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A Guide To U.S. Taxes

The United States has one of the most complex tax systems in the world. This guide to U.S. taxes will familiarize you with the types of taxes Americans pay. Raising revenue for the federal government is the primary purpose of our tax system. It comprises 40 percent of all money the U.S. Treasury takes in. Roughly half of all tax revenue is in the form of income tax. Yet, there are many different types of taxes that Americans pay.  The better you can understand taxes, the more you can reduce taxes.

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One common goal that all Americans share is to retire as early as they can. Maximizing your retirement income will give you the option to do so as early as possible. During our working years, we are constantly juggling the responsibilities of supporting a family, career growth, and paying down the mortgage.

But retirement is a time to focus on yourself and do the things in life you have always wanted to do. Prior to retirement, we all want to know how much can we spend without running out of money. Maximizing your retirement income is the key to optimizing how much you can spend.

The two key components to maximizing your retirement income are how much you’ve saved for retirement and how much you need to withdraw from your nest egg every year. There are certainly a number of variables to maximizing your retirement income. But the three most important factors are determining your income needs, structuring your retirement income, and reducing taxes.

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