Use a 401(k) And an IRA to Reduce Tax Bill

You can save for retirement in a 401(k) plan and an individual retirement account at the same time. Both types of retirement accounts allow you to defer paying income tax on your retirement savings, and contributing to a 401(k) and IRA could allow you to significantly reduce your tax bill. However, high earners may not be able to claim a tax deduction on contributions to both types of accounts in the same year. Read Full Article »