Hi everyone I'm Rose Marie Miller here with Kelly Phillips Erb, a senior writer here at Forbes here to give us some end of the year tax tips.

Thank you so much for joining me today Kelly.

Thank you for having me.

Absolutely. So Kelly, how can individuals strategically utilize retirement and related accounts to defer income and contribute to their

nest egg before the approaching year end. So you have the opportunity to put money

away all year long but there are limits on how much you can give and we actually have

those outlined in our year in the tax article that's coming up, but also you can find it anywhere

in Forbes or IRS.

It depends on the kind of account that you have,

but typically you're looking at about $22,000

for retirement account that's like a qualified plan like you think of as a 401k,

I'm in about 6,000 for an IRA.

And at the end of the year, you haven't hit those limits.

The IRS set for time, right? So if you're looking and you have a little bit of money,

maybe you got a bonus or you have a little bit of money you weren't counting on, you can

actually put that money in one of these tax-deferred accounts and what that

does is it also defers the tax, depending on the kind of account.

I will say there's Ross treated differently differently than traditional accounts but for the most part I think you know with

traditional accounts is what a lot of people think about the traditional IRA.

When you put the money in it doesn't get taxed when you make the contribution it gets

taxed later when you take it out and of course the goal is that you're making more money

now than you will when you're in retirement so your tax

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