How Tariffs Could Impact Your Retirement and What to Know for 2025 Taxes

Summary

NerdWallet's Smart Money Podcast: Impact of Tariffs on Retirement and Insights for 2025 Tax Season

Release Date: March 6, 2025

In this episode of NerdWallet's Smart Money Podcast, hosts Sean Pyles and Elizabeth Ayola delve into the intricate relationship between recent tariff implementations and their potential impact on retirement funds. Additionally, they provide invaluable insights and guidance for navigating the 2025 tax season. Expert guests, including investment specialist Sam Taub and tax professional Bella Avila, join the conversation to offer listeners comprehensive advice on managing investments and optimizing tax strategies.

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1. Market Reactions to New Tariffs

The episode kicks off with a discussion on the recent implementation of President Trump's 25% tariffs on Canadian and Mexican goods, alongside an additional 10% tariff on Chinese products. These tariffs have stirred significant volatility in the markets, prompting concerns among investors about their retirement accounts.

Elizabeth Ayola expresses relatable anxiety:
“Sean, I hope you did not look at your retirement funds this week.” [01:08]

Sean Pyles acknowledges the dip in retirement balances:
“I'm trying to do a little bit of exposure therapy and practice what I preach. Realize that the markets go up and down and don't make rash decisions based on what's happening from one day to the next.” [01:14]

Sam Taub elaborates on the market's sensitivity to these tariffs:
“Our tariffs create new costs for businesses that import things, and those costs are either going to eat into corporate earnings or get passed on to consumers as higher prices or both. The market really doesn't like that...” [09:40]

He further explains the unexpected market sell-off despite the anticipated nature of the tariffs:
“People thought the tariff was just a negotiating tactic... but this time he didn't. The tariffs have gone into effect. He seems to have actually meant it this time.” [10:39]

2. Understanding Private Credit as an Investment

A significant portion of the episode is dedicated to exploring private credit, a burgeoning investment avenue offering higher returns compared to traditional bonds but with increased risks.

Sam Taub provides a clear analogy to define private credit:
“Private credit is like a non publicly traded bond... It pays interest income to investors, but it's issued by companies that aren't big enough or aren't established enough to borrow money the normal way.” [03:26]

He highlights the rapid growth of the private credit market:
“Private credit is growing really fast... estimated at $3 trillion, up from $2 trillion a year ago.” [04:40]

Pros and Cons of Private Credit:

• Pros: High returns (averaging 9% to 11% per year) and portfolio diversification.

• Cons: Higher risk, less liquidity, and minimal regulation.
  Sam Taub warns:
  “The underlying loans here are not publicly traded... the lack of regulation is something to worry about.” [07:18]

3. Strategies for Navigating Tariffs and Market Volatility

The hosts discuss strategies to manage investments amidst tariff-induced volatility. Emphasizing caution, Sam Taub advises against impulsive decisions:
“It's definitely not the time to make any impulsive decisions. It can be tempting to panic when the market takes a dive like it has recently, but that's often the worst thing you can do.” [03:06]

4. Navigating the 2025 Tax Season

Transitioning to tax season, the episode features tax expert Bella Avila who provides essential information and tips for the 2025 tax filings.

Key Deadlines and Extensions:

• Tax Day: April 15, 2025.

• Extensions: Available until October, but payments must still be estimated by April 15.
  Bella Avila stresses the importance of meeting deadlines:
  “Tax day is Tuesday, April 15th this year... You still have to send an estimate of what you owe to the IRS by April 15th.” [14:52]

Inflation Adjustments:

• Tax Brackets: Increased thresholds, allowing more income to be taxed at lower rates.

• Standard Deduction: Raised to $14,600 for single filers, up from $13,850 the previous year.
  Bella Avila explains the benefits:
  “This means an extra $750 of your income isn't subject to tax.” [16:11]

Free Tax Filing Options:

• IRS DirectFile and Free File Program: Expanded availability to assist taxpayers with simple returns.
  Bella Avila confirms:
  “DirectFile is more widely available than it was last year, having more than doubled the number of states where it's available to 25.” [17:43]

Filing Early Benefits:

• Cost Savings: Tax software prices surge closer to the deadline.

• Faster Refunds: E-filing expedites processing times.
  Bella Avila advises:
  “Filing early generally guarantees you better prices than if you wait until the last minute... e-filing your return will get you your refund faster.” [18:42]

5. Listener Questions and Expert Answers

The episode addresses specific listener inquiries, providing tailored advice on navigating complex financial scenarios.

Listener Question 1: Maximizing Roth IRA Contributions Amid Dividend Income

Diana raises concerns about reaching the Modified Adjusted Gross Income (MAGI) limit for Roth IRA contributions due to dividend income.

Bella Avila explains the tax implications of reinvested dividends:
“The IRS considers dividends taxable income. Even if they were reinvested and you didn't receive them in cash, you still have to report them as income on your tax return.” [20:20]

She suggests solutions:
“You might consider looking into opening a traditional IRA... and taking the backdoor Roth IRA approach.” [21:16]

Listener Question 2: Standard Deduction vs. Itemizing

Elizabeth Ayola prompts a discussion on choosing between the standard deduction and itemizing deductions.

Bella Avila clarifies the difference:
“The standard deduction is a set amount... When you itemize, you tally up all your individual expenses... You’ll want to run the numbers both ways to see which one gets you the bigger deduction.” [22:04]

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6. Final Thoughts and Recommendations

As the episode concludes, the hosts emphasize the importance of proactive financial management, whether dealing with market volatility or preparing for tax season. They encourage listeners to utilize available resources, seek expert advice, and remain informed to make sound financial decisions.

Sean Pyles wraps up with a reminder:
“Remember, listener, that we are here to answer your money questions. So turn to the Nerds and call or text us your questions...” [23:28]

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Conclusion

This episode of NerdWallet's Smart Money Podcast offers a comprehensive examination of how new tariffs may affect retirement investments and provides essential strategies for tackling the 2025 tax season. By featuring expert insights and addressing real listener concerns, Sean Pyles and Elizabeth Ayola equip their audience with the knowledge needed to navigate complex financial landscapes confidently.

Transcript

[Sean Pyles]

Today's episode is sponsored by Amazfit. I've been wearing the Amazfit Active 2 and it's basically like having a personal assistant for my health, except it doesn't judge me for hitting snooze three times. It's also a game changer for fitness. It combines AI driven coaching, smart tracking and premium features without the premium price. Unlike other wearables, Amazfit goes beyond basic fitness tracking. It has specialized modes like Hyrox, race mode, Smart strength training, and even free Diving Build built for both everyday users and elite athletes. And with AI driven coaching, it adapts to your workouts, tracks recovery and helps you train smarter. There's also a free Zepp app you can pair it with to get in depth analytics and downloadable maps you can use with turn by turn directions. And it has ZepFlow AI voice control so you can check stats hands free and don't worry about battery Life. The Amazfit Active 2 runs up to 10 days on a single charge. If you want a smartwatch that delivers more for less, then visit amazfit.com smartmoney to get 10% off. That's Amazfit A M A Z fit.com.

[Elizabeth Ayola]

Smartmoney Sean, I hope you did not look at your retirement funds this week.

[Sean Pyles]

You know, Elizabeth, I actually just checked my 401k balance and it is certainly lower than it was a couple days ago. But I'm trying to do a little bit of exposure therapy and practice what I preach. Realize that the markets go up and down and don't make rash decisions based on what's happening from one day to.

[Elizabeth Ayola]

The next, that's for sure. And I've been doing the same. So let's hear a bit about what's going on over on Wall street and some tips for making smart investment decisions.

[Sean Pyles]

Welcome to NerdWallet's Smart Money podcast where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Pyles.

[Elizabeth Ayola]

And I'm Elizabeth Ayola.

[Sean Pyles]

This episode we're talking about dun dun dun Taxes. We've got a lightning round of your tax questions as we approach the sure signs of spring tulips, cherry blossoms, and the IRS deadline. But first, our weekly Money News roundup where we break down the latest in the world of finance to help you be smarter with your money.

[Elizabeth Ayola]

All right, Sean, so we'd all be forgiven for sticking our heads in the sand this week and not paying any attention to what was happening with our 401s and IRAs. I mean, honestly, it was a hot mess.

[Sean Pyles]

It was. And it was by and large a reaction to the implementation of tariffs on Canada and Mexico and their retaliatory tariffs. Our news colleague, Ana Hilhosky is here with more. Hey, Ana.

[Ana Hilhosky]

Hey. So, yeah, I did not look at my retirement account balances either this week.

[Elizabeth Ayola]

I'm not sure about y'all, but I'd definitely like to hear about some ways to cope with the news so we don't become our own worst enemies.

[Ana Hilhosky]

Agreed. So I'm joined now by our fellow nerve, Sam Taub, who covers all things investing and has a newsletter dedicated to it as well. Welcome, Sam.

[Sam Taub]

Glad to be back.

[Ana Hilhosky]

We've been sort of joking about this, but would you agree that now is not the time to go wading into our retirement accounts trying to figure out whether to make changes while the market is swinging this way?

[Sam Taub]

And that it's definitely not the time to make any impulsive decisions? It can be tempting to panic when the market takes a dive like it has recently, but that's often the worst thing you can do.

[Ana Hilhosky]

All right. Well, let's start with a topic you've addressed in your newsletter, which is private credit and how and whether regular investors should get in on it. So first, what is private credit?

[Sam Taub]

Private credit is a little bit technical to define, and I think the easiest way to explain it is by analogy. It's a little bit of a hike. But bear with me here. A lot of listeners have probably heard of private equity. Private equity is kind of like stock. It's shares in a company, but it's shares of a company that hasn't gone public yet. Like an early stage startup, it has the potential for much higher returns than what you'd get investing in the stock market, but it also comes with more risk. And since it's not publicly traded, you don't necessarily have the ability to sell whenever you want.

[Ana Hilhosky]

Okay. Still with you. And private credit is if private equity.

[Sam Taub]

Is like a non publicly traded stock, private credit is like a non publicly traded bond. It's a fixed income investment that pays interest income to investors, but it's issued by companies that aren't big enough or aren't established enough to borrow money the normal way by issuing publicly traded bonds. So private credit is to bonds as private equity is to stocks. You have the potential to earn much higher returns, a much higher interest rate than you'd earn with conventional bonds. But there's also more risk and you have less flexibility about when you can.

[Ana Hilhosky]

Pull your money out and private credit is growing really fast, right?

[Sam Taub]

It really is. There was a McKinsey report last year that estimated the private credit market was worth about $2 trillion a year ago. And since then, some other sources have estimated it at 3 trillion. It's really ramped up in the last few years.

[Ana Hilhosky]

And why is that?

[Sam Taub]

A lot of it has to do with regulation. During the late 2000s financial crisis, a lot of financial institutions got themselves into trouble with bad loans. And in the aftermath of it, we created a lot of rules on bank lending to try to prevent that from happening again. One side effect is that banks became much more reluctant to lend money to small or early stage. It became harder for those companies to issue bonds, which is part of the traditional corporate lending process. But for better or for worse, people have found a loophole in these post great recession regulations, which is that they only apply to banks. They don't apply to other financial institutions like hedge funds and high net worth individuals who can act as non bank lenders.

[Ana Hilhosky]

So is this what people call shadow banking?

[Sam Taub]

Exactly. Yeah. Shadow banking is an ominous but also frankly accurate term for unregulated lending, which is private credit. Now private credit has grown really fast in recent years, partially because it provides this regulatory workaround to less established companies, but also because the returns are really good and that's created a lot of investor demand. One investment advisor I spoke to told me that the returns on private credit average around 9% to 11% percent per year, which is a lot higher than what you'd earn with most investment grade bonds.

[Ana Hilhosky]

So Sam, what are some ways that retail investors, I.e. regular people, can get a piece of this action should they decide that they like some in their portfolios.

[Sam Taub]

In recent years, some robo advisor firms have started to offer private credit investments to customers of the robo advisors. Nerd Wallet reviews Titan has a private credit strategy and Fidelity does too. Although Fidelity only offers it to accredited investors who have a net worth of a million dollars or more. On top of that, a few companies have recently launched private credit ETFs. These give anyone the ability to invest in private credit and they allow you to buy or sell whenever the markets are open, like any other etf.

[Ana Hilhosky]

What are some pros and cons of getting into the private credit space?

[Sam Taub]

The pros are pretty simple. Private credit potentially offers high returns and it also offers some diversification to a portfolio. There could be a case for devoting a small percentage of a portfolio to private credit if you understand the risks. But there definitely are risks such as well as we talked about private credit the underlying loans here are not publicly traded. They can't be bought and sold anytime between 9:30am and 4:00pm the way that stocks and conventional bonds can. Some private credit investment vehicles, like Titan's Robo Advisor offerings, will only allow you to buy or sell once per quarter. The new private credit ETFs don't have this limitation, but that's not necessarily a good thing. If a lot of people buy shares of these private credit ETFs and the ETF isn't able to buy a proportional amount of private credit loans, or if a lot of people sell the ETF and the ETF can't sell enough investments, then the price of the ETF could really get untethered from the value of its investments.

[Ana Hilhosky]

And what about regulation? Is the lack of regulation something to worry about?

[Sam Taub]

It very well might be. When I asked an investment advisor about the potential risks of investing in private credit, he pointed out that this is a very new type of investment that hasn't really been through a big crisis yet. And given that it's outside the guardrails of our post 2008 regulations on corporate lending, it's hard to say how bad a private credit downturn could get. We thought it was important to write about this topic in the newsletter, not just because it's this buzzy new thing that people might want to invest in, but also because people might want to keep an eye on this sudden rush into an asset class that isn't really regulated at all. There's potentially money to be made in private credit, but there's also a lot of money to be lost, potentially. And as private credit goes mainstream through ETFs, the risks and returns may both get higher.

[Ana Hilhosky]

So one other question, Sam. What's going on with the markets now that President Trump's 25% tariffs on Mexican and Canadian goods have officially begun?

[Sam Taub]

Well, it's 25% tariffs on Mexican and Canadian goods, and also an additional 10% tariff on Chinese goods. It so happens that these are our three largest trading partners, and they've all announced or threatened their own retaliatory tariffs. Our tariffs create new costs for businesses that import things, and those costs are either going to eat into corporate earnings or get passed on to consumers as higher prices or both. The market really doesn't like that, especially because we've already been struggling so much with inflation in the last few years.

[Ana Hilhosky]

And what about those retaliatory tariffs?

[Sam Taub]

Those make it harder for US Exporters to sell things abroad, and the market really doesn't like that either.

[Ana Hilhosky]

But it seems like these tariffs aren't exactly a surprise. President Trump talked about them a lot on the campaign trail, and he's been pretty clear that he was going to do this since he got back into office. So why is the market just selling off now?

[Sam Taub]

You know, I don't know if there's a completely logical answer to that question, but basically people thought the tariff was just a negotiating tactic, and that is something Trump is known to do sometimes. When he first got inaugurated, he threatened these same 25% tariffs on Canada and Mexico, but then he got some concessions from those countries and suspended the tariffs. Up until a few days ago, I think the market expected Trump to produce some other last minute deus ex machina, but this time he didn't. The tariffs have gone into effect. He seems to have actually meant it this time.

[Ana Hilhosky]

Is there still some possibility that we'll reach a deal and the markets will go back up?

[Sam Taub]

Anything's possible. As we've discussed, investors seem very quick to say, oh well, Trump probably doesn't mean it. So if there is some news of major new concessions from Canada or Mexico or another delay from Trump, we could see a rally in stocks. Now, does that make sense in the long term? That's a more complicated question. It's hard to say what this means for America's trade relationships. In the longer term, it's pretty safe to say that our biggest partners don't like all this drama and it could hurt our ability to make new deals going forward. We're just gonna have to wait and see.

[Ana Hilhosky]

All right, Sam Tabb, thank you so much for your help today.

[Sean Pyles]

Always happy to come on and thank you, Ana.

[Ana Hilhosky]

You got it, Sean.

[Elizabeth Ayola]

Up next, we answer a listener's question about taxes as we barrel towards April 15. But before we get into that, a reminder listener to send us your money questions, leave us a voicemail or text us on the Nerd hotline at 901-730-6373. That's 901730, nerd. Or you can email [e-mail] maybe you.

[Sean Pyles]

Need some help planning the best way to use your credit card points as you book your spring and summer travel or you're trying to figure out whether you should revisit your investment risk tolerance. Whatever your question, leave us a voicemail or text us on the nerd hotline at 901-730-6373. That's 901730, nerd. Or email [e-mail] now let's get to.

[Elizabeth Ayola]

This episode's money question that's coming up in a moment. Stay with us.

[Sean Pyles]

Today's episode is sponsored by Range Rover Sport. Some decisions in life require careful research, like picking the right investment strategy or figuring out which streaming service actually has the movies you want. But when it comes to driving, there's one decision. That's the Range Rover Sport. It's a bold take on sporting luxury, blending sophistication with power on the road. Adaptive dynamics keep your ride smooth and composed by reducing unwanted body movements. Because, let's be honest, the only thing that should be unpredictable is the stock market, not your suspension. When the road changes, the Range Rover Sport changes with it. Dynamic air suspension adjusts to keep things smooth and balanced so every turn feels effortless. And if the pavement disappears, no problem. Adaptive off road cruise control kicks in. Reading the terrain and making real time adjustments so you don't have to spend your drive making more calculations than your tax software. Visceral, dramatic, uncompromising, the Range Rover Sport leads by example, just like you do build yours [e-mail] Again, explore the Range Rover Sport@land roverusa.com We're back and answering your money questions to help you make smarter financial decisions. This episode, we're taking on a number of questions about tax season 2025 in a lightning round.

[Elizabeth Ayola]

And to help us answer all the tax questions on this episode of the podcast, we are joined by Nerd Wallet Tax WR Bella Avila. Welcome back to Smart Money, Bella.

[Bella Avila]

Thanks. I'm happy to be back on.

[Sean Pyles]

So Bella, let's start with the basics. The who, what, where and when of tax season 2025. As in when do people need to make sure they get their taxes in?

[Bella Avila]

Tax day is Tuesday, April 15th this year. That's the last day people have to file their taxes before penalties and interest start to stack up. There are some exceptions to this deadline. For example, people affected by federally declared natural disasters like the wildfires in LA get time to file and pay taxes.

[Elizabeth Ayola]

So what advice do you have for the procrastinators out there who might not make that April 15 deadline?

[Bella Avila]

If you don't have all your paperwork sorted out by that April deadline, remember that you can always request an extension by tax day, which pushes out your filing deadline six months to October. But this extension is only to file your return. It's not an extension to pay your taxes. You still have to send an estimate of what you owe to the IRS by April 15th. Estimating your taxes includes finding your total Gross income from the last year, factoring in things like credits and deductions and more. Using an online income tax calculator like nerdwallets can help simplify the process.

[Elizabeth Ayola]

I love that you added that people have to still pay their taxes because I will not lie, I might have forgotten that part. And also, good suggestion on the calculator, Bella. I'm a calculator girl. So for everyone listening, we will have a link to NerdWallet's federal income tax calculator in today's show notes. Or you can just search in Google or whatever, whatever search engine you use. Nerd Wallet Tax Calculator.

[Bella Avila]

Yeah, go check that out if you're interested. And the last deadline related thing I'll touch on is if you're due a refund, there's no penalty for filing late, but you might want to file on time anyway to get your money back sooner. And although you might not be penalized for filing late, you may still be obligated to file a return based on the IRS's rules.

[Elizabeth Ayola]

All right, so are there any big changes this year that people should be aware of?

[Bella Avila]

Every year the IRS makes what we call inflation adjustments, which means things like the tax brackets, standard deductions, certain tax credits, and more are shifted. And these shifts tend to work out in the favor of US Taxpayers. We can dive into how that plays out, starting with tax brackets. Although the seven income tax rates don't typically change year to year, tax brackets do. For example, last tax filing season as a single Filer, the first $11,000 of your income would have been taxed at 10%. Whereas this filing season, the first $11,600 is taxed at 10%, keeping more of your income from reaching that higher tax rate. And then I also want to touch on how the standard deduction has changed. This year we can use that same single filer example. Last year if you took the standard deduction, you would have gotten a $13,850 deduction, whereas this year, under the same circumstances, you'll get a $14,600 deduction. This means an extra $750 of your income isn't subject to tax.

[Sean Pyles]

So last year we Talked about the IRS's free tax filing program. Bella, what's the current status of that? Is it still intact after the slicing and dicing of the federal government that we've seen over the past several weeks?

[Bella Avila]

As a refresher for listeners who might not be familiar with the program, the IRS debuted its own tax filing software last year called DirectFile and it piloted it in 12 states. Despite some confusion about whether or not DirectFile is still up and running this filing season, I can assure you it is. And it's more widely available than it was last year, having more than doubled the number of states where it's available to 25. So even more people who have fairly simple tax situations may have the opportunity to file their taxes for free this year. I also wanted to call out the IRS Free File Program as another option for people to file at no cost. The IRS partners with tax prep companies each year to give eligible taxpayers access to free software, which forms and credits are supported can vary by provider, but anyone who had an adjusted gross income of $84,000 or less in 2024 might qualify.

[Sean Pyles]

Bella we often talk about the importance of filing your taxes early. Can you give our listeners, especially the procrastinators out there, a couple of big reasons to file before April 15th?

[Bella Avila]

For sure. So tax software often becomes more expensive the closer it gets to the tax filing deadline. We call this surge pricing. A package that was $30 in February might run you $50 in April. So if you want to get the best deal, filing early generally guarantees you better prices than if you wait until the last minute. And if you want to get your hands on your refund sooner, that's another reason to file early. It generally takes the IRS about three weeks to process refunds for e filed returns, so waiting to file until the last minute means you might not get your refund until early May. And I'll also say that e filing your return will get you your refund faster than if you mail it, so try to avoid the pen and paper.

[Elizabeth Ayola]

I will say a refund and saving money sound like great incentives to me. Let's turn to a couple of questions that we got from listeners about taxes. Here's the first one, which comes from Diana Hello, I've been trying to max out my Roth ira, but I'm worried that I will hit the cap on MAGI so won't continue to be able to put money into it. The problem is that although my salary is not close to the limit, my brokerage account dividends are putting me closer to the limit. I don't understand why the dividends get reported on taxes since I haven't ever taken the money out. I also don't understand the difference between ordinary and qualified dividends. Lastly, I don't understand how it will work later for taking the money out since some of it was included in my taxes now and some was not. I'VE been just putting money in for the future, but don't know how to actually take it out later. Thanks, Diana.

[Sean Pyles]

So, Bella, can you explain what might be happening with Diana's situation and how reinvested dividends might make someone's income above the limit to contribute to a Roth ira?

[Bella Avila]

Absolutely. I won't put our listeners to sleep by diving into the nuances of what makes a dividend qualified or not. But the taxes team does have an article on this for those who are interested. The highlights are that it generally must be paid by a US Corporation, the IRS must consider it a dividend, and you must have held it for a certain amount of time. As for why reinvested dividends might put your income over the allowed limits to contribute to a Roth ira, the IRS considers dividends taxable income. Even if they were reinvested and you didn't receive them in cash, you still have to report them as income on your tax return.

[Sean Pyles]

Yeah, that's a little thing called phantom income. The IRS considers you to have received this income even though you never saw the cash hit your bank account. So the income is there, but it's also kind of not there like a phantom. So, Bella, how can folks like Diana contribute to a Roth IRA if that's their goal, even if their income might push them past the limits?

[Bella Avila]

If you think dividend income from your brokerage account might continue to be part of your tax situation and put you over those income limits to contribute to a Roth ira, you might consider looking into opening a traditional ira, which doesn't have income limits for contributions, and taking the backdoor Roth IRA approach. And lastly, you won't pay taxes when withdrawing contributions from your Roth IRA because you've already paid them upfront. But whether you'll pay taxes or penalties on earnings generally depends on age and how long you've held the account.

[Elizabeth Ayola]

I think backdoor Roth IRAs are like a gift because they sound too good to be true, but they're actually true. So thanks for that, Bella.

[Bella Avila]

Exactly.

[Elizabeth Ayola]

All right, so another question we often get from listeners is about whether they should take the standard deduction or itemize. Can you explain to the people the difference and why someone might choose to do one or the other to back.

[Bella Avila]

Up a little bit in case some listeners might not know the difference. The standard deduction is a set amount. The IRS lets you shave off your taxable income, and most people qualify for it. When you itemize your deductions, you forego that standard deduction and instead tally up all your individual expenses throughout the year that the IRS considers deductible. Popular deductions include those for medical expenses, property tax, and mortgage interest. When it comes to choosing between the two options, you'll want to run the numbers both ways to see which one gets you the bigger deduction. And luckily, good tax software or a tax preparer will do that for you.

[Sean Pyles]

Bella, any other words of wisdom for folks as they embark on tax season 2025?

[Bella Avila]

Research is key. Maybe that looks like seeing which tax credits you qualify for to ensure you get the biggest refund or minimize what you owe. Or maybe it's comparing which tax software would do all the work for you behind the scenes. But in any case, there are many good resources out there that make brushing up on your taxes knowledge easy. So with that, happy filing, everyone.

[Sean Pyles]

Thank you. And Bella Elizabeth, I have one last question for you. Have you guys filed your taxes yet?

[Elizabeth Ayola]

Ha ha. I'm not answering that. Ask me again next week.

[Sean Pyles]

I'll take that as a no. Okay, well, I'm happy to brag and say that I have filed my taxes.

[Elizabeth Ayola]

Good job, Sean. We're learning from you.

[Sean Pyles]

Thank you. I try to set a good example for everyone. Well, Bella, thank you so much for coming on and sharing your insights with us.

[Bella Avila]

Thanks for having me.

[Sean Pyles]

That's all we have for this episode. Remember, listener, that we are here to answer your money questions. So turn to the Nerds and call or text us your questions at 901-730-6373. That's 901730, nerd. You can also email us at podcastnerdwild.com follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

[Elizabeth Ayola]

This episode was produced by Sean and Tess Vigeland. Hilary Giorgi helps with editing. Megan Mauro mixed our audio. And a big thank you to NerdWallet's editors for all of their help. And here's our brief disclaimer. We are not financial or investment advisors. This nerdy information is provided for general educational and entertainment purposes and it may not apply to your specific circumstances.

[Sean Pyles]

And with that said, until next time, turn to the Nerds.