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By claiming personal tax credits on your federal income tax return, you may be able to significantly reduce your tax liability. Here's a look at some of the federal tax credits that are available and the eligibility requirements that apply.
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It’s essential to know the details of how life insurance works so you can decide what type of coverage you need, how much you need and how it will fit into your long-term financial planning.
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If you have funds in an IRA or an employer-sponsored retirement plan, you will probably be withdrawing those funds at some point. A withdrawal from an IRA or retirement plan is generally referred to as a distribution. The timing and amount of your distributions can have a significant impact on your tax liabilities, your retirement needs, and your estate planning. To make informed decisions, one of your first steps should be to familiarize yourself with the rules surrounding distributions.
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The "401(k) plan," the popular name for a qualified cash or deferred arrangement (CODA) permitted under Section 401(k) of the Internal Revenue Code (IRC), has become one of the most popular types of employer-sponsored retirement plans.
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Depending on what you want to do next in your career will dictate the costs that you can expect. Planning for those costs will be key to your financial life.