3 Simple Ways to Do Your Own Taxes
If you’re considering doing your own taxes this season, it’s important to remember that federal income tax can be quite complicated, so it’s essential to have a reliable guide to go by to ensure that your taxes are filed correctly. Any mistakes you make can subject you to hefty fines, and you could limit yourself from getting the highest return …
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10 Best Places To Open A Roth IRA in 2024
The best Roth IRA accounts are easy to open online. There are a ton of online brokerage firms that let you open a Roth IRA and invest in various funds. To help you with your search for the best Roth IRA account, we compared more than 30 financial companies to find out which ones offer the best Roth IRA accounts …
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401(k) Contribution Limits for 2024
This year the IRS announced there will be an increase to the maximum employee 401(k) contribution limit for 2024, increasing it to , a $500 increase from the 2023 tax season. There will also be a change to the maximum allowed for catch-up contributions. Those represent the additional amount of contributions that you can make to a 401(k) plan if …
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Are Roth IRA Contributions Tax Deductible?
Roth IRAs can be a savvy retirement savings strategy, but they have one significant drawback: contributions aren’t tax-deductible. However, when taking a closer look at the details, there are also nuances to consider. Although Roth IRA contributions themselves aren’t tax-deductible, you can claim a Roth IRA tax credit or claim a loss on a Roth IRA. To do so, you’ll …
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403(b) Maximum Allowable Contributions
In a previous post, I shared some of the basics of 403(b) Tax Sheltered Annuities. As a recap, a 403(b) is a type of retirement account that’s only offered to employees in certain not-for-profit and government jobs. For these employees, their 403(b) is the equivalent of their 401(k). While employee limits are the same for those offered with an employer-sponsored …
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What Is a Health Savings Account?
Let’s face it, medical expenses can have a major impact on your budget, especially as you get older. If you’ve heard about a Health Savings Account or maybe your work offers one, then it just may make sense to give it some serious consideration – and, in my opinion, it typically makes a lot of sense. Interested in learning more? …
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