Printer
For most people, a Brother black-and-white wireless laser printer is the printer I recommend.
As of this writing, the Brother HL-L2340DW is the specific model I recommend (I own a slightly older version).
If you also need scanning or copying, get a Brother DCP-L2520DW or a Brother DCP-L2540DW. The latter printer includes an auto-document feeder for a few dollars more, and is sometimes on sale for the same price (or, as when I bought it, less).
Don’t buy a color printer
For most people, color isn’t worth the added cost, hassle, and consumables.
Photos can be printed for pennies (well, a dime or two) on-demand at most drug stores. This is less than you’d pay for just the consumables on an inkjet printer, never mind the actual cost of the printer, paper, and dried/unused ink.
Color documents can be printed at any office supply store, and most workplaces will let you use their office printers at a discounted rate or for free.
If you print in color more than occasionally (e.g. for a home-based business), I’ve been happier with the quality of HP color laser printers than their Brother equivalents, but don’t buy the cheap ones – you end up paying much more for toner when you do.
Laser vs. Inkjet
I don’t think there’s any scenario that would lead me to recommend an inkjet printer for a home or small business. If you don’t have the volume, the ink heads will clog, and if you do have the volume, the ink costs will be higher than you’d pay for toner.