If you have more than one type of retirement savings plan available to you, where and in what order should you contribute to the accounts?
Your decision to defer taxes via a 401(k) or traditional individual retirement account seems to make sense today for your future. Deferring taxes in an IRA can certainly reduce the taxes you owe in the current year. But predicting the impact of tax deferral in the future becomes more complex, and may cost you more in the long run.
Many 401(k) plans allow you to take a loan against what you saved. Such money, though, comes with catches. Overall, tapping your tax-advantaged retirement savings is a bad idea because it saps your retirement kitty.
It’s a new tax year, and many deductions, exemptions and other Internal Revenue Service provisions have changed. Be aware of them. Some will cost you more, some will help you.
Entering 2015, we begin the paper chase leading up to filing tax forms for 2014. As we account for last year, start planning now for 2015. Time flies. This century already is 14% gone.
Winter is a good time to improve your financial life, making good moves for the rest of the year. Here is a trio of things to get done.
Many young taxpayers miss out on tax-saving opportunities because they just aren’t aware of them. Here are some tax credits and deductions that you shouldn’t overlook.
You may not naturally combine retirement funding and charitable planning, but often donating your retirement benefits to charity can be an ideal financial move for both you and your favorite charity.
Most of you hold at least one retirement plan. Each type of plan differs subtly from others, but most offer deductibility from current income and deferred taxation on growth. Beyond that, other facts remain true across many of these accounts.
As you save for your retirement, it’s nice to have a Roth individual retirement account for tax-free income in the future. With the recent guidance from the Internal Revenue Service, there is a brand new method to fund your Roth IRA.
The year-end holidays approach, and bring lots of things to do. Yet with holiday cheer there are financial plans to make, too.