401 k

Tax deductions can be tricky to understand if you're new to the finance world.

One of the biggest sources of confusion is knowing what you can and can't deduct from your taxes. Deductions can be a massive financial boon for a lot of people, yet not everyone files for them correctly. This causes people to miss out on money that should be theirs. We'll go over some of the most common tax deductions that are overlooked, so you don't get shortchanged when Tax Day comes.

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Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.

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401(k) Plan: Start off knowing what exactly this plan actually is. A 401(k) plan is a tax-deferred retirement plan that is offered through your place of employment. The plan can be a cash election, profit-sharing, or stock bonus plan, or a salary reduction per paycheck plan. This plan will help you save for future retirement. Planning wisely will make for the best returns come retirement time.

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To answer this question in one word… YES! But before you run off and sign up for your 401(k) retirement savings plan with your employer, learn why having one is so important and how it can benefit you in the future. You never know what twists and turns your life will take, so planning ahead financially is smart and gives you security for you and your family. A 401(k) is a plan sponsored by your employer that helps you save retirement funds by taking a certain percentage from your pre-tax paycheck, in case you aren't already in-the-know. Here are the most important reasons a 401(k) is right for you.

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