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Find Out Four Advantages of Having IRA Accounts
Key Points You can open a traditional or Roth IRA quickly and easily through many banks or brokerage firms, and to do so, you need to earn taxable income. If you fund your IRA with tax-deductible contributions, your taxable income will be reduced by that amount. There...
IRS: Builders of New Energy-Efficient Homes May Qualify for Expanded Tax Credit
🔔 The Internal Revenue Service (IRS) recently released Notice 2023-65, which provides guidance on the new energy-efficient housing credit, as modified by the Inflation Reduction Act (IRA). The provision, as amended by the IRA, allows eligible contractors who construct...
Six Strategies You Need to Know for Your Tax Planning
Tax planning is the analysis and arrangement of one's financial situation in order to maximize tax breaks, and minimize tax liabilities in a legal and efficient manner. Tax rules can be complicated, so it's important to know them and use them to your advantage, as it...
SIMPLE IRA vs. SEP IRA: Advantages & Disadvantages
Entrepreneurs and self-employed professionals have more than one way to set up a retirement account for themselves and their employees. Two of the most popular are the SIMPLE IRA and the SEP IRA, which offer many of the key tax advantages of a regular IRA, and avoid...
Learn about Tax Advantages of Traditional and Roth IRAs Accounts
The easiest way to start saving for retirement is through an IRA, but the type of account you choose could make a big difference in the amount of money you receive when you stop working. Traditional IRAs and Roth IRAs are the two most popular types of retirement...
What are the Main Differences Between IRA and 401(k) Accounts?
An IRA (Individual Retirement Account) and a 401(k) are two types of retirement savings accounts designed to help people save and invest for retirement. However, there are significant differences between them. Let's take a look! Sponsor and Eligibility • 401(k): This...