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Financial Goals

Ep. 011: Tax Prep with Ed Slott

This week on "Better Off," tax guru Ed Slott, CPA, is in the house to review some last-minute tax tips.

Articles by Jill Schlesinger

By Jill Schlesinger, CFP®
  |  Published: March 16, 2017

With Tax Day right around the corner, our guest, Ed Slott, CPA, is in the house to review some last-minute tips, dos and don’ts, and provide sage advice about which IRA might be right for you.

Ed is not only a tax guru, he’s also a total character. He skillfully presents what is usually dry advice in just the way we like on “Better Off”: with attitude and humor!

Considered one of the foremost authorities on all things regarding taxes, retirement, IRAs, Ed is regularly quoted in the New York Times, Wall Street Journal, Forbes, Money, Kiplinger’s, USA Today, Investment News and a host of additional national magazines and financial publications. You may have also seen Ed on your local public television station on one of his numerous specials.

I realize paying taxes can be a sore subject, but as much as everyone complains, Ed says that tax rates are still relatively low. That means that now could be a good time to move funds from tax-deferred vehicles, like 401(k)s and IRAs into tax-free Roth IRAs.

Ed also notes that the very best retirement strategy is to work as long as you can. Extra income can prevent you from dipping into your nest egg; allow you to make Roth and spousal Roth IRA contributions (though once you turn 70 1/2, you can NOT make traditional IRA contributions); and most importantly, working longer will help you combat the reality of longevity!

See, it’s not all bad news around tax time…and as Ed says, the key to the entire tax preparation process is to keep flawless records and documentation throughout the year!

Better Off” is sponsored by Betterment. For more tips and advice on taxes, retirement and IRAs, connect with Ed on Twitter and visit his website for a variety of resources.

This article originally appeared on Jill Schlesinger’s LinkedIn.

The opinions stated on the Better Off podcast are those of the host, Jill Schlesinger, and her guests, and not those of Betterment or its employees. Any third-party links provided are offered as a matter of convenience and are not intended to imply that Betterment endorses, or is affiliated with the owners of or any information contained on those sites, unless expressly stated otherwise. Listen to a preview and subscribe to “Better Off” here.

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