Janet Berry-Johnson, CPA, CFEI

🌟 KEY TAKEAWAYS
If you’re required to file a tax return and don’t, you may face penalties, interest, and other consequences.
Filing late is better than not filing at all, and paying as much as you can afford to is better than paying nothing at all.
Most tax problems are manageable when you communicate with the tax authorities, explore payment arrangements, and take steps to get back in compliance.
“What would actually happen if you just didn’t file your taxes this year?” It’s a question you m...

If swiping or clicking “add to cart” has become second nature, it might be time for a 30-day spending cleanse. This short-term reset helps you pause unnecessary spending, reflect on your financial patterns and build better financial habits.

While it may feel uncomfortable initially, you might be surprised at what you learn and how much you can save.

Deciding when to start collecting Social Security is one of the most consequential financial choices you make in your 60s. Claim too early, and you lock in a smaller monthly benefit for life. Wait too long, and you lose income you might need to cover everyday expenses.
There’s no single “right” age to claim benefits. It depends on your health, employment prospects, caregiving responsibilities, savings and overall financial security. Here's what you need to know to make an informed decision.

The death of a spouse leaves behind emotional grief as well as financial complexity.

While you may not face estate or inheritances tax when a spouse dies, the transition has several tax implications — particularly for people with substantial investment income or retirement account assets.

Whether managing your finances or assisting a parent or family member, here’s a look at what you need to know to preserve wealth and maintain financial stability.

Building wealth when you’re young comes down to avoiding everyday habits that add up to big consequences later on. Many choices that feel “normal” in your 20s and early 30s limit your ability to save and invest over time.

What makes these “wealth killers” especially damaging is the opportunity costs of what those dollars could have become.

If your 401(k) plan allows for after-tax contributions, you can save beyond the pre-tax annual contributions limits—and still have your contributions grow tax-free. While it's not the right strategy for everyone, it helps to understand the basics so you can make an informed decision on your savings.

You might know your credit score if you use a credit monitoring tool or see it on your credit card or loan statement. However, the numbers your lender gets from Equifax, Experian and TransUnion may be lower than the free scores you can access.

Why? Each credit bureau has multiple credit scores for you, including a mortgage-specific credit score.

While 529 plans are a popular tool for college savings, they’re not the only option. U.S. Series I savings bonds — commonly called I bonds — can also play an essential role in education funding, particularly for families who have already maximized other savings vehicles.

This article covers how I bonds work, how to use them for education expenses and what to consider before adding them to your portfolio.

You may be able to increase your eligibility for need-based aid by making certain money moves before completing the FAFSA. With recent changes to the FAFSA process and criteria, approaching this application thoughtfully and strategically is more important than ever.