Roth IRAs and HSAs offer powerful tax advantages and long-term benefits. Roth IRAs provide tax-free growth and withdrawals in retirement, while HSAs offer triple tax savings for qualified medical expenses.
On October 21st, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023.
With a federal tax code that is over 2,500 pages, no wonder tax strategies can be overwhelming.