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Tax Expert Warns the 2024 Tax-Filing Season Could Be Complex. Here's What to Do About That Now

The Motley Fool

Image source: Getty Images Filing taxes isn't always a smooth process. But if you struggled with your tax return in 2023, Mark Steber, Chief Tax Information Officer at Jackson Hewitt , warns, "The upcoming tax-filing season will be yet another complex year." One thing you can do if you haven't already is max out your IRA.

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Your Emergency Fund Doesn't Belong in the Stock Market -- Here's Why

The Motley Fool

Image source: The Motley Fool/Unsplash Building an emergency fund is a cornerstone of personal finance -- and once you've got that money saved, it's crucial to find the best place to keep it (and no, keeping it in your checking account isn't usually your best move). So what kind of account is best for this crucial cash?

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Here's Why I Don't Use My Health Savings Account for Medical Costs

The Motley Fool

Image source: Getty Images HSAs (health savings accounts) are the unsung hero of personal finances. These accounts allow people with qualifying high-deductible insurance plans to set aside $4,150 for single plans and $8,300 for families out of pre-tax dollars. Once you hit age 55, you can add another $1,000 per year.

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The Unexpected Downsides of Keeping Too Much in a Savings Account, Even With Rates Above 5%

The Motley Fool

Image source: Getty Images Savings account rates have gone up quite a bit over the last two years. Some of the top high-yield savings accounts are currently offering APYs of over 5%, and there's no risk involved. Believe it or not, it's possible to keep too much money in a savings account. That won't last forever, though.

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Here's Why I Don't Get Too Excited When My Brokerage Account Balance Increases

The Motley Fool

Bonus offer: unlock best-in-class perks with this brokerage account Read more: best online stock brokers for beginners But I also use a regular old brokerage account to save and invest for retirement. Although that account doesn't give me any tax breaks, it allows me to access my money when I want.

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The No-Brainer Retirement Account I'd Choose Way Before a 401(k)

The Motley Fool

With over 60 million people participating in a 401(k) plan, it's the most popular retirement account in the country. An IRA, both traditional and Roth , can be a better retirement account option in many situations. You contribute after-tax dollars to a Roth IRA, but withdrawals are free in retirement if you meet other requirements.

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How Much Money Should You Keep in Your Savings Account? Here's the Sweet Spot

The Motley Fool

Image source: Getty Images Your trusty savings account is an important piece of your financial puzzle. Unfortunately, many of your fellow Americans are not so fortunate -- research from The Motley Fool Ascent found that just 45% of us can afford a $400 expense with the money in our checking or savings accounts.