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Take advantage of taxadvantaged accounts from "summary" of Investing Basics for Beginners by Razaq Adekunle
Tax-advantaged accounts are an essential tool for investors looking to maximize their returns while minimizing their tax liabilities. These accounts, such as Individual Retirement Accounts (IRAs) and 401(k) plans, offer significant tax benefits that can help investors grow their wealth over time. One of the key advantages of tax-advantaged accounts is the ability to defer taxes on investment gains. When you contribute money to a traditional IRA or 401(k), you are able to deduct that contribution from your taxable income for the year. This means that you will not pay taxes on that money until you withdraw it in retirement, allowing your investments to grow tax-...
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