As a CPA during tax season, I meet with lots of people. Many of them are regular clients who engage in year-round tax planning. For these people, tax season has few if any surprises. Others aren’t so well prepared. No one wants to pay more in taxes than they have to. Two of the best strategies for preventing that are tax planning and early filing.

Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option. 

There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs.