Employers offer 403(b) and 401(k) plans to help their employees save for retirement, but chances are you won’t have to choose between them. These two tax-advantaged retirement plans are designed for different kinds of companies: 403(b)s are earmarked for non-profit organizations and certain government employers, while 401(k) plans are offered by for-profit companies. What Is […]
While most states rely heavily on three sources of taxes, many of the lowest-tax states for residents generate tax revenue in ways that do not financially burden those residents in a direct way.
Q: My partner and I plan to purchase a duplex with friends. We would live on one side, and our friends (who already own their forever home) would rent out the other side. Eventually we plan to purchase a home for ourselves and rent out both sides of the duplex.
These common tax breaks could result in a world of savings.
Find out how to make the most of your tax deductions.
A Roth 401(k) is a defined contribution retirement plan funded by after-tax dollars. The Roth 401(k) plan shares many similarities with the Traditional 401(k) plan, although the latter is funded with pre-tax dollars. A Roth 401(k) also shares its after-tax contributions approach with the Roth IRA plan. However, there are important differences you should understand […]
Most of the conversation about saving for college centers around parents or grandparents looking to fund their children or grandchildren’s education. In these instances, using a 529 plan is one of the most popular strategies. But for adults saving to go back for another degree, will the same strategy suffice? How would someone saving for […]
You may already know that contributing to a Roth individual retirement account (IRA) is off-limits for people with high annual incomes. If your earnings put Roth IRA contributions out of reach, a backdoor Roth IRA conversion is a great option that lets you enjoy the tax benefits of a Roth IRA. How Does Backdoor Roth […]
Retirement savers: You only have a few more weeks to take advantage of these benefits.
A traditional IRA is a type of individual retirement account that provides your investments with tax-deferred growth. Contributions to a traditional IRA are made pre-tax, and you may be able to deduct some or all of your traditional IRA contributions on your tax return, depending on your income. How Does a Traditional IRA Work? With […]
A Roth IRA is an individual retirement account that can provide you with tax-free income in retirement. With a Roth IRA, you save after-tax dollars and your money grows tax-free. Roth IRAs provide additional flexibility for withdrawals—once the account has been open for five years, contributions can be withdrawn at any time, for any reason. […]
Individual retirement accounts (IRAs) are a key part of most retirement savings plans. But before you open an account, you need to understand the differences between a Roth IRA and a traditional IRA. Each type of IRA has its own advantages, and saving in one or the other may be a better move at different […]
Pay raises can be hard to come by, especially now. But if you received a big tax refund this year, getting more take-home pay next year could be a matter of filling out a form.
Depending on local tax rates and home values, property taxes can account for a substantial portion of housing costs. Living in a high-tax state has become increasingly more expensive.
Q: Is mortgage interest still deductible on our federal income taxes? Is there something new that I am not aware of? Is there some reason to not have a mortgage that is different from what we’ve always believed?
Trump paid $750 in taxes in 2016 and again in 2017, but paid no tax most years, according to a report Sunday in The New York Times. A lawyer for Trump called the report inaccurate.