Dr. Friday shares smart strategies to reduce taxes by maximizing contributions to retirement accounts like 401(k)s or IRAs before year-end. She explains the tax benefits of traditional vs. Roth IRAs, helping you choose the best option for your financial goals. Take advantage of last-minute opportunities to save on taxes and grow your retirement savings.
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.
Right now, you’re thinking, how can I reduce taxes? I’ve already done as much. Now, if you have a 401k at work, you may have one paycheck, maybe two, depending on how often you’re paid, where you could maximize. You could put the entire paycheck, after taxes, into your retirement account, 401k, 403b. That may be a smart thing to do. Maybe you can’t afford that. Keep in mind that sometimes, if you don’t have a retirement, now’s the time to put that money or set it aside for your IRA. Now, I’m not going to tell you if it’s a Roth IRA, it’s not going to save tax dollars, but it will grow tax-free, where if it’s a traditional IRA, it will save you taxes today. Need help? Go to the web, drfriday.com.
You can catch the Dr. Friday call and show. Live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.