New Roth 401(k) Changes, Capital Gains Tax Hike? Ways to Lower Your Property Tax

Three IRS Tax Deadlines for June 17 | New Roth 401(k) Changes to Know | How to Reduce Your Property Tax Created for {EMAIL} | [Web Version]( June 9, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Tax Deadlines [] [Three IRS Tax Deadlines for June 17]( [Three IRS Tax Deadlines for June 17]( (Getty Images) *Editor's note: Before we begin this week's newsletter: The link to the article about [tax benefits and hidden costs of health savings accounts (HSAs)]( in our last email was broken. If you were unable to read the story, here it is. We apologize for any inconvenience. The April 15 federal tax filing deadline for the 2024 tax season has passed. However, Tax Day isn't the only deadline during the year. Missing another IRS deadline might cause you to lose potential tax savings or result in penalties. So, even as summer begins, it's important to be aware of approaching tax deadlines. [Here are three of them in June](. [] Your 410(k) [] [New Roth 401(k) Changes to Know]( [New Roth 401(k) Changes to Know]( (Getty Images) Roth accounts are an important component of a tax-free withdrawal strategy in retirement. With that in mind, there are significant changes to Roth 401(k) account rules to be aware of this year. These changes, brought about by the SECURE 2.0 Act, are designed to [enhance the benefits of Roth 401(k)s and provide more flexibility and tax advantages for retirement planning](. [] Property Taxes [] [How to Reduce Your Property Tax]( [How to Reduce Your Property Tax]( (Getty Images) Property tax rates have increased across the United States, posing challenges for many homeowners. Data indicate that property tax bills increased by as much as 30% in certain areas last year. Unfortunately, if you own a home, you cannot entirely avoid property taxes without facing penalties. However, [some strategies and programs can help reduce your property tax bills and alleviate your financial burden](. [] Planning for Retirement [] [10 Tax-Friendly States for Retirees]( When deciding which state to retire in, it's important to consider various factors, including taxes. While no state has zero taxes, some states are more tax-friendly for retirees than others. It's essential to remember that in states where certain taxes are low, other taxes and fees may be higher. Check out this list of ten states with relatively low retiree tax burdens to help you make an informed decision. [Read More]( [] In Case You Missed It [] [Biden Budget Calls for Higher Capital Gains Tax Rate]( President Biden's $7.3 trillion FY 2025 budget proposal contains tax cuts for those with middle incomes and several tax changes aimed at wealthier taxpayers. For example, the proposal includes a minimum tax on billionaires, a nearly doubled capital gains tax rate, and an increased Medicare tax rate. This budget comes as the IRS has reported collecting over $500 million in unpaid taxes from delinquent millionaires and "wealthy tax cheats" through ramped-up enforcement. So, in case you missed it, here is a summary of Biden's proposals involving capital gains tax rates. [Read More]( [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) [Get a FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. 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