- Charitable GivingRequire them to save at least a small portion of their allowance each week. The three jars method, one for spending, one for saving and one for charitable contributions, is a good way to impart a sense of responsibility. Consider opening a savings account for your child so they can make regular deposits and watch their money grow each month.
- Roth IRAThe Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a Traditional IRA.
- Income TaxMortgage Tax Savings Calculator Use the mortgage tax savings calculator to determine how much your mortgage payments could reduce your income taxes. The interest paid on a mortgage, along with any points paid at closing, are tax deductible if you itemize on your tax return. Use this calculator to see how this deduction can create a significant tax savings.
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