54: How Seniors Can Save Big on Taxes With the Big Beautiful Bill

Do you qualify to save big this year?

In this episode of Up Your Average, Caleb Tyner joins Keith and Doug to detail how seniors age 65 or over can deduct up to $12,000 on their federal income tax return through the Big Beautiful Bill.

By listening, you will learn:
- Who qualifies for this deduction
- When the deduction ends
- How to get the most of out the deduction

Connect with us at www.gimbalfinancial.com.

Episode Transcript

Keith (00:00):
You can get bitter or you can get wise. And today, we

(00:03):
wanna get more wisdom in yourhands to help you navigate this.
And, unfortunately, thewealthier you are, these rules a
lot of times don't benefit youas much as the ordinary folks.
But we're all about both people.Any way we can figure out how to
help both of those, we're gonnabring it to you.

Caleb P (00:21):
Welcome to the Up Your Average podcast, where Keith and
Doug give no nonsense adviceGood morning, Gimbal gang. We

(00:43):
are

Doug (00:44):
all three here. Last week, technical difficulties. I think
the answer was I didn't have mysound settings right. So you
guys were right. Man.

Keith (00:56):
But welcome back, everyone. We did a tour of Wall
Street for you, mainly of theNew York Stock Exchange area and
some of that history. And youcould go back in our recorded
ones, and you and I did thatabout two years ago. And I was
sitting on the steps at theJPMorgan bank, and a homeless
dude was smoking pot talking tome the whole time. It was a

(01:19):
classic moment.

Doug (01:20):
I I and we I think we've addressed this before, but the
JPMorgan building is myfavorite. And kind of like a, a
letdown, an extreme letdown, buta win for capitalism. As I went
to the JPMorgan building, maybeyou were with me, Keith, but at
the moment, it had turned into aHalloween store.

Keith (01:40):
I don't even think it was open. Was it, Caleb?

Caleb T (01:43):
It doing renovation or something.

Doug (01:46):
Like, there are some things that you just shouldn't
do that with. I I I lovecapitalism and all that, but
there's some areas where youjust gotta preserve the
greatness.

Keith (01:56):
We should research who owns that now because if the
family owns it, surely theMorgan family wouldn't let that
happen.

Doug (02:01):
I don't know.

Keith (02:02):
Yeah. I doubt they own it. Yeah. Because that would be
that that would be like turningyour property into a brothel or
something. I don't know.
It's it's Yeah.

Doug (02:11):
It was it was a sad moment. But on the plus side, it
did allow me to go inside andcheck it out. Yeah. So that was
that was pretty cool.

Keith (02:20):
Yeah. I like that. I I don't think I've ever it's never
been open where I could do thatwhen I've been there. That that
that part would be cool.

Doug (02:26):
That was that was a win.

Keith (02:28):
So I was doing a little research for our conversation
today. And a number of yearsago, there were these people
that they started throwing teain the harbor in Boston. You
heard that story? Yeah.

Doug (02:41):
And it didn't take much.

Keith (02:43):
They threw their It

Doug (02:46):
didn't take much to tick them off is what I'm saying.

Keith (02:48):
Six point six to 8% taxes is what they estimate. Can you
imagine that if our country gotupset about paying six to 8% in
taxes, the revolution we'd have?It would be unbelievable. Yeah.
It would be unbelievable.
So as we're preparing thisconversation, I I I was gonna

(03:09):
get a picture of mini me abackpack is kinda what I think
of. Like like, you gotta hoistthis thing on and and carry it
around. But if you look at anumber of your investment
strategies, you're you've got amini me on your back. If you if
you haven't seen the AustinPowers movies, pretend like I

(03:32):
haven't either. But but you'rehauling another another
stakeholder around.

Doug (03:38):
Okay. Right? Yeah. Good choice of words.

Keith (03:41):
Yeah. And they they don't have any risk. Yeah. And and so
I I think if I were going to saythe gist of what we wanted to
talk about today isdisinheriting an unwanted error.
Like, can I when I look at mytraditional IRA or my
traditional four zero one ks,I'm hauling around many me,

(04:04):
which is your US federaltreasury or your state income
taxes, or maybe those of youthat are in California, you may
have to pay it on your city andand county?
Who knows? And so the more yougrow those accounts, you may
think you just have your twokids as your beneficiaries, but
you've got a third beneficiary,and that's the government. And

(04:26):
the more it grows, the morethey're going along for the
ride.

Doug (04:29):
So true. Like, you think of it even with with your house,
your home, and the taxes you'repaying. The municipality is
always the winner, and they haveno risk in your house. I
literally just hit

Keith (04:41):
the pay for this building here. Yeah. And it is it is
almost 3% of what we paid forthe building is what I have to
pay every year. Oh,

Doug (04:53):
Marisu, thanks you.

Keith (04:55):
Yeah. I take it back. It's 2%. So that's still lot.
Ton.
Yeah. And and it's so muchbecause we took we took our
capital

Doug (05:04):
Your capital. We put it

Keith (05:06):
into the building to make the building presentable. So
once we made it presentable,they they were still in the
backpack. They're like, goodjob. Spend some more capital so
we can assess that at a highervalue. Yeah.
So that's just

Doug (05:19):
the nature of game. Talking about.

Keith (05:20):
That's the nature of the game. And you can get better or
you can get wise. And today, wewanna get more wisdom into your
hands to help you navigate this.And, unfortunately, the
wealthier you are, these rules alot of times don't benefit you
as much as the ordinary folks,but we're all about both people.
Any way we can figure out how tohelp both of those, we're gonna

(05:42):
bring it to you on a Fridaymorning.

Doug (05:44):
Our worldview collectively is, say, render unto Caesar,
plus we love America. We loveliving in America. It's the
best. Plus, let's be prettyshrewd. Let's be shrewd with
what we've got.

Keith (05:59):
I was explaining that to my son-in-law, Kevin, last night
that neighborhood associationsare another form of Cesar,
right? Like the neighborhoodassociations put another so you
have your your federal, yourstate, your city, and then an
association, they startconstraining the liberty, but
they're also charging a tax.Yeah. And and I've heard some of

(06:23):
those, like, in people incondos, the the fee for those
get pretty they get prettygnarly.

Doug (06:28):
Yeah. Yeah. Well, let's let's get into today's topic,
which I am thrilled to haveCaleb joining us today. Really,
this this topic was born out ofa meeting that Caleb and I had
with one of our clients. And,Keith, you and I were talking
earlier that most of our greatideas in business life come from

(06:50):
our clients.
They come from someone elseraising their hand and saying,
hey. Can we do this? And, thenit's, you know, our love and
responsibility to go after him.So Caleb joined me in a meeting
this week, and he brought hisexpertise and and really, I
think can open some new doorsfor people that might help them

(07:12):
save a little money from Caesar.

Keith (07:16):
Can I brag about Caleb a little bit? Is that allowed?

Doug (07:19):
Tell tell everybody, like, why. Yeah. Brag on.

Keith (07:22):
Well, I mean, the fact that he's my son is is worthy
enough. But when I was incollege, the accounting classes
were really those were the onesto kick you back into marketing
or management or something likethat. Like Right. Those were the
classes that separated thepeople that really had the the

(07:44):
gist of what business is. And Ihad if I'd had a minor, it would
have been in accounting, and Ikinda liked it.
We've got a puzzle out there onthe counter. Accounting's kind
of like a puzzle. It has to thepieces have to fit in a certain
way, and it tests your brainthat way. And we were visiting,

(08:05):
I think you were at thismeeting, in Chicago. The guy
that owned the last pinballmachine manufacturer, I can't
think of his name right now, Buthe had a kid at IU, and he was
talking to us and he said,accounting is the language of
business.
And I thought that's a great wayto look at it. So accounting is

(08:30):
the the language of business.Caleb went through, I think, all
the accounting classes at MurrayState with a's. Is that right?
Straight a's?
And were you the top accountingstudent? Probably not.

Doug (08:43):
What is the hardest accounting class?

Caleb T (08:47):
It was advanced accounting, which entails I
think it's business returns, butconsolidated tax returns. So if
Amazon owns a subsidiary, thatsubsidiary's information

Keith (09:05):
has

Caleb T (09:05):
to be in Amazon's return. So there's just a lot of
information to memorize anddifferent techniques, different
ways to do the same thing.

Keith (09:16):
Yeah. Some there's some mythological accounting things
that go on in those kind ofbusinesses, Doug, like the
subsidiaries sometimes buy stufffrom the mother company and the
pricing and all that stuff getsreally squirrelly. And so the
fact that people have the brainsto be able to organize that
stuff is insane. Yeah. Verycool.

(09:36):
Yeah. So so that's myintroduction and my bragging on
Caleb. But I I think it'simportant for you to know that
you have access to this brain

Doug (09:45):
Yeah.

Keith (09:45):
With a quick phone call if you're looking. We're not
he's not a CPA.

Doug (09:49):
We're not looking to replace anybody's CPA. We don't
even do taxes here.

Keith (09:53):
Yes. Yes. We did that at one time. And we're not planning
to go back. We've been there,done that.
And and we and probably anotherplug before we jump into this is
I was talking to a taxprofessional sometime earlier
this year, and the process is Ithink I think it cost them, I
forgot what he said, between 1and $200 a return Yeah. To the

(10:18):
technology company just to havethe software. So, like, the the
licensing is a good percentage.So if you're paying a couple
$100 to your accountant for yourtaxes and he's doing it on a
system, he's probably not makingmuch. So so appreciate what they
bring to the table because it'sa big deal.
Absolutely.

Doug (10:35):
Yeah. I I love the confidence of a CPA. Yeah. And
so these ideas that we're gonnabring in front of you today,
feel free to consult with yourCPA and give us feedback on your
situation. But I will tell you,I may have snoozed through an
accounting class, but but thisone just gets me really excited

(10:56):
because it's and for somepeople, it's like free money.

Caleb T (11:00):
Yeah.

Doug (11:00):
And they don't even know it. So let's dive in. This is
the senior bonus deduction. Arewe sharing the screen, Keith? We
are.
Are you ready

Keith (11:07):
for the next one, Caleb? Yep.

Caleb T (11:09):
Alright. So the this bonus deduction came into play
this year with one big beautifulbill.

Doug (11:18):
Which any time the government starts getting cute
with the theme of a bill, I Ialways, like, flip flop it to
it's the exact opposite. Like,the Affordable Care Act, not so
affordable.

Keith (11:31):
Well, that what was the one, the inflation when they did
recently, the inflationreduction act or something like
that? Yeah. It was like Yeah. Ohmy. I better go buy some more
gold.

Doug (11:39):
Cash for plumbers.

Keith (11:40):
I mean, the

Doug (11:41):
marketing department is weak. But but this was this was
Trump's one big beautiful bill.

Keith (11:46):
I think Ronald Reagan said if if when in whenever they
say we're here from thegovernment's health, he would
grab your wallet. Yeah. Exactly.Sorry to yeah. No.
I digest. Okay.

Caleb T (11:58):
Yeah. So this is the first year with this, and it's
available to anyone who's over65 years old by December 31.

Keith (12:08):
K.

Caleb T (12:09):
And it's a $6,000 deduction per person. So if
you're married and filingjointly and you both are over
65, that's $12,000 just on topof whatever you had last year.
And the cool thing about this isif you're itemizing or taking

(12:34):
the standard deduction, you cantake this deduction.

Doug (12:39):
Yeah. That that's that's pretty unreal Yeah. To be able
to have it for both groups.

Caleb T (12:43):
For sure. And all I saw was you just have to have your
Social Security on your taxreturn, which you typically do.
And the one thing is I think ifyou're married, filing
separately, you do not get thisdeduction. And as of right now,

(13:04):
it's only in place until 2028.

Doug (13:07):
Gotcha.

Caleb T (13:08):
They can renew it, but that's not guaranteed. Right.

Keith (13:13):
I I've I've throw this in there. If you're married and
filing separately, maybe youshould sit down with your
accountant and talk about thatanyway. You're gonna pay higher
taxes. And every time I'velooked at that, it just doesn't
make sense to be married andfiling separately. And I know
there's probably some somereasons involved there, but

(13:34):
you're probably gonna save yourfamily money if you can
negotiate to file jointly.
Here's another example of it.Right?

Caleb T (13:43):
All right. And there's a phase out to this. So like my
dad mentioned earlier, that thehigher income earners probably
won't benefit from this. But youtake your it's based on your
modified adjusted gross income,which I didn't remember exactly

(14:08):
what that was based on my taxclasses. But it's basically your
adjusted gross income, which youcan find on your tax return,
plus some add backs, which someof those are IRA contributions,
tax exempt interests, or yourSocial Security benefits.

(14:31):
But for example, if you'remarried, filing joint, and say
have a modified adjusted grossincome of $200,000 you would
typically get the $12,000deduction. But you're 50% phased
out of this. So you'd only get6,000 of the 12,000.

Doug (14:53):
So if you're under a buck 50 a year You're good.

Caleb T (14:57):
You should be good.

Doug (14:58):
Which is pretty generous phase out amount.

Caleb T (15:01):
Yeah. So

Doug (15:02):
if you're making with your IRA distributions, if you have a
part time job, if you have sometaxable income coming in under a
150,000, this is for you.

Caleb T (15:13):
Yeah. And even if you're under $2.50, you still
get something.

Doug (15:17):
Yep. Good work.

Caleb T (15:22):
So this is just a chart of all the deductions that a 65
year old can get. We've got thedifferent filing statuses. And
those are, I think, the 2025numbers. So you have your
standard deduction. And thenthere's another deduction for

(15:44):
people 65 or if you're blind orboth.
That's where the differences,like, between 1,600 and 64.
That's where that comes in.

Doug (15:58):
And these standard deductions really got ramped up
a couple years ago. I don'tremember when, but they really
soared a couple years ago wherenot too many people itemize
their taxes anymore.

Keith (16:09):
I think it I think it was during the first Trump
administration is when thathappened. And the theory, I
think, was you you wouldn't haveto hire as many accountants
anymore, but I still think it'sso complicated you do. Yeah. And
and and and so, yeah,

Doug (16:26):
I think I that's when I remember it happening. So those
total deductions for somebody 65plus, you know, if you're
driving down the road, I'll justgive them to you right now.
You're you're looking likesomewhere around $23 to 25, and
then if you're married filingjointly, 39 to 49.

Caleb T (16:47):
Yeah. It's pretty huge. That is.

Keith (16:50):
That is a lot.

Doug (16:51):
And that includes this new bonus deduction. Single, again,
$6, married filing jointly, eachget a $12.

Keith (16:59):
Yeah.

Doug (17:00):
Yeah.

Caleb T (17:00):
I I think the if you get the 12 k deduction and then
some of the additional, I thinkit's just under 47. Yeah. So
it's quite a lot.

Doug (17:13):
That is beautiful.

Keith (17:16):
Onward? Onward. Onward. Oh. Oh, it's Paul Williams.
Look at that. Well, how do Ichange this, Caleb? Can I change
it? It it's it's Bridget. Wellwell, why He's not Mormon, is
he?
Well, Bridget Oh, did he saythat? Bridget passed away. Oh,

(17:39):
no. Way, I'm Becky.

Doug (17:41):
Becky's in the picture now. Alright.

Keith (17:44):
Alright. And we because there are characters, just
because he was 60 a few weeksago, doesn't mean he can't be 68
today. Right?

Caleb T (17:52):
Or that Bridget can't change her name. That's

Keith (17:54):
right. We'll go by the middle name. Good job. That's
right.

Caleb T (17:57):
Bridget, Rebecca.

Doug (17:58):
So in this example, we've got Paul Williams, 68, Becky
Williams, 67. Tell us more aboutthem, Caleb.

Caleb T (18:06):
They're both retired, so they don't really have any
income coming in. And theiryearly Social Security income's
around 41,000. And then for ourlisteners, I just put some
numbers on there. So they had aIRA balance of $475,000 and a

(18:30):
Roth IRA of $70,000

Keith (18:32):
Okay. Tell us a little bit the difference between a
traditional and a Roth IRA.

Caleb T (18:40):
You want me to go?

Doug (18:41):
Yep.

Caleb T (18:42):
Yeah. So the IRA is coming from the pretax dollars
from your yeah, pretax dollars.So you put money in and it can
grow. But whenever you have totake the money out, you're going
be taxed at whatever yourordinary income bracket is. Your

(19:04):
Roth IRA, you've already beentaxed when you've earned your
income.
And you put that money into yourRoth IRA, and it can grow tax
free. So when you take the moneyout, you don't pay taxes on it
at that point.

Doug (19:19):
Right. Yeah. And most folks in their sixties right
now, they have traditional sideIRAs because the Roth really
wasn't available for them.Definitely wasn't available for
their four zero one k's, which,you know, now that is available.

Keith (19:38):
So Yeah.

Doug (19:38):
The majority of the people we'd be talking about are
addressing for this senior bonusdeduction that have large IRA
balances. Yeah.

Keith (19:49):
Alright. So they've got 70 in the Roth and four seventy
five in the traditional. Whatare we going to do here, Caleb?

Caleb T (19:58):
Yeah, so there are two different scenarios that we
thought of with being able toconvert some of that IRA money
into your Roth to let it growtax free. The first scenario is
to just use as much of thosedeductions that you can. So if

(20:23):
you go back one screen, they hadabout $41,000 of income. But
most or all of that is nottaxed. So their taxable income
is, I think, zero.
Or I guess their adjusted grossincome is zero or around it. But

(20:47):
that's without using any of thestandard deduction, the
additional, or the bonus. Sothey Paul and Becky would have
about 40,000 to $50,000 ofdeductions that they didn't use.
Okay.

Doug (21:07):
And most people just let those slide by.

Keith (21:10):
Yeah. So we're assuming what is their taxable income
right here then? Because that'swhat we're gonna see on the
marginal rates, right?

Doug (21:19):
Tax Social Security income is 41,000.

Keith (21:22):
You're saying zero of that's taxable?

Caleb T (21:24):
Yeah. Or even if it even if a portion of it is
taxable, you have 46,700 ofdeductions that offset whatever
is taxable.

Keith (21:36):
Okay. And so when you whenever you see your marginal
tax brackets like this, this islooking at your taxable income,
not your total income oradjusted gross income. It's
after all those things have beenwithdrawn from you, your total
income.

Caleb T (21:52):
Right. And So we're gonna look

Keith (21:54):
at this middle column for

Doug (21:57):
Yeah. And and before we look at that, Keith, you we did
a podcast. It might have beentwo years ago, maybe a year ago.
I can't remember.

Keith (22:04):
It's podcast number 40 number three. Are you serious?
Have that? Up your average. Yes.
I'm here to help. Dude, that isawesome. Okay.

Doug (22:13):
So podcast what was it? Three.

Keith (22:14):
Number three. You can go to YouTube or wherever you get
your podcast, and we talkedextensively about marginal tax
rates.

Doug (22:21):
Yeah. We did. And and Keith was high on this. It was
awesome. We were talking aboutthere's there's a few tax rates.
You've got a 10%, 12%, 22, 24,32, 35, 37. And so the one that
Caleb was wanting to focus onthat I think is so good is most

(22:42):
of these move up gradually, butthat 12 to 22 is a huge jump.
And that's what you addressed onthe initial podcast.

Keith (22:50):
Right. Because what the government would like you to
think is that's only a 10%increase, but it's 10 percentage
points. It's almost a 100% taxincrease. And that's to me,
that's the most diabolical partof the tax code because that is
nailing the lower income peoplehard. Like, that's that's really

(23:12):
putting it to them pretty prettyaggressively.
And and then you can see therethere's there's staggered
increases beyond that, but thatbig step is that's a that's

Doug (23:22):
a tall order. And so most of our our clients who would
take advantage of this seniordeduction fall somewhere in
between those two.

Keith (23:30):
Well and and you probably yeah. You you could get all the
way up right to the 24.

Doug (23:37):
Is that right, Caleb? Is that you said $2.52

Caleb T (23:40):
50. You might with those add backs, it might push
you. Okay. So it's probably 22%.

Keith (23:50):
Okay. So

Doug (23:51):
and if you're driving down the road, the 12% bracket goes
all the way up to 48,000.

Caleb T (23:58):
For single?

Doug (23:59):
For single. Thank you. And the married is 97,000. Okay? And
so the '22, the jump to the 22starts at 48 and goes to 103 for
a single filer and starts at 97for the married filing jointly
and goes to $2.00 6.

Caleb T (24:19):
Yep. So going back to the first example when they
have, say, 40 thousand of unuseddeductions, you can convert
$40,000 of your IRA to your Rothand still have a $0 taxable

(24:42):
income and not pay taxes.

Keith (24:45):
So you're saying this would be essentially a tax free
Roth conversion for for this forthe Williams family?

Caleb T (24:51):
If they just went up to use their deductions. Yes.

Keith (24:56):
Okay.

Doug (24:57):
Yeah. Boy, that is like a is like a Pacers starting five
layup right there. Yeah.

Caleb T (25:05):
And the other example is, like you guys were talking,
the big jump from 12% to 22%.It's maximizing those lower tax
brackets. So going up to that97,000 for the married filing
jointly or the 47,000 for thesingle filers. And you're with

(25:30):
this example, you still get yourdeductions, and then you're
gonna pay a little bit of tax,about 10% or so on the excess
that you go past your $0 oftaxable income.

Doug (25:45):
So who wins in this scenario is something I think
about. And I I think, well,whoever's doing this, you you
win because you you're paying alittle less tax than you would
to get money out. The big winnerin this is your spouse. Because
when when you die, your spousemoves from the married filing

(26:09):
jointly the next year to thesingle filer. And so the tax
rate bumps up.
Yeah. And so to have some Rothmoney as an option to take out
is a is a big win for yourspouse. And then the big, big
winner is your futuregenerations or whoever you wanna
give this money to. To havemoney in a Roth would be a

(26:34):
wonderful thing to inherit.

Keith (26:36):
Yeah. And that's why I have the backpack here is the
the Roth money has no backpack.There's no you prepaid. You
prepaid mini me. You prepaid thebackpack, and you took it off of
those assets.
And there's no taxes. And andthe heirs, now they have ten
years to get the money out ofthe Roth once they inherit it.

Doug (26:54):
So something I hear quite often from time to time is,
Doug, I'm I don't need

Keith (26:59):
to leave my kids any money. They're making more money
than I am. Do you

Doug (27:03):
ever hear that? And so the thought is, well, okay. That
that could be true. And and

Keith (27:08):
if they are making more money than you

Doug (27:10):
are and you didn't spend it all, they're gonna really
love that gift because they'rein a higher income bracket than
you.

Keith (27:15):
Right. Yeah. So I I've talked with Caleb about this a
little bit. Maybe you and I havetalked about about family
wealth. And and when you look atmulti generations, you're
saying, how do we get the mostwealth for the generations?
That may fit into your mindset.You may want to do a Roth
conversion even if you don'tqualify for this deduction

(27:38):
because there's some benefits tothe errors for doing that.
Because we've got a chart. Ifyou're ever in Gimbal's kitchen
here, you can see historical taxrates, and the the the
government can can throw theycan they can raise them high
enough that you may wanna startthrowing some tea in the harbor.
Yeah.

Doug (27:57):
And so on the Roth conversions, it it may or may
not be right for you, but wewould be happy to take a look at
it. We're not CPAs, so we'd behappy to take a look at it.
Bring your CPA in on it. And,you know, I think for your
financial consultant, if you'reworking with somebody, you you
might try and get this donebefore the December or else your

(28:20):
adviser's eyebrow might starttwitching.

Keith (28:23):
I told somebody this week, the December 15, we will
help you up until the December15, and then and then it's a
coin toss whether it'll getdone. Yeah. We we prefer because
we love Libby and Amanda. You doit before December. But Yeah.

Doug (28:38):
It's a timely thing.

Keith (28:39):
Yes. Yes. What else do we need to know about why do a Roth
conversion kill?

Caleb T (28:44):
I don't think much. I mean, one other small thing is
Roth IRAs don't have RMDs. Goodcall. Yeah.

Keith (28:55):
So you can by using the Roth conversion, you can control
your income better by gettingmore money out of the RMDs
because that math is the olderyou get, the more you have to
take out of this thing. And ifyou can convert some of that
younger to the Roth, it may giveyou more control of your taxes
in your later years.

Doug (29:13):
I think another plus is that if you do have a lot of
money in IRAs and you do need togo to some type of assisted
living scenario, taking it outof a Roth is a much less painful
experience than taking it out ofthe traditional.

Keith (29:28):
I would say the other thing to keep in mind with this
new deduction is bunching. Andwe say that every once in a
while. But if you itemize, thenmaybe you think about
overextending what you're givingto the charity, say, for

(29:48):
example, in 2025, and then coveryour 2025 or 2026 gifts to those
charities in 2025. So you jumpup your total deductions. So you
get that plus this seniordeduction.
And then next year, you couldprobably take both the perfect.
Standard and the seniordeduction. So bunching is the

(30:09):
idea of, you know, maybe inDecember, you hold off on those
gifts and give them January. Youchoose which year you wanna
bunch those gifts in, but that'san idea that is worth keeping in
mind if you're right on thefringe of getting the standard
deduction or not getting it.Anything else that we need to
say?

Doug (30:27):
Man, that was that was actually pretty fun.

Keith (30:30):
Yeah. Yeah.

Doug (30:31):
I I think you should take this to the Murray State tax
class, and, those kids wouldjust be riveted. They'd be so
excited.

Keith (30:40):
I know I am. I'm excited to help people. I am too. And
I'd say the the last idea ofgetting the backpack off your
back that I'll throw out thereas a as a toss in today is if
you do have charitable desiresand you're aging and maturing
and you have some things in yourestate that are going to

(31:02):
charity, maybe do them from yourtraditional IRA or traditional
four zero one k because yourfamily would much rather get the
Roth and those non backpack typeof tax things. Because your your
stuff that's in your own name,you'll get a step up on death
your cost basis on death.
The IRA, it's carrying thosetaxes to the next generation. So

(31:25):
if you wanna give to charity,talk to us about naming those
charities as beneficiaries.

Doug (31:29):
If this podcast is is sparking interest, but it's a
little muddy for you still, justgive us a call, and and we would
love to pair up the conversationwith you.

Keith (31:41):
And and not only that, if this podcast is sparking
curiosity, send it out to allyour friends. You guys have a
great weekend. It's good seeingyou.