The calendar is about to turn to June – and that means nearing the halfway point of 2025. For those contributing to 401k, 403b and TSP accounts, adjustments or tweaks at this time can make a real difference overall for the current tax year and future savings overall.
The most basic considerations are in the dollar amount and tax classification of how 401k/403b/TSP contributions are made.
Today’s edition will take 2 minutes and 38 seconds to watch and could save you a bundle of taxes in the long run. Simply understanding better – at lower and higher income levels – the taxes around 401k, 403b (and TSP) contributions is an advantage. Early in the year timing is key. Why? Please ask me and watch the video.
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied upon for, tax, legal or accounting advice.
As we approach the end of the weirdest year ever, nearly everyone wants 2020 to be O-V-E-R (unless you love birthdays, and your birthday is between now and December 31st).
The year-end countdown has begun, and soon it will be too late to make certain positive changes to your 2020 tax situation. Several of these items, if addressed now, could make a big or small difference to your 2020 tax filing, AND add to your savings.
