Tax tricks for saving and investing explained
AP tax writer outlines common tax advantaged accounts and credits for retirement education child care and healthcare. IRAs 401ks and SEPs streamline pretax saving while Roth ESAs MSAs and FSAs offer tax free or pretax benefits. Credits include Child Tax Credit Hope and Lifetime Learning Credit and Adoption Credit with income limits and usage rules.
MENTIONED IN THIS ARTICLE
Mary Dalrymple
Associated Press
Washington
Ance
Retirement accounts offer bigger tax break this year
Washington reports that 401(k) plans allow 2004 deposits up to 13 000, with a 16 000 limit for workers 50 and older, plus employer matches. Tax law changes ease moving accounts between jobs and tax deferral lowers current obligations. Experts urge boosting retirement savings amid low awareness of needed totals and offer savers credits through 2006.
MENTIONED IN THIS ARTICLE
Washington
Jeff Kelson
BDO Seidman
Don Biandin
American Savings Education Council
Asec
Tax help tips from IRS and volunteers nationwide
Swamped with tax paperwork here are practical steps to find help. Visit irs gov for 1040 Central and publications like Publication 17 Your Federal Income Tax. Call 800 829 3676 for forms. TeleTax at 800 829 4477 provides 150 topics. Local offices and Volunteer Income Tax Assistance sites offer in person help. AARP Tax-Aide runs Feb 1 to April 15. For more time file Form 4868 for a four month extension.
MENTIONED IN THIS ARTICLE
Washington
IRS
Irs.gov
1040 Central
Ati
Hawaii
Alaska
AARP
Also Mentioned on This Page
Roth
U.S
Coverdell Education
Tions
Internal Revenue Service
Paf
Professional Tax Service
Ottawa
South Main St. Tawa
ECEAN
H&e
Princeton Road
Kansas
JO Wolken
A.T.A. Taxpayer
Plouine Tan
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