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Explore how to use tax-deferred accounts below.
Also, learn about otherstrategies you could use to minimize taxes on your retirement savings.
For many taxpayers, this reduction in taxable income offers a worthwhile opportunity to decrease their tax bill.
If you are interested in taking advantage of these deductions, start byunderstanding the different tax-deferred account options.
In some cases, youll initiate the account and make contributions through your employer.
The deadlines vary based on the account pop in.
Dont forget to include this documentation in your tax return.
Without the appropriate documentation, you cannot deduct your contributions from your taxable income for the year.
With that, these accounts have rules on how and when you’re free to spend the money.
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