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
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.
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.
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.
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.
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.
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.