The 2024 tax season marks the last opportunity to take advantage of current tax benefits before significant changes potentially take effect in 2025. With tax reforms looming unless Congress extends the current code, it’s crucial to strategize now. Dr. Friday emphasizes the importance of reviewing your 2024 taxes thoroughly, considering actions like Roth conversions to maximize your financial advantage over the long term, rather than merely minimizing taxes each year. Start preparing now to safeguard your financial future amid possible tax code shifts.
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.
2024 tax season is the last season we’re going to have pretty much before we start seeing some big tax breaks. Because when we file in 2025, at the end of 2025, we’re going to be making some big changes unless they extend the current tax code, which we don’t know if they will or won’t. So we have to prepare for the worst. So looking at your 2024 taxes are going to be very important, not only for understanding what we have left in 2025, but should I be doing a Roth conversion? Should I be doing something now that’s going to put more money in my pocket in the big picture and not always looking to reduce taxes every single time I file taxes?
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.