Dr. Friday emphasizes the importance of early adjustments to your W-4, 401(k), or 403(b) to maximize your tax benefits. Starting early in the year allows you to make meaningful changes, whether you’re fine-tuning your withholdings or increasing retirement contributions. Avoid the rush and financial strain of last-minute adjustments by planning now.
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.
We are in a brand new year, and it’s time right now to start thinking about W-4 forms. That’s how much money is going to be coming out of your W-2s. Also, do you want to put a little more money into a 401(k) or 403(b)? Now’s the time to think, so you have the whole year to make these adjustments.
So often, when people come into my office, it’s already April or even as late as September or October. Then we’re scrambling to make changes, which doesn’t leave much time to adjust for the current year.
Now is the time to ask: Are you withholding enough? Are you in the middle of a divorce? Make the adjustments today, so it doesn’t hurt so much tomorrow.
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.