Paying as little taxes as legally possible is as American as Moms, Guns, and Apple Pies. If you follow this blog, you know that one of the easiest and best ways to reduce your taxes both now and in the future is to contribute as much as you possibly can to retirement accounts like 401ks,
Any time you can get more money into tax-advantaged accounts, like IRAs, 401ks, and HSAs, I say do it. I am always scheming for new ways to take advantage of these types of accounts because they’re awesome.
Nearly all financial advisers will tell you they are trying to help you, and many even believe it themselves. But, as they say, money talks, and bullshit walks. Unfortunately, most financial advisers do not have your best interests in mind,
Despite all the shade thrown on 401k plans in the press this year, I would gladly take a 401k over other retirement account alternatives. The individual choices and flexibility of 401ks can be outstanding for those who know how to use it,
It’s that time of year again: time to revisit your 401(k) and retirement contributions. If, like me, you intend to break free from the shackles of Corporate fiefdom, then you should always aim to maximize your 401(k) contributions while you can.
Should you contribute this year to a Traditional or Roth IRA? The best choice is usually pretty straight-forward, depending on your age and your income level. When you are younger or in lowest tax brackets, the Roth IRA is the better choice.
As you may know, there are two different flavors of individual retirement accounts (IRAs): the traditional IRA (think: Vanilla) and the Roth IRA (um, Chocolate?). Each flavor has it’s unique benefits. By combining the advantages of each account type, you can dramatically reduce your taxes for many years.