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9 Strategies Americans Are Using To Minimize the Taxes They Pay on Retirement Savings

Saving enough money for retirement is Americans' primary concern when it comes to long-term financial planning, but it's also vital to consider taxes and how they will affect your nest egg. "Putting...

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3 Signs You're Not Taking Advantage of Tax-Deferred Savings

Tax-advantaged accounts for retirement and healthcare savings let you delay paying income taxes on contributions and any earnings until it's time to make withdrawals. Such accounts could save you...

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Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It?

I'm 60 and I would like to convert some money from my regular IRA to a Roth. I'm aware that the earnings are subject to penalty before five years but I won't need that money until at least age 70. Is it advisable to do so? My annual income from a pension is $65,000 and […] The post Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It? appeared first on SmartReads by SmartAsset.

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State Income Tax Rates for 2023-2024

The federal income tax collected by the IRS applies to all Americans regardless of where you live, but the rules for state income tax rates and how those taxes are paid can be vastly different. What...

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How Increasing Your Retirement Savings Can Get You a Bigger Tax Refund

If you're worried that you might owe some money to this IRS this year, or you're hoping for a juicy tax refund, there's one way to increase the possibility of getting more money back: pay more into...

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IRS adjusts 2023 income tax brackets for inflation

Tax Day is just around the corner, and there are some significant changes this year that could mean more money in your wallet.

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Millions of us are on course become higher-rate taxpayers – here's how to fight back

Like it or not, the freeze on income tax thresholds could mean you could find yourself in a higher tax bracket at some point in the not-too-distant future.

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A $2.1 billion state tax cut is headed for a vote. What's in the package and where it stands

The Assembly is set to vote next week on a $2.1 billion tax package targeted to more than 1 million residents earning between $19,000 and $150,000,

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What Is Tax Drag and How You Avoid It for Your Clients

Tax drag refers to the negative impact that taxes can have on the overall return of an investment or a portfolio. It's calculated as the difference between the return on an investment before taxes and the return after taxes. Tax drag is a crucial concept for financial advisors to understand and manage, as it can […] The post What Is Tax Drag and How You Avoid It for Your Clients appeared first on SmartReads by SmartAsset.

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