In this episode, Dr. Friday explains why tax planning for next year should start now. Learn how adjusting withholdings and contributions early can save you money and prevent surprises.
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.
Year-end tax planning—now, you might be thinking, “Why is she talking about this at the beginning of March? We haven’t even finished our 2024 tax return!”
Because now is exactly when you should be thinking about it. If you need to make a change—adjust federal withholdings, contribute more to your 401(k), or decide whether to save or withdraw money—this is the time to plan.
Starting early gives you a full year to make adjustments. If you wait six or seven months, you’ll only have a few months to fix things, and chances are you’ll still owe taxes.
Now’s the time to think ahead to 2025 while filing your 2024 return.
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.