It’s a tricky situation for landlords and tenants alike when rent is due, and the tenants cannot pay it for whatever reason. On the one hand, many landlords strive to be compassionate, understanding that life circumstances like unexpected medical emergencies or job losses may be causing a tenant to fall behind on rent. On the other hand, being a landlord is not a charity venture; if you don’t receive the rent you’re owed, then you’re stuck footing the mortgage bill for as long as it takes them to repay you. What to Do When Your Tenants Are Behind on Rent Since most cities and states have their own unique tenants’ rights laws and eviction regulations, let’s explore some general options … Read more

IRS data has shown that Americans lose approximately $5.7 billion per year on early withdrawal penalties when they take out funds from their 401k Retirement Plans or IRAs before meeting the minimum age requirements (59 ½). In 2020, Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created an exemption for early distributions related to the coronavirus pandemic in which individuals could withdraw up to $100,000 from their retirement accounts without being subject to the 10% early withdrawal penalty (though they would have to count the distributions as part of their income for tax-reporting purposes for the next 3 years). To qualify for the no-penalty early withdrawal – which was extended into 2021 thanks to the … Read more