Forbes Quotes Benjamin L. Grosz about Tax Planning via Retirement Accounts

With tax season in the rear view mirror, it's a great time to give your finances a once-over. You've already gone through all your paperwork, you have a pretty clear picture of your money situation, and you've got a little time now that you're no longer digging around for that lost W-2.

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Here's your chance to be part of the half that's getting their financial act together. Start with these steps:    [Excerpt]

Review your  retirement savings. Have you rebalanced your assets lately? Take a look and reset your allocation if it's gotten out of whack. If you aren't already maxing out a 401(k) plan, bump up contributions by 1% or 2% to increase your nest egg without feeling much pinch. If you don't have access to a 401(k), now's a great time to open an IRA or Roth IRA and set up an automatic transfer every payday-or sock your tax refund in there."Doing so offers numerous financial and tax advantages including potentially deferring, reducing, or avoiding income taxes, as well as a potentially beneficial tax credit," says Benjamin Grosz, a tax attorney at Ivins, Phillips & Barker in Washington, D.C.