1004. This week, Laura explains how to identify and fix overcontributions to your 401(k), IRA, and HSA. You’ll learn the specific deadlines for 2026 to remove excess funds penalty-free and how to handle the tricky tax paperwork that follows.

• The Cost of Mistakes: Why IRAs and HSAs carry a 6% annual penalty for excess funds, and how 401(k) errors can lead to double taxation.
• 2026 Contribution Limits: The max limits for workplace plans ($24,500), IRAs ($7,500), and HSAs ($4,400–$8,750), including catch-up rules for those over 50 and 60.
• Common Pitfalls: How switching jobs, receiving year-end bonuses, or earning too much for a Roth IRA can trigger an accidental overcontribution.
• The Correction Timeline: Why April 15 is a hard deadline for workplace plans, while IRAs and HSAs offer flexibility until October 15 with an extension.
• New 2026 Rules: What high earners (making over $150k) need to know about the new mandatory Roth catch-up contributions.

Step-by-Step Fixes: How to work with your account custodian to calculate earnings (or losses) and file the correct tax forms (1099-R, 1099-SA).

1003. Is one missed payment going to haunt your mortgage application forever?

On this Finance Friday, host Laura answers a listener's question about a recent late payment and the fear that it might ruin their chances of buying a home. If you’ve ever seen your credit score plummet due to a mistake, this episode is for you.

Laura breaks down the "lifespan" of credit damage and reviews seven specific negative items that can appear on your reports, including:

• Late Payments: The most common mistake and the "7-year rule."
• Charge-Offs vs. Collections: What happens when a creditor gives up on you.
• Medical Debt: Why the rules for medical bills are different (and better!) for consumers.
• Bankruptcies: The difference between Chapter 7 and Chapter 13 reporting.
• Foreclosures & Settlements: How long they linger and how their impact fades over time.

You’ll also learn why your credit score isn’t a "permanent record" and how the diminishing effect of old mistakes allows your score to rebound faster than you think.

Find a transcript here.

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1002. Taxes don’t have to be a source of shame or a "black box" of confusion. Whether you’re a lifelong artist, a side-hustler, or a traditional employee, understanding the tax code is the ultimate power move for your bank account.

In this episode, Laura sits down with Hannah Cole, an Enrolled Agent, working artist, and founder of Sunlight Tax. Hannah specializes in bringing "tax literacy to the humans"—specifically those who feel like the "black sheep" of the business world. They dive into the mindset shifts needed to conquer financial fear and the tangible steps you can take to legally pay less to the IRS.

• The Mindset Shift: Why money is "neutral" and how to stop letting "starving artist" stereotypes gatekeep your wealth.
• The Cost of Confusion: Why a lack of tax literacy costs the average American over $1,000 a year (and much more for entrepreneurs).
• Self-Employment 101: A breakdown of the 15.3% self-employment tax and why your "boss hat" and "employee hat" both owe a cut.
• "One Big Beautiful Bill" Updates: How new laws affecting overtime, tips, and the SALT deduction (increased to $40,000) change your 2025/2026 filings.
• The "Trump Account": What new parents need to know about the $1,000 government contribution for babies born in 2025 and beyond.
• Deduction Goldmines: From startup expenses you can claim retroactively to the VIN Decoder tool for car loan interest deductions.
• Tax Calm: Practical "Atomic Habits" to make bookkeeping feel like a peaceful ritual rather than a chore.

Find Hannah at SunlightTax.com.