Bemjamin Franklin wrote; in life,” nothing can be said to be certain, except death and taxes.” Whether we like it or not taxes are an essential part of the American economy. There was a study recently completed that analyzed how much tax the average person is...
These positive money habits can work overtime to reduce your tax bill and help build long-term retirement savings. Increase deferrals into your retirement plan at work. How this helps save on taxes: Your 401(k) deferrals—or what you contribute—come from income before it’s taxed, which means you lower your...
It is likely you have heard about an IRA (traditional) and a Roth IRA but aren't sure what the difference is. Here are a few of the highlights of each. Traditional IRA How does it work? A traditional IRA lets you deduct savings contributions from your taxes, which lowers...