to a Roth increases your taxable income for that year, which can directly impact your IRMAA calculation

Any of these events, even a one-time occurrence, can result in a higher Medicare premium two years down the road.

What can you do about it?

The good news is that IRMAA is something you can plan around, but it requires coordination between your financial plan and your tax strategy. Knowing which events may trigger it, and timing them thoughtfully, can make a difference in what you ultimately pay.

If you've had, or are anticipating, any of the events above, it's worth having a conversation with your financial professional and tax team before the year closes.
The SKG Team coordinates with clients and their tax professionals to help avoid surprises like this one. We're happy to take a look at your situation.

Many tax decisions are made before a return is ever filed.The second half of the year can be a valuable time to review p...
08/27/2026

Many tax decisions are made before a return is ever filed.

The second half of the year can be a valuable time to review potential tax considerations, including retirement contributions, charitable giving, and income planning.

Proactive conversations may help individuals better understand their options before year-end deadlines approach. The SKG Team is here to help you coordinate these conversations alongside your tax professional: https://bit.ly/4xvhiZC

The cost of higher education continues to be a major consideration for families.According to the College Board, average ...
08/25/2026

The cost of higher education continues to be a major consideration for families.
According to the College Board, average published tuition and fees have increased over time, making it important for families to understand the different ways education expenses may be funded.

A thoughtful college strategy considers more than the price tag, it may also involve savings, financial aid, tax considerations, and how education goals fit alongside other financial priorities.

Source: College Board, Trends in College Pricing and Student Aid
https://bit.ly/46q9Rqk

Join us in wishing a very happy birthday to Danielle! Danielle leads our team's Fun Committee and is the driving force b...
08/22/2026

Join us in wishing a very happy birthday to Danielle! Danielle leads our team's Fun Committee and is the driving force behind so many of the programs that bring our team together throughout the year. Thank you, Danielle, for going above and beyond. Enjoy your special day!

Address

565 Taxter Road, Suite 625
Elmsford, NY
10523

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 10am - 1pm

Telephone

+19143722895

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