The Fastest Way to Save on Taxes This Year: Increasing Your Retirement Contributions
Friday, 15 March 2024, 13:00
The Fastest Way to Save on Taxes
How much can you set aside for retirement?
One of the most effective ways to reduce your tax bill is by maximizing your retirement contributions. This move could save you thousands of dollars in taxes each year.
- 401(k)s and more: Learn about the contribution limits for 401(k), 403(b), 457, and Thrift Savings plans, including catch-up contributions for participants aged 50 and older.
- IRA limits: Discover the contribution limits for individual retirement accounts, along with catch-up contributions for account owners 50 and older.
- Self-employed retirement accounts: Explore the higher contribution limits for self-employed individuals, including Solo 401(k), SEP-IRA, and SIMPLE IRA accounts.
How much could you save on your taxes? Learn how increasing your retirement contributions can lead to significant tax savings based on your income and retirement plan.
Should you take advantage?
Consider the potential benefits of maximizing your retirement contributions to save money on taxes and secure a better financial future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.