Daniel Razvi Shares Smart Tax Tips and Strategies on Fox 5 DC

As tax season approaches, Daniel Razvi, Senior Partner and Lead Tax Attorney at Higher Ground Financial, joined Good Day DC to share essential tips to help individuals prepare, save, and plan ahead for long-term financial success.

Watch The Full Interview on FOX 5

Before filing your taxes, Razvi advises starting with the basics: gather all your W-2s and 1099s, including those from banks and investment accounts. Even small amounts of interest from savings or money market accounts can affect your tax liability — and missing one document could cause delays or trigger a correction later.

1. Max Out Your IRA, Roth IRA, and 401(k) Contributions Early

Making the most of your retirement contributions can reduce your taxable income and boost long-term savings.

• Traditional 401(k) or IRA: Contributions lower your taxes this year, but you’ll pay taxes on that money when you withdraw it later.

• Roth IRA: You pay taxes upfront, but your withdrawals in retirement are tax-free.

By contributing early in the year, your investments have more time to grow — and your tax planning becomes more predictable.

2. Consider Switching from a Traditional IRA to a Roth IRA

If you expect your tax rate to rise in the future, a Roth conversion can be a smart long-term move. While you’ll pay taxes on the amount you convert now, you’ll enjoy tax-free growth and withdrawals in retirement — a valuable benefit as tax rates and income levels change over time.

3. Consider Starting a Business

Business ownership opens the door to valuable tax deductions that employees don’t have access to.

“The tax code is favorable to business owners,” Razvi explains. “You can write off things like your cell phone bill, car expenses, and more.”

Even small side businesses or consulting work can create opportunities to deduct legitimate expenses and lower your taxable income.

4. Log Your Real Estate Expenses

For homeowners and real estate investors, recordkeeping is key.

Keep track of home improvements, attorney fees, and selling costs — these expenses can offset your capital gains when you sell a property. Failing to document them could mean paying more tax than necessary when it’s time to close the sale.

5. Don’t Miss Common Deductions

Many taxpayers overlook opportunities to grow money tax-free or avoid unnecessary deferrals. While deferring taxes can be helpful, Razvi emphasizes the importance of strategically allocating funds to tax-free accounts when possible.

Plan Beyond This Year

Tax planning shouldn’t end when you file your return. “You should be proactively planning how to minimize your taxes for the long term,” says Razvi. Life events such as getting married or having a child can qualify you for credits and deductions for the entire year — so anticipating these changes helps you stay ahead.

At Higher Ground Financial, Razvi and his team help clients create tax strategies that not only prepare them for filing season but position them for sustainable financial growth.

About Higher Ground Financial Group

Higher Ground Financial Group is a family-owned business that exists to help clients nationwide achieve their financial goals. Like family, Daniel and Imran Razvi rely on each other’s strengths, and, in turn, rely on each other’s collective talents to support you. Whatever your financial concern or challenge - when your family calls, our family and experienced associates will answer!

Learn more about how Daniel Razvi and Imran Razvi proudly serve families nationwide.