Monthly Archives: January 2014

Members in the News: Philip Patrick, Alex Zaltsman, Tim Erven and more

The Rutgers Entrepreneurship Ambassador Program was featured in the Courier News and Home News Tribune in an article quoting Philip Patrick [Four Leaf Strategies] and Alex Zaltsman [Innovi Mobile] with photos of Alex and Tim Erven [Geniusmods].

Alex Zaltsman was also featured in NJBIZ for their weekly Triply Play feature.

Roman Jewelers [Sophie Shor and Lucy Zimmerman] was in the Hunterdon County Democrat and on for their Super Bowl contest.

Bill Kapas [JC Kapas Real Estate Company] was quoted in a article about restaurant real estate.

Travel Weekly quoted an International Voyager [John Maguire] employee in an article about a new cruise ship.

Advance Realty [Kurt Padavano] was in a story on about a new research facility. Advance Realty was also in Real Estate Weekly for their new transit village development.

Steve Greenblatt [Control Concepts] was in an AVNetwork blog post for a panel discussion he did.

The S3 Agency [Denise Blasevick and Adam Schnitzler] was in NJBIZ for three new hires.

NERVE 2014 in Philadelphia to Include the MARKETPLACE

NERVE 2014 in Philadelphia will include the MARKETPLACE, which is similar to a mini-tradeshow within NERVE and is exclusive to EO members.

The MARKETPLACE at NERVE 2014 is a unique opportunity for EO-ers to get to know their fellow peers and showcase their organization’s products and services. The MARKETPLACE is limited to current East Coast EO members only, and there are only a few spots left. As you know, it would be nearly impossible to find a more qualified audience anywhere else.

MARKETPLACE participation costs $2,450 and includes the following:

  • Full conference registration for one EO East Coast member.
  • (Optional) Full conference registration for one key employee from the member’s company to staff the MARKETPLACE during the duration of conference.
  • MARKETPLACE set up to include one table w/ linen, two chairs and an outlet.
  • Listing in MARKETPLACE directory distributed to all attendees
  • Company listed on NERVE 2014 site as MARKETPLACE participant

To register for the MARKETPLACE, go to and click the orange Register Now button in the upper right-hand corner.

If you’ve already registered and need to upgrade your registration to NERVE MARKETPLACE, contact Expo Logic Support here.

Highlighting EO Member Benefits: Part Three

This is the third in a four-part series of blog posts highlighting some of the benefits of being a member of the Entrepreneurs’ Organization (EO). To see part one, click here. You can see all of the benefits in EOAccess under “My Benefits.”

EO Marketplaces

Have you always wanted to promote a product or service to the entire EO membership? Here is your chance! EO Marketplace is an online platform designed to provide exclusive deals to EO members from member and non-member companies.

NEXT STEPS: Visit EOAccess, go to My Benefits, then EO Marketplace, and follow instructions on the screen

Click here for More information on EO Marketplace and how to get started with your own deal.

Do you have a deal you want to promote? Contact

EO PressPass

EO PressPass is an exclusive member benefit that helps EO members and their companies get recognition for free. Think of it as a matching service that connects entrepreneurs with business reporters who need sources for stories. When reporters contact EO looking to speak to thought leaders and influencers in the business community, EO passes those opportunities along to EO members. The reporters are happy because they get the quotes, examples and thought leadership they need to write their stories, and members are happy because they receive free press (usually worth $$$$ in free advertising) in the world’s leading business publications. At the very least, EO PressPass helps members promote the good work chapters, businesses and they themselves are doing!

How EO PressPass Works

To ensure that you are receiving these opportunities as they become available, EO PressPass relies on an email notification system (kind of like an RSS feed). As an EO member, to opt in click the link below and enter your email address in the form provided. You will receive a confirmation email, and you can select the region notifications you want to receive. You can opt out at any time by revisiting the link provided in the confirmation email.

Subscribe to EO PressPass or contact Ryan Meyer, EO’s PR manager, for more information.

NEXT STEPS: Visit EOAccess, go to My Benefits, then EO Press Pass, and follow the instructions on the screen.

EO New Jersey Member Highlight: Dan Wilson

From time to time, we will be featuring EO New Jersey members on this blog. Our first feature is on Dan Wilson. Here’s what Dan had to say about himself:

Hi…my name is Dan Wilson and I had the profound experience of joining EO almost 10 years ago in 2004. It has changed my business dramatically over the last 10 years, which went from a partnership, to a split, to a rebirth and now to explosive growth. All of the ups and downs and ups would have seemed overwhelming if I had to do it alone. Thanks to a wonderful forum I was able to navigate and flourish to the next level. I have only been in one forum during my 10 years — “Born 2 Run” (BTW hate Bruce Springsteen), now “Justice League” — in which some of the mates have changed over the years but there are still a few that have been with me the whole time. They have become like brothers to me. We share our goals and passions every day, which provides all of us with accountability to each other and ourselves. Part of my value received in EO was the opportunity to give back (not just in forum) but to the chapter. I have been a part of the board for the last six years (I know they need to kick me out already!), but I was lucky enough to be finance, membership and eventually president (which was truly an honor). I found the more I engaged with everyone in the chapter the more I got out of EO, and that would be my advice to everyone in the chapter. EO (like life) is you get what you put into it…

As for my business, I run a financial planning firm with three locations. Since the financial collapse in 2008, my practice has grown in sales on average 19% a year and my revenues have grown 18% over the same period of time. I have been blessed to have a business model that has recurring revenue and new clients come by referral only. Currently we are looking at new space to expand (with the help of our sponsor Jones Lang LaSalle). My new business venture is a RESTAURANT in Jersey City, although the details are still be hashed out, the opportunity looks like fun…STAY TUNED

As for my family, I married my college sweetheart, Kristen. We met in 1995 and have been married since 2000. I have 2 awesome daughters Madison, 11, and Reese, 9, although I always thought I would have a boy it has been so cool to have Daddy’s little girls. They just seem to grow up too damn fast…

Members in the News

Denise Blasevick [The S3 Agency] was interviewed about international growth and having no competitors for MSNBC Your Business.

NJBIZ did a story about Advance Realty [Kurt Padavano]’s mixed-use project.

An article about Mike Agugliaro [Gold Medal Service]’s new mentoring business called ServiceKey ran on

Tom Patania [Select-A-Ticket] was quoted in a ESPN story about weather affecting the price of Super Bowl tickets.

Glen Eagle Advisors [Susan Michel] was in the Asbury Park Press for a business brief about their new managing director.

Reuters ran a story about Innovi Mobile [Alex Zaltsman] donating $1,000 in scholarship funding to the Fairfield/Westchester Chapter of the Society for Information Management.

Peter Bredlau, Jr. [Quality Service Associates Inc.] was a guest on the Paper Napkin Wisdom podcast.

Mike Michalowicz was interviewed for the EntrepreneurOnFire podcast about what it takes to be an entrepreneur.

In Case You Missed It: EO New Jersey Gala Wrap Up

The annual EO New Jersey Gala was held Jan. 10 at the Pleasantdale Chateau where members and their guests were treated to an elegant evening of dining, dancing and great company in a castle-like setting.

It was great opportunity for members and their significant others to meet and learn more about the friendships and special bonds that have been fostered through experiences in EO New Jersey. Some danced to the sounds of the live band while others enjoyed a more quiet setting in the many ornate rooms of the facility.

A good time was had by all with pictures to prove it! Click here to see more photos.



Meet New EO New Jersey Member Andy Tupler

Andy Tupler is a new member of EO. His business is Tupler Financial, an independent financial planning firm with experience in all areas of financial planning and wealth management. Established in 1999, Tupler Financial’s expertise and highly personalized level of service allows them to help entrepreneurs, executives and professionals successfully pursue their specific financial goals. After learning the business from the ground up with large investment and insurance firms, Andy realized that clients deserve the personalized service that Tupler Financial could only give by becoming independent.

After graduating from the University of Maryland with a bachelor’s degree in finance, Andy worked for several companies in corporate accounting and strategic planning. About the time he finished his MBA from Rider University, he realized he didn’t want to continue being an employee in the corporate world. He had survived two rounds of layoffs and didn’t want to spend his career not having control over his future. After investigating the option of purchasing several businesses, an estate attorney suggested that Andy’s background would be perfect for financial planning. He spent six years with larger firms before going out on his own and starting Tupler Financial.

The business has grown each year, except for 2009 when they saw a 25 percent decline in revenue due to the financial crisis. They have grown at least 11 percent per year from 2010 to 2013 and expect the growth to continue at that level or higher.

Andy has lived in Somerset County, N.J. almost his entire life. He and his wife, Dara, have lived in Basking Ridge, N.J. since 1998. Their son, Noah, is a sophomore at Ridge High School and their son, Shane, is an eighth grader at William Annin Middle School. Their kids have an apparel company called Spectra, which you can find on Instagram and YouTube.

Highlighting EO Member Benefits: Part Two

This is the second in a four-part series of blog posts highlighting some of the benefits of being a member of the Entrepreneurs’ Organization (EO). To see part one, click here. You can see all of the benefits in EOAccess under “My Benefits.”

Executive Education

EO is proud to offer members the opportunity to learn at a higher, more intense level through executive education programming. Their programs strive to bring members to new levels of leadership, as well as growth and success in their business, community and family lives.

Through a variety of partnerships, EO challenges members’ assumptions, tests their ways of doing business and introduces them to new and unexpected ways of thinking. Most important, members return to their business with fresh ideas, new skills, a toolkit of resources and a greater capacity for addressing the challenges they and their company will face.

NEXT STEPS: Visit EOAccess, go to My Benefits, then Executive Education, and follow instructions on the screen.

Questions about EO’s Executive Education programs? Contact

Partner Privileges 

EO has partner privileges with Inc Magazine, Microsoft, Office Depot, FedEx, Hertz, MAP, Regus and Sixt.

NEXT STEPS: Visit EOAccess, go to My Benefits, then Partner Privileges, choose our region (United States) and follow the instructions on the screen for each partner listed.

Members in the News: Adam Schnitzler, Leon Baptiste, Steven Raz and more

Adam Schnitzler [The S3 Agency] told MyCorporation that joining EO was the best business decision he made in 2013.

Leon Baptiste [LB Electric Co.] was quoted in a City Limits story about the MWBE program in New York City.

Steven Raz [Cornerstone Search Group] was quoted in a Forbes story about LinkedIn endorsements.

A story in the Cranbury Press mentioned the revitalization Advance Realty [Kurt Padavano] is doing to the Windsor Center.

Tom Patania [Select-A-Ticket] was quoted in a New York Post article about Super Bowl tickets.

Parette Somjen Architects [Gregory Somjen] was mentioned in an article in the Warren Reporter about the Pohatcong Township School Board approving their contract.

Denise Blasevick [The S3 Agency] was quoted in a story on JCK Magazine’s Cutting Remarks blog about the best jewelry commercials this year.

Year-End Tax and Overall Planning Considerations from Summit Financial Resources

This alert from EO New Jersey sponsor Summit Financial Resources is to bring your attention to the many direct and indirect increases to the income tax rates starting in 2013. These increases are a result of the Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012 as well as other legislation which affect 2013 income taxes. It also points out some areas of planning that you may wish to consider before year-end, not only to mitigate the effects of these tax rates for 2013 and future years, but also with respect to your overall planning.



      • Regular Tax – from 35% to 39.6% on Taxable Income over $400K for Single – $450K for Married Filing Joint
  • Capital Gains – from 15% to 20% for Taxpayers in 39.6% bracket
  • Investment Income – new 3.8% add on tax on lesser of Net Investment Income or Adjusted Gross Income (“AGI”) over $200K for Single – $250K for Married Filing Joint
  • FICA Tax increase – new additional 0.9% HI Tax on Taxpayers Wages received with respect to employment in excess of $200,000 for Single – $250,000 for Married Filing Joint


  • Itemized Deductions – phase out up to 80% of deduction for AGI over $250K for single – $300K for Married Filing Joint
  • Personal Exemption – phase out for AGI over $250K for single – $300K for Married filing Joint – entirely phased out at $422,500

Higher Adjusted Gross Income (“AGI”) means

  • Phaseout of itemized deductions
  • Phaseout of personal exemption
  • Phaseout of AMT exemption
  • Greater percentage of FICA taxable

Focus Income Tax Planning on Reducing Income Rather than Increasing Deductions.

Discuss with your accountant whether your estimated tax payments for 2013 are sufficient.

Areas to consider in reducing AGI

  • Time Income if possible
        • Split sales into 2 years to keep AGI under threshold.
        • Installment sales.
        • Sec.1031 like kind exchanges.
  • Make sure the sale of your primary residence doesn’t generate capital gains which will put you over the threshold.  
        • Apply $250,000 ($500,000 for married couple) Capital Gain Exemption.
        • 2 year holding period.
        • Include all expenditures that will increase basis.
  • Hold highly appreciated assets until death
        • Step up in income tax basis to fair market value at death.


Maximize Contribution to Qualified Retirement Plans 

  • 401(k)’s: – increase deferrals up to $17,500 this year.
    • if age 50, contribute $5,500 on catch-up.
    • add a profit sharing plan. 
  • SEP – can be funded after year-end up to due date of tax return. 
  • Defined Benefit Plan or Cash Balance Plan – consider adopting for your business before year-end.

Consider a Non-Qualified Deferred Compensation Plan

Know how retirement income helps or hurts 

  • Taxable payments from pension plans, IRAs and social security are not considered “Net Investment Income” for purposes of the additional 3.8% tax. 
  • These payments of income do raise AGI which could result in other investment income being exposed to the tax. 
  • Best income is a Roth IRA payout – it’s not income and is not taxable.
    Also, Roth IRA payouts do not raise Medicare premiums or tax on social security payments.

Consider Roth IRA conversion 

  • Conversion could make sense for Taxpayer who may have income above the thresholds later in retirement e.g. people waiting until 70 to take social security and IRA withdrawals.


Tax Harvesting of Capital Losses 

  • Up to amount of capital gains plus $3,000. 
  • Excess losses can be carried forward.

Cautions: (1) NJ does not allow loss carryovers so may want to limit losses to gains;
(2) Remember wash sale rules when buying replacement securities.

Tax Location 

  • Allocate income generating investments e.g. high yield bonds, REITs – (nonqualified dividends) and high turnover mutual funds/hedge funds in tax sheltered accounts such as IRAs, 401(k)s, pensions, Tax Deferred Annuities. 
  • Taxable accounts – fund with growth investments and municipal bonds.

Recognize what income is exempt from the 3.8% tax 

  • Tax free muni bond interest (but not Capital Gain on sale of bonds).
  • Life Insurance proceeds, loans on cash value, surrenders up to basis.
  • Gifts and Inheritances.
  • Appreciated assets donated to charity.
  • Income from Real Estate activity earned by a “qualified professional” (750 hours actively managing Real Estate and these hours need to be more than 50% of working hours).
  • Sub S Shareholders actively involved in the business (e.g. 500 hours a year), but not business income from trading financial instruments or commodities. 
  • Active partners of a partnership – no 3.8% on business income, unless from trading financial instruments or commodities.


Charitable Contributions

  • Charitable gift of appreciated stock rather than cash eliminates the capital gain on the sale of the stock which would increase AGI.
  • Qualified Charitable Contributions
    • If client is over 70 1⁄2, he can make a direct transfer of up to $100,000 from his IRA to charity.
    • The transfer is not included in AGI. There is no itemized deduction, but the deduction may be phased out anyway.
    • This opportunity is for 2013 ONLY. d. Does not apply for NJ income tax.


Gifting 

  • Don’t forget that the annual gift tax exclusion of $14,000 ($28,000 if gift splitting) needs to be used by the end of 2013 or you lose it. 
  • In addition to annual exclusion gifts, consider making tax-free gifts using your lifetime gift tax exclusion ($5.25 M per individual; $10.5M per married couple over lifetime). 
  • Gifts to Irrevocable Trusts – Make sure you have Crummey withdrawal notices sent.

Trust Taxation 

  • Net Investment Income retained in a trust is subject to 3.8% tax on income above $11,950.
  • Health Care Proxy, HIPAA Authorization, Living Will and Power of Attorney 
    • A child becomes an adult when he or she reaches age of majority (age 18 in most states including NJ, NY and CT). At that point you no longer have the authority to make medical decisions for him or her or to access your child’s medical records. You should consider having that child execute a Health Care Proxy and a HIPAA Authorization to Disclose Medical Information giving you this authority in the event your child is incapacitated, along with a Living Will and a Durable Power of Attorney.


Health Savings Accounts (HSAs) 

  • Contribute maximum amount to your HSA (Self-Only – $3,250; Family – $6,450) before year-end. This money can be rolled over from one year to the next.

Flexible Spending Accounts (FSAs) 

  • Use remaining balance in this account as soon as possible. Carryover to future years is limited. The Plan may provide a grace period of no more than 2 1⁄2 months following the end of the plan year to incur and still get reimbursed for qualified medical expenses. As an alternative, plans may provide that up to $500 be carried forward to future years. However, the 2 1⁄2 month grace period would then not be available.

Consider accelerating payment of state, local and real estate taxes into 2013.

Please contact us if you would like to discuss how you are impacted by any of the above. We would be happy to discuss strategies that may be appropriate for you to incorporate into your year-end and long-term planning.

DISCLAIMER: This memorandum was produced by Summit Financial Resources, Inc., 4 Campus Drive, Parsippany, New Jersey 07054. Phone: 973-285-3600, Fax: 973-285-3666. It is for your information and guidance and is not intended as legal or tax advice to you or your clients. Legal and/or tax counsel should be consulted before any action is taken.