Ask Liz Weston

Get smart with your money

Taxes

Wednesday’s need-to-know money news

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Today’s top story: How debt settlement can make a bad money situation worse. Also in the news: Using an IRA as a legal, last-minute way to lower your taxes, 4 reasons why it’s smart to buy a used cell phone, and how to budget as a freelancer.

Debt Settlement Can Make a Bad Money Situation Worse
Not the perfect solution.

An IRA Is a Legal, Last-Minute Way to Lower Your Taxes
There’s still time for 2017 taxes.

4 Reasons It’s Smart to Buy a Used Cell Phone
Saving on new-to-you tech.

How to Budget as a Freelancer
Budgeting when income isn’t reliable.

Tuesday’s need-to-know money news

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Today’s top story: 5 items that make any hotel room feel like home. Also in the news: 3 “tax-friendly” states that are anything but, the best thing you’ve done to get your finances in order, and 5 gas mileage myths that are wasting your money.

5 Items That Make Any Hotel Room Feel Like Home
You don’t have to feel like a stranger while on the road.

This Harsh Tax Can Make These 3 “Tax-Friendly” States Anything But
Nevada, Texas, and Washington.

What’s the Best Thing You’ve Done to Get Your Finances in Order?
Share your tips.

5 gas mileage myths that are wasting your money
You can leave the air conditioning on.

Monday’s need-to-know money news

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Today’s top story: 4 blunders to avoid when doing your own taxes. Also in the news: What to do if your W-2 is missing, 6 key investing concepts, and why there’s no such thing as a dumb question when it comes to money.

Doing Your Own Taxes? Pros Say Avoid These 4 Blunders
Getting it right the first time.

What to Do If Your W-2 Is MIA
You have options.

6 Investing Key Concepts — in Plain English
Understanding the basics.

Don’t Let the Fear of Looking Stupid Lead to Money Mistakes
There’s no such thing as a dumb question.

Q&A: IRA distributions and the tax man

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Dear Liz: I am 79, in fairly good health and fortunately have almost $600,000 in my IRA account. My minimum required distribution is currently about $30,000 a year, which means my IRA funds will last until I am well over 100! I realize that I can pay a penalty and draw down some of the funds but I don’t want to be pushed into a higher income bracket. Any suggestions on how I can enjoy the money while I am able?

Answer: You won’t pay a penalty for pulling more than the minimum from your IRA. That early withdrawal penalty disappeared 20 years ago, after you turned 59½. You will owe income taxes, of course, but a visit with a tax pro can help you determine how much more you can withdraw before you’re pushed into a higher tax bracket.

Thursday’s need-to-know money news

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Today’s top story: What to do if the new tax law changes your paycheck. Also in the news: The smartest way to use gift cards, giving up your brick-and-mortar bank, and smart money moves for Black Americans in financial distress.

What to Do If the New Tax Law Changes Your Paycheck
What to look out for.

The Smartest Way to Use Gift Cards
How to get the most value.

Can You Afford to Give Up Your Brick-and-Mortar Bank?
Making the switch to mobile banking.

Smart Money Moves for Black Americans in Financial Distress
Fighting against income disparity.

Monday’s need-to-know money news

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Today’s top story: Before doing your taxes, gather these documents. Also in the news: 3 things to do when buying a house as an unmarried couple, how credit cards can help you save on buses and trains, and 4 money lessons every teenager needs to know.

Before Doing Your Taxes, Gather These Documents
Putting your paperwork together.

Buying a Home as an Unmarried Couple? Do These 3 Things
Buyer beware.

Credit Cards Can Help You Save on Buses and Trains, Too
Discounts everywhere.

4 money lessons every teenager needs to know
The sooner the better.