Issue 001: Financial Literacy Month w/ Ratio Financial Fulfillment

As Financial Literacy Month comes to an end, we have news to share: “We got our taxes completed before Tax Day!”

cue the the balloon drop

With the busiest season behind tax professionals, preparation for the next season is already on its way. We, too, wanted to make sure that we were properly preparing for the next tax season, but we had questions. We can’t be the only ones side-eyeing taxes. We owe how much? Chile, please! So, we sat down with our financial literacy partner, Ratio Financial Fulfillment (Ratio), about next steps in this ongoing relationship with taxes and how we can know better in order to do better.

We caught up with tax strategist and Ratio Managing Member, Ke’Aira Wooden-Brown, CPA, earlier this month to get the 411 on all things taxes. Wooden-Brown, who will be stepping into her new role as Associate Manager, LA&C Control at Yum! Brands in May, strives to understand and support the first generational entrepreneur and her community not only because she cares, but like Shawty Lo, she has dun-done it all. Well, all that can be done as a solopreneur.

Check out Ke’Aira HERE.

This is how our session went:

MORILYN + JAMES (MJ): Help! We need your help! What's a primary action taxpayers should be considering this year?

Ke’Aira Wooden-Brown (KWB): Taxpayers should check their withholding now to prepare for tax year 2025. Proper tax withholding, now, is key to avoiding surprises when they file next year. Making any needed adjustments early means you won't have to make a big change later in the year to catch up. 

MJ: What are some resources to help with those actions?

KWB: The IRS provides the free Tax Withholding Estimator. It can be used to determine if you have the right amount of taxes withheld from paychecks. With the Tax Withholding Estimator, you may determine that you need to submit an updated Form W4 to your employer. Adjusting tax withholdings, you can prevent owing money and potential underpayment penalties. You can also adjust the withholdings at your job to increase take-home pay instead of waiting for a refund. 

MJ: We’re good at side-eyeing an issue, and taxes can be rude and disrespectful! What are some ways taxes can work in our favor?

KWB: Maximizing your retirement contributions is one of the best ways to reduce taxes now and build long-term wealth. In 2025, you can contribute up to $23,000 to a 401(k) or 403(b), with an additional $7,500 if you're age 50 or older. Traditional and Roth IRAs allow up to $7,000 in contributions ($8,000 if 50+), though Roth IRAs have income limits. If you’re self-employed, options like SEP IRAs or Solo 401(k)s allow you to contribute up to $69,000, depending on your income. While maxing out is great, contributing consistently—even in small amounts—can still make a big difference over time. Don’t forget: if your employer offers a match, take full advantage of it—it’s essentially free money for your future.

As we reflect on the decisions we made in 2024 and the decisions  we will make this year, it’s clear that entrepreneurs and other professionals should prioritize financial planning. It’s a lifelong process that we should aim to better understand. We at MORILYN + JAMES will keep you updated on our progress and continue to share additional insights from conversations with Ratio. Stay tuned.

Later.

*This interview was slightly edited for readability.