5 Easy Ways to Save Taxes Now!

There are 5 easy ways you can do now to put money back in your pocket by saving taxes. You might already be doing it, but can you do more?

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⏰ Table of Contents ⏰
0:00 2024 Tax Rates
3:22 401K 403b or TSP
7:20 Health Savings Account (HSA)
9:43 Flexible Spending Account (FSA)
13:10 Non-Profit 403b
14:03 State & Local Employee Pension
15:17 Federal Employee Pension
16:25 More Tax Savings

#FIREPsyChat #FinancialIndependence #Taxes

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Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.

Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons.

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[Valente_Quintero]

This is good stuff; thanks for sharing

[jimross]

Pay your taxes now, or pay them later.

[Rambo-yhvj]

Dang, so basically you are saying I have to get married by tomorrow and pull 23k out of my ass to contribute to my 401k to save a few thousand on my taxes. Fml

[leftysidewinder]

A 20, 000 contribution to tax deferred/401k doesn’t really put 5, 000 “back in your pocket”. You’ll still have to prepay the FICA/Medicare. The deferred contributions is locked up in withdrawal-restricted accounts, which means about 15, 000 less liquidity than if you instead took the wages in the current year. So it’s more a reallocation of funds, which now become withdrawal-restricted and subject to compounded taxes to be paid.