The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Stocks in Asia were tepid in Tuesday morning trade, while investors looked toward to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to...Asia Marketsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
Some traders think the energy rally is about to wane, despite the sector being one of June's big winners.ETF Edgeread more
Most people know they should save more for retirement, but many can't — or won't — because they say it's hard, confusing, or it is simply not their only priority.
A recent survey by Charles Schwab found 35 percent of 401(k) participants say they aren't willing to sacrifice dinner out, vacations and other "quality of life" expenditures to save more.
But would you forgo a night out at Olive Garden or a trip to Disney if you knew that that Uncle Sam would help you cut your tax bill dollar-for-dollar depending on how much you save?
Many low- and moderate-income workers may think they don't have enough money to save for retirement, but they may be unaware of the Saver's Tax Credit.
Fewer than one in four American workers who are eligible are aware of this tax break that can reduce or even eliminate your tax bill entirely. Even fewer Americans actually claim it. Some experts say that may be due in part to the fact that less than half of all workers have a retirement plan at work through which they can save and claim the credit.
The saver's credit is a nonrefundable federal income tax credit available to single tax filers with a adjusted gross income of $30,500 or less or married taxpayers with an adjusted gross income of less than $61,000. You can claim the credits based on your contributions to a 401(k), 403(b), 457 plan, SIMPLE and SEP IRAs, as well as traditional and Roth IRAs.
Ways to save beyond your 401(k) plan:
Recent grads who have just landed their first jobs as well as seasoned workers who have been laid off are among those who often overlook this valuable tax credit, experts say. It is a terrific opportunity to reduce your federal income taxes.
Depending on your adjusted gross income and tax filing status, you can claim up to 10 to 50 percent of the first $2,000 of your retirement contributions for the year — that can add up to $200, $400 or a maximum saver's credit of $1,000 that will lower your tax bill dollar-for-dollar.
Plan now to make sure you get the full benefit of this saver's credit. And if you get a refund in April, have it directly deposited into an IRA to boost your retirement savings even further.