4 places to put your tax refund so your money grows with little to no effort - Business Insider

IRAs are tax-advantaged investment accounts that come in two varieties: traditional and Roth. The former allows you to deduct your contributions on your tax return until you reach a certain income level, while the latter is for after-tax contributions and tax-deferred growth. In 2020, you can contribute up to a total of $6,000 to a traditional IRA andOne valuable benefit of an IRA is that you're able to fund your account for the previous year all the way up to the tax deadline.

The opportunity for growth in an investment account is far beyond a savings account. Plus, the money is generally more liquid than if it were tied up in a retirement account. Keep in mind that there will be an element of risk no matter what you invest in, but choosing the right allocation of stocks and bonds can help mitigate it.

Our tax return was over a thousand less this year thanks to Trump’s tax scam.

This is simply the nice way of saying government is charging you excessive income tax and using the money for things you may or may not approve. This is money you could be using to your own advantage.

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