Financial infidelity is when someone lies about or withholds important information about money. This dishonesty can happen within romantic relationships, between roommates or business partners, or within a larger family structure. For the purposes of this article, I’ll be largely focusing on romantic relationships. (If you’d like me to write about financial infidelity within other … Read more
Giving your kids any money you have left in your pension pot can be a good idea, but you need to know how the system works first. I’ve done a lot of research on this question, and the good news is that, in most cases, you can leave your hard-earned pension to your daughter. But, … Read more
For most people, the answer is yes. These strategies could help minimize the hit on this retirement income source. Social Security was never meant to be the sole source of income for retirees. Still, with a maximum benefit of more than $45,000 a year if you file at full retirement age, it can be a … Read more
While initially designed as simply a way to save money for retirement, many people wonder if they can use superannuation to help them buy property. Are you dreaming of expanding your property portfolio but finding yourself short on cash for a deposit? If you’ve been diligently contributing to your super for years you might be … Read more
[Update in April 2021] The walkthrough and screenshots in this post were from several years ago. Since TaxAct raised its prices in recent years, I stopped updating this post. Please consider switching to TurboTax, H&R Block, or FreeTaxUSA. By request from a reader, I give a walkthrough for how to report backdoor Roth in TaxACT. … Read more
Managing assets like real estate in an irrevocable trust can sometimes present challenges, but trusts also provide many benefits. Selling a home held in an irrevocable trust is possible, though it requires following specific guidelines to ensure the process is handled correctly. At Casey Lundregan Burns, P. C. , we have spent generations guiding families … Read more
Buying a home is an exciting milestone in life but also requires careful financial planning. A big question for people who want to buy a house is how much cash they should have left over after paying the down payment. Congratulations on your new home purchase! It’s an exciting time, but let’s be real – … Read more
There is a chance that you may have been able to make a contribution to an individual retirement account (IRA) last year. With a carryback contribution, you can still put money into your IRA from the previous year until you file your taxes for that year. You can put money into an IRA even if … Read more
You can live in a house that your trust owns, but the specifics will depend on the type of trust you have, your role as a trustee or beneficiary, and different legal and financial rules. If you’ve already put your home in a trust or are thinking about it, knowing the rules will help you … Read more
Cashing out a 401(k) early can be tempting, but it can come at a cost. If you cash out your 401(k) too soon, you will be charged fees unless you meet one of the early withdrawal exemptions. Find out more about how taking money out of a 401(k) early affects your taxes and decide if … Read more