When you contribute to a traditional IRA, you can deduct that money from your taxable income that year. When you contribute to a Roth IRA, you don't get the immediate tax benefit -- but you withdraw your money tax-free in retirement. It's also possible to convert from a traditional to a Roth, but you have to pay taxes to do so. A reader named Ron wants to know how that works, and when he'd have to pay the taxes. DailyFinance's Laura Rowley explains.
With Thanksgiving still three weeks away, taxes are probably the last thing on your mind. Still, much as you might groan at the thought, there are some smart steps you can take between now and Dec. 31 that will make a real difference when it comes time to deal with the IRS next spring.