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Ideas to manage tax increases with your 401(k)
Congress has kicked off the debate on 2011 taxes. Congress must decide whether to let current tax regulations expire at the end of 2010 as they are set to do which raises rates for everyone, or put in new tax laws. The Obama administration is looking to increase taxes for at least the top two tax brackets given the national debt.
The good thing is a 401(k) can help lower your taxable income each year you participate and gives you the option to hedge against future tax increases with the Roth 401(k) option. Give the article The Great 401(k) Tax Hedge from the August Costco Connection a read to get more insights on how a plan can help you.
Want a few more insights on tax items? Give our earlier post 401(k) relief for upcoming tax law changes a read too.
Sharebuilder Advisors, LLC does not advise on tax requirements or issues. This post is for general information only and should not be construed as investment or tax advice as each person’s situation may be different. It’s always recommended to consult with a tax advisor to discuss the specific details around your individual situation and appropriate tax strategies.