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April 9, 2019
If your tax refund this year was disappointing, you may be able to do something about it: Contribute more to a retirement fund.
Tax-deductible contributions to 401(k)s, IRAs and other retirement accounts are among the few remaining ways to reduce taxable income if you don't itemize deductions. And few of us do these days: Only about 1 in 10 taxpayers is expected to itemize now that Congress has nearly doubled the standard deduction, tax experts say. That's down from about 1 in 3 before the law changed.
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