The trove of IRS records recently uncovered by ProPublica has confirmed what many have always suspected: Billionaires often enjoy a substantially lower tax rate than the average American.
They do that by claiming losses and deductions that reduce their taxable income and by holding much of their wealth in investments, which often aren’t taxed on an annual basis.
Many Americans don’t save enough for retirement, but it’s entirely possible to save too much — at least according to the IRS.
Tax laws limit how much you’re allowed to contribute to retirement accounts, and excess contributions can be penalized.
You hit a lot of milestone birthdays when you’re young. There’s your first birthday, of course, and also the one where you turn 10 (finally, double digits...
If you are saving for retirement, you probably know about the 401(k) and the Roth IRA too. But are you familiar with a Roth 401(k)?
It's a bit of a mashup — a Roth product available through your traditional 401(k).