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tax deductions

Your 401(k) just got more valuable

April 9, 2019 By Liz Weston

If your tax refund this year was disappointing, you may be able to do something about it: Contribute more to a retirement fund.

Tax-deductible contributions to 401(k)s, IRAs and other retirement accounts are among the few remaining ways to reduce taxable income if you don’t itemize deductions. And few of us do these days: Only about 1 in 10 taxpayers is expected to itemize now that Congress has nearly doubled the standard deduction, tax experts say. That’s down from about 1 in 3 before the law changed.

As a result, many of the traditional tips and tricks for reducing tax bills either no longer work or are of limited help.  In my latest for the Associated Press, how to use your 401(k) to reduce your taxable income.

Filed Under: Liz's Blog Tagged With: 401(k), Retirement, tax deductions, Taxes

Friday’s need-to-know money news

February 15, 2019 By Liz Weston

Today’s top story: 12 African-American financial gurus to follow in 2019. Also in the news: How minimalism can declutter your finances, 11 Presidents Day sales to shop this weekend, and 6 small business tax deductions.

12 African-American Financial Gurus to Follow in 2019
Personal finance experts share their best advice.

Minimalism Can Declutter Your Finances, Too
Debt does not spark joy.

11 Presidents Day Sales to Shop This Weekend
Good time to buy a new mattress.

6 Small Business Tax Deductions
Don’t skip these deductions.

Filed Under: Liz's Blog Tagged With: Black History Month, financial gurus, minimalism, Presidents Day sales, small businesses, tax deductions

Monday’s need-to-know money news

December 10, 2018 By Liz Weston

Today’s top story: How to manage student loan debt without making it worse. Also in the news: How to get credit when you have none, why it may be time to stop itemizing your tax deductions, and the state most burdened by credit card debt.

How to Manage Student Loan Debt Without Making It Worse
Don’t let interest get out of hand.

How to Get Credit When You Have None
Starting from scratch.

It May Be Time to Stop Itemizing Your Tax Deductions
The standard deduction could be enough.

This state is the most burdened by credit-card debt
Is it yours?

Filed Under: Liz's Blog Tagged With: Credit, credit card debt, millennials, student loan debt, tax deductions, tips

Tuesday’s need-to-know money news

April 10, 2018 By Liz Weston

Today’s top story: How bad credit can increase your car costs. Also in the news: Owning Bitcoin creates a complex tax situation, 13 last-ditch ways to avoid the poorhouse in retirement, and the top 7 tax deductions and credits people forget.

Good Driver, Bad Credit: What Makes Your Car Costs So High
It’s not just the monthly payment.

Owning Bitcoin Creates a Complex Tax Situation
Taxing cryptocurrency.

13 Last-Ditch Ways to Avoid the Poorhouse in Retirement
Before it’s too late.

Top 7 Tax Deductions And Credits That People Forget
Leave no deduction behind.

Filed Under: Liz's Blog Tagged With: bad credit, BItcoin, car costs, Credit, Insurance, Retirement, retirement savings, tax credits, tax deductions, Taxes, tips

Tuesday’s need-to-know money news

October 10, 2017 By Liz Weston

Today’s top story: 7 signs you’ve gone from frugal to cheap. Also in the news: 7 ways to avoid becoming a scary student loan statistic, following the lead of Millennials to save more for retirement, and retirement community fees that can be deducted as medical expenses.

7 Signs You’ve Gone From Frugal to Cheap
A slippery slope.

7 Ways to Avoid Becoming a Scary Student Loan Stat
Don’t become a statistic.

To Save More for Retirement, Follow These Millennials’ Lead

You can deduct these retirement community fees as medical expenses
Unexpected savings.

Filed Under: Liz's Blog Tagged With: cheap, frugal, medical expenses, millennials, retirement communities, retirement savings, Student Loans, tax deductions

Monday’s need-to-know money news

June 5, 2017 By Liz Weston

Today’s top story: How to get a tax deduction for moving. Also in the news: Learning about penny stocks, how to deduct graduate school on your taxes, and how to find and purge unwanted recurring charges.

Moving for Work? How to Get a Tax Deduction
An unexpected housewarming gift.

What Is a Penny Stock? An Investment Most Should Avoid
Is it worth the risk?

Deduct Graduate School on Your Taxes? It’s Possible
Looking at the qualifications.

Find and Purge Unwanted Recurring Charges with This Virtual Assistant
Cancel those long-forgotten subscriptions.

Filed Under: Liz's Blog Tagged With: graduate school, moving costs, penny stocks, recurring charges, tax deductions

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