At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Rob Burnette, investment advisor and professional tax preparer at Outlook Financial Center.
"For higher-earning employees, using the traditional 401(k) will give an immediate tax benefit of lowering taxable income, while others will benefit from paying taxes today at lower rates and allowing the investments to grow tax-free," said Rob Burnette, investment advisor representative at Outlook Financial Center in Troy, Ohio, in an email.
Even if you use tax preparation software, be vigilant, says Rob Burnette, an investment advisor and tax preparer at Outlook Financial Center in Troy, Ohio.
“What can be pared back without completely blowing up your lifestyle?” asks Lori Gross, a financial advisor at Outlook Financial Center in Troy, Ohio.
"If you don't make a payment on those taxes within 30 days, you're going to get a letter from the IRS. It says, 'Hi, you owe X number of dollars. You haven't paid them yet.' But it will come in a letter. I want to emphasize the IRS is never going to reach out to you by phone," said Rob Burnette, CEO, investment advisor representative and professional tax preparer at Outlook Financial Center.
Rob Burnette, the CEO of Outlook Financial Planning discusses how tariffs may impact investors.