The Latest Breaking News from The Free Financial Advisor

The IRS Just Eased 401(k)-to-IRA Rollovers — But One Missed Step Still Costs You 20% Upfront

The IRS just moved to make 401(k)-to-IRA rollovers easier to handle, but the old 20% withholding rule still matters. A new IRS notice gives retirement plans sample forms and proposed procedures for direct rollovers, aiming to make the process more standardized and less confusing.

The Free Financial Advisor · Sep 24

Business Power of Attorney: 8 Ways an Adult Child Can Sell Your Company Before You Can Revoke It

A business power of attorney can give an adult child authority to make decisions involving a company, its property, or the owner’s financial interests. If that authority reaches a business sale, timing can become a serious issue because revoking the document may not immediately stop every third party from relying…

The Free Financial Advisor · Sep 23

Credit Card Rates Are Near 24%—Is That $2,000 Purchase Still Worth Financing?

A $2,000 purchase does not stay a $2,000 purchase once credit card interest starts piling up. With credit card rates hovering around the 24% range for some borrowers and balances, carrying that charge for months can add hundreds of dollars to the price.

The Free Financial Advisor · Sep 23

“Pennies on the Dollar” Tax Debt Promises Should Set Off This Red Flag

A tax-relief company promising to settle a large IRS bill for “pennies on the dollar” may sound like exactly the break a struggling taxpayer needs. But that phrase should make the sales pitch pause, especially if the company makes the promise before reviewing the taxpayer’s income, expenses, assets, and actual…

The Free Financial Advisor · Sep 22

Searching Google to Pay a Bill Could Lead to the Wrong Website

Searching Google for a bill-payment website can feel like one of the safest things possible. Type the company name, find the familiar-looking result, click, pay, and move on with the day.

The Free Financial Advisor · Sep 22

A Charge From a Company You’ve Never Heard Of Appears on the Card — What Should Happen Next?

A company name you do not recognize appears on a credit card statement, and suddenly a routine account check becomes detective work. The unfamiliar name might represent a legitimate purchase under a different business name, a subscription that slipped from memory, or a transaction nobody authorized.

The Free Financial Advisor · Sep 22

What Happens to Unclaimed Money in an Old Bank Account?

Money sitting in an old bank account does not simply disappear because the owner stopped checking the balance. If an account remains inactive long enough, the bank may classify it as dormant and eventually transfer the funds to the state under unclaimed-property laws. The exact timeline varies by state and…

The Free Financial Advisor · Sep 22

Pay Cash for a $30,000 Car or Finance It and Keep the Money Invested?

A $30,000 car creates a deceptively simple choice: hand over the cash and own it outright, or borrow the money and leave $30,000 invested. The answer depends less on whether investments can earn more than the loan rate and more on what happens to cash flow, risk, taxes, and the…

The Free Financial Advisor · Sep 22

Carrying a Small Credit Card Balance Won’t Improve a Credit Score

Carrying a small credit card balance from one month to the next will not improve a credit score. You can use a card, have activity reported to the credit bureaus, and build a positive payment history without deliberately leaving debt unpaid.

The Free Financial Advisor · Sep 21

What Happens When a Bank Account Sits Unused for Years?

An old bank account does not necessarily sit quietly forever. If you stop using a checking or savings account, the bank may eventually classify it as inactive or dormant, charge certain fees, close it, or transfer the remaining funds to a state as unclaimed property.

The Free Financial Advisor · Sep 21