Think You Might Owe the IRS in April? 3 (Easy!) Ways to Lower Your Tax Bill | Money With Katie Podcast

One of the trickiest things about investing in retirement accounts is that by the time you know how much you could’ve contributed for a tax break, it’s too late (e.g., you can only make 401(k) contributions through Dec. 31).
But there are a few accounts in the tax-advantaged investing world that allow contributions right up until the tax deadline, making them incredible options for last-minute savings.
After all, I prefer deductions that come from investing over deductions for spending: Why would I spend $100 to save $32 when I could invest (read: keep) $100 to save $32?
Reminder: I’m not a licensed tax professional. Please consult your CPA and do your own research before making big money moves.
Learn more about our sponsor, TaxAct: link
Transcripts can be found at podcast.moneywithkatie.com.
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Mentioned in the Episode

The Traditional IRA: link

3 Ways to Lower Your Tax Bill & Navigate Rollover IRA Forms: link

2022 & 2023 IRA deduction limits: link

The Roth IRA: link

Roth IRA Income Limitations: link

The Backdoor Roth IRA: link

The Money with Katie Show on building a diversified portfolio: link

SEP IRA Contribution Limits: link

Self-employment tax: link

Solo 401(k) deadline: link

High-Deductible Health Plans (HDHP): link

HSA Contribution Limits for 2022: link

Saving on FICA tax via the HSA: link

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