When preparing your taxes, understanding your unique situation is crucial. Dr. Friday highlights essential questions to consider, such as your marital status, whether you have dependents, or if you’re self-employed. Knowing your income bracket and potential deductions like child care or retirement contributions can help you save significantly. For some, maximizing retirement savings could be the key to reducing tax liability. Evaluating these factors can ensure you’re making the smartest tax moves for your financial health. Need personalized advice? Dr. Friday is ready to help at 615-367-0819.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What do you really need to know when you’re thinking about taxes? Well, it really kind of depends, right? I mean, am I an individual? Am I married? Do I have children? Am I self-employed? Am I an employee? Whew, this can go on for a whole minute here. So let’s just think about what your situation is. Then we can define it down to what’s important. Do you have child care? Is that deductible? What’s your income bracket? What can you do to help reduce taxes? In some cases, guys, if you are W-2, don’t have any kind of mortgage or deductions, you may have very little, so putting more into retirement may be the secret. But understanding what that secret is could put more money in your pocket. If you need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7. WTN.