Tax season is fast approaching, so it's time to ensure your finances are in order.
In this episode, I address the common confusion between taxable and tax-deferred accounts as well as 3 income tax blunders you definitely want to avoid.
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Episode Summary:
Tax-deferred Account: Refers to a 401k, IRA, or a simple IRA. A tax-deferred account is where you get a deduction from your current paycheck or income tax. You get a deduction now and later when you take the money out. The total amount you withdraw from the account then becomes taxable, and it is taxed at your rate of ordinary income at the time.
Taxable Account: This refers to the savings that you put aside after your net paycheck, so there's no current deduction in these taxa
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