Disclaimer: This post contains an affiliate/referral link to the Disney Inspire Visa. If you apply through my link and are approved, I may receive a reward from Chase at no extra cost to you. Thanks for supporting my blog! In February, I pounced on a “buy four, get two free” deal at Walt Disney World. […]
Recent Blog Posts
Q&A: Can Roth conversions help reduce the widow’s penalty?
Dear Liz: The letter writer who asked about Roth conversions should also consider that they or their spouse will eventually be a widow(er) and will be subject to the income tax “widow’s penalty.” Roth conversions now protect the survivor against some of that tax bite. Answer: The widow’s penalty refers to the higher financial burden many survivors […]
Q&A: What to do when you missed years of inherited IRA distributions
Dear Liz: I inherited my father’s IRA through a trust in 2010. Unbeknownst to me at the time, I’ve now found out I should have taken that money out over the following years, but I didn’t. I turned 73 in May of this year, and I’d like advice on what I should do with that account. […]
Q&A: Can you revoke a revocable trust?
Dear Liz: Is it possible to revoke an irrevocable trust? Answer: Surprisingly, yes, in some cases it’s possible to revoke an irrevocable trust, depending on state law, the terms of the trust and the circumstances. For example, a trust could be dissolved or changed if all the beneficiaries agree and a court approves. In other cases, assets […]
Q&A: What to do when a stolen IRS check is altered and cashed
Dear Liz: My mail with a check to the IRS was stolen from inside the post office (I dropped it into the internal wall slot). The envelope was pre-addressed to the IRS P.O. box. The payee on the check was altered. The memo section text was removed, and parts of the upper-left section of the check […]
Q&A: Are credit card surcharges a tax windfall for businesses?
Dear Liz: Regarding the fees charged to use credit cards. Aren’t the fees charged by the credit card companies considered deductible expenses on the businesses’ taxes? It seems that if the customer pays the surcharge then the business claims a deduction on its taxes, the business is getting a big benefit. It’s nothing but a scam. […]