What is the difference between a 408(k) plan and a 401(k) plan?

Both 408(k) and 401(k) refer to sections of the Internal Revenue Code that outline employer-sponsored retirement plans. Both provide guidelines that allow employees to set aside a portion of their paychecks before taxes are taken out to be invested in a special account meant for retirement. That’s where these two alphanumeric codes diverge. While “401(k)” has become synonymous with a widely available retirement savings […]

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The Difference Between Tax Preparation and Tax Planning

Many people expect to save the most money in taxes by hiring a professional to prepare their tax return. However, you may be surprised to learn you could probably get additional tax savings after your professional tax preparer reviews your taxes. It’s important to understand the difference between tax preparation and tax planning and how to ensure you are receiving comprehensive tax planning advice. Tax Preparation Versus Tax […]

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