Episode Transcript
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Speaker 1 (00:00):
And happy Thursday morning to you. Of course, this is
money in motion with COSS Financial. The website cossfinancial dot com.
That's coss kl aasfinancial dot com. Great website and resource
to learn more about Coss Financial and also get to
know the team there. Of course, I just click on
the about learn about the separate divisions at COSS Financial
(00:21):
and sign up for the weekly market paulse newsletter. That
all available to you at cossfinancial dot com. There telephone
number six so eight four four two five six three seven.
No charge for that initial get to know you appointment
at Coss Financial. It will be complimentary to you again
their number six oh eight four four two five six
three seven. Be talking this week about that big beautiful bill,
(00:44):
what that means and some of the some of the
nuances on that. Will be joined this morning by CJ.
Coss and Nate Briby of Coss Financial to tell us
all about it. Phone lines are open. If you've got
a question for CGN Nate, all you got to do
is give us a ring six soh eight three two
one thirteen ten. That's six so eight three two one
thirteen ten. As mentioned joined us morning's today class in
(01:05):
Nate Briby. Nate, I know you're there. How you doing this.
Speaker 2 (01:08):
Morning, Good morning, Sean, doing great. It's been a while.
Speaker 1 (01:12):
Everything summer so far, so good for you.
Speaker 2 (01:15):
Oh. Yes, we enjoyed the water park yesterday with the heats.
Speaker 1 (01:18):
Oh happy, Yes, yes, it can't beat can't beat the
water park, that is for sure. Talking about the show
this week and all the great stuff we're going to
talk about. One of the other cool features of the
show is the Class Quiz Question of the Week. Each
week you have a chance to win a fantastic prize.
This week's prize from our friends a Class financial is
a twenty five dollars gift card to Darden Restaurants, which
(01:40):
we were actually funny enough just talking about Darden restaurants
on the show the other day. A little tip if
you pay close attention to the program, oftentimes both the
question and answer to the Class Quiz Question the Week
come up during each week's program, so it definitely pays
to listen closely. We'll tell you a little bit later
on the show how you can win that. And before
we get rolling on this week's conversation, let's actually take
(02:00):
a look back at last week's program and get the
question and answer there as well.
Speaker 3 (02:05):
Nate, Yes, yep, and as always, thanks everyone for listening
and congrats to our winner from last week.
Speaker 2 (02:11):
Luis of Fitchburg correctly answered the tru or false question.
As you plan for.
Speaker 3 (02:17):
Retirement, you review your needs for health insurance, life insurance,
long term care insurance, and property and casually insurance, which,
of course is true.
Speaker 2 (02:25):
So good job on that one.
Speaker 1 (02:27):
Nice work, Louise, and you two could be like Louis is,
pay close tention to the program for your chance to win.
Don't forget phone lines or open six oh eight three
two one thirteen ten. That's six oh eight three two
one thirteen ten. Learn more about closs on their website
class financial dot com and their telephon number six oh
eight four four two five six three seven. So today
we're talking about a pretty significant development in the world
(02:48):
of taxes, the recently passed as they call the One
Beautiful Bill Act CJ. What is this all about?
Speaker 2 (02:55):
And good morning, yeah, good morning, thank you.
Speaker 4 (02:59):
So at a high level, this this bill, the One
Big Beautiful Bill Act, or or known as OBBA for short,
because if you've been listening to our show, you know
that we love the acronyms. This OBBA makes permanent many
of the tax provisions originally introduced under the Tax Cuts
and Jobs Act of twenty seventeen. So that includes things
(03:21):
like the current tax brackets, the increased standard deductions, the
child Tax Credit, and the Qualified Business Income known as
QBI deduction for business owners. But the bill didn't stop there.
It also introduced several new key provisions worth talking about,
especially if you're planning for retirement or managing taxable income
in retirement, which of course is what the show is
(03:43):
all about. There have been some new new key provisions
that we're going to dig into today.
Speaker 1 (03:48):
Fantastic stuff ahead on the program. Of course, if you've
got a question, love, do you have you jump on
in del forh number six eight three two one thirteen ten.
That's eight three two one thirteen ten. So one of
those things in a k seeing the headlines as social
Security may no longer be taxed, Nate, is that is
their truth to that?
Speaker 2 (04:08):
Not exactly, Sean.
Speaker 3 (04:09):
So if you've been following the headlines in the previous
campaign that was running, this was obviously a goal of
the current administration, and unfortunately that did not included in
the bill. So What did get included in lieu of
that provision was a new below the line deduction for
those sixty five plus, so you can kind of see
(04:30):
the correlation between Social Security and the sixty five plus
standard deduction. Social Security can start at sixty two, of course,
and go up to defer up to the same demograph
graphic you know as being targeted with this below the
line deduction. So what this is, It's an additional deduction
for older Americans sixty five and older six thousand dollars
(04:51):
per spouse. So married finaling joint couple could obviously have
an additional twelve thousand dollars and I'll give you the
nice big number here at the end here. But how
how this works is this deduction is only available in
tax Here is twenty five, so obviously this year, okay.
Speaker 2 (05:05):
Through twenty twenty eight.
Speaker 3 (05:07):
A lot of these provisions we'll be talking about today
have a phase out range, meaning as your income increases,
you'll potentially be eligible for less of this deduction in
this case, so definitely keep that mind. Married filing joint
is one hundred and fifty thousand up to two hundred thousand,
so just be aware of that for this additional deduction. Now,
(05:27):
how this works is this is in addition to the
already thirty one thousand, five hundred dollars standard deduction for
married filing joint couples.
Speaker 2 (05:37):
Before this provision.
Speaker 3 (05:39):
Sixty five plus individuals also got thirty two hundred dollars
for an additional deduction married filing joint. So plus this
new twelve thousand SO three numbers here at thirty one thousand,
five hundred thirty two hundred dollars twelve thousand total is
forty six thousand, seven hundred in deductions without itemizing. So
pretty big deal there for the sixty five plus if
(06:01):
they're eligible.
Speaker 1 (06:02):
Where's that you mentioned that phase out? Where's that phase out?
Kind of that range there, Nate, one.
Speaker 3 (06:07):
Hundred and fifty thousand to two hundred thousand sean for
married finling joint Really interesting.
Speaker 1 (06:12):
As we talked this morning with Nate Briby and CJ. Closs,
our retirement planning professionals from Class Financial. The website COSS
financial dot com that's COSS k l aas financial dot com.
Great website to learn more about COSS Financial, learn about
the teams. You can also learn about COLSS Financials separate
divisions also cool features. If you miss part of today's program,
you can always listen to the podcast right at class
financial dot com. Subscribe there as well, and while you're there,
(06:35):
sign up for the weekly Market Pulse newsletter. They're tough
number six oh eight four four two five six three seven.
No charge for that initial gets to know your appointment
at Class Financial. It will be complimentary to you again
their number six oh eight four four two five six
three seven. And thinking about that stuff, Nate could really
be helpful for retirees. What about the salt salt deduction
(06:56):
state and local tax write offs? What the heck are
we talking about there? And how has that ben Can
that be a beneficial Yes?
Speaker 3 (07:03):
Yeah, so, just like Sean said, the salt cap if
as it's commonly referred to as as an itemized deduction
eligible for US state and local taxes here So in Illinois,
four point nine percent flat tax plus property tax is
a bad word for both our Wisconsin and Illinois residents.
Of course, So how this is is that previously was
capped at ten thousand dollars. That cap was introduced back
(07:26):
to twenty seventeen with the Tax Cuts and Jobs Act.
And how this was is to get this bill passed
some members of Congress and higher tax states mainly on
the coast, to be honest, you know, citizens, to get
that increased, okay, in order to vote for the bill.
And how that was so, how it is now is
that that deduction can increase up to forty thousand actually
(07:49):
for this year as well in twenty five through twenty nine,
so it can phase down meeting as your income from
married finally joint exceeds five hundred thousand, less of that
forty thousand would potentially be available for you. Now, unlike
the sixty five plus additional standard additional deduction, this for
the salt you do have to itemize. You have to
(08:11):
itemize your deductions to potentially be eligible for this deduction.
Speaker 2 (08:15):
So a key you know difference there.
Speaker 1 (08:18):
Speaking of as we talk about things like taxes and
opportunities and itemizing deductions, I'm going to ask you about
tax brackets and I'll ask you, see j a little
bit about that in just a moment. But first, yeah,
but to the website, Yeah, costs Financial dot com. Head
on over there right now. Get to know the team
at Costs Financial Again, that's cost k l a a
S Financial dot com. All right, topal number six, So
eight four four two five six three seven, no charge
(08:38):
for that initial gets to know your appointment tach costs financial.
It will be complementary to you. So CJ is along
those tax those tax questions. What about the tax brackets?
Any changes there? Do they stay the same?
Speaker 2 (08:50):
What do we know?
Speaker 4 (08:52):
Yeah, So that's that's the big kind of takeaway from
the obb b A is that the tax brackets will
remain the same. So the brackets that were introduced in
twenty seventeen were the twelve, twenty two, twenty four, thirty two,
and thirty seven, which will now remain in place somewhat permanently.
We say permanently, and that they're not going to automatically
(09:13):
expire anymore. However, just because they're not going to automatically
expire doesn't mean a future president couldn't introduce, you know,
a new, completely new bracket that could get passed by
a future Congress. But there's nothing automatically expiring like it
was supposed to do headed the next year. So without
any action, we were going to actually revert back to
(09:36):
brackets that were going to cause some higher taxation. So
this is the main win for people, Well, spends on
how you view this. Right, if you're a pro of
the bill, and if you're in favor of paying less
income tax on your income that you receive, then that
was the big part of this bill that people were
winning from. I'll also say what Nay was just getting
(09:57):
at there. He talked about higher salt deductions, and he
talked about higher standard deductions, especially for those over sixty five. Really,
you don't have to understand all the intricacies of that
to understand the following, which is having a higher ability
to itemize for salt deduction, state and local income tax
deductions and the ability to get a higher standard deduction
(10:17):
for those who are older are just additional ways to
bring down your tax It's really all anybody needs to understand.
And so at the end of the day, the locking
in of those of those rates more permanently and the
fact that you can more rapidly bring down your income
through salt deductions or through higher standard deductions, just at
(10:38):
the end of the day, should result in lower taxes
for most Americans.
Speaker 1 (10:41):
You know, it's fun we talk about this, you know,
kind of opinions and feelings, they definitely do vary and
it's like everybody's got their own. But it's always interesting
to see how this stuff, you know, new administrations, how
things change, new laws, new bills, new guidance as well,
and it's really good to keep up to date on
this stuff. It's great program. Don't forget if you miss
any part of today show. Got a lot more coming
(11:02):
as well. You definitely want to make sure you're subscribing
to the podcast. Head on over to Cossfinancial dot com.
That's Coss k l a as Financial dot com. You can,
of course subscribe to the podcast right there, sign up
for the weekly Market Pulse newsletter as well as gets
no Coss Financial on their website Coss Financial dot com. Telphoneumber,
great day to make an appointment six oh eight four
four two five six three seven. That first appointment that
(11:23):
gets no your conversation. It will be complementary to you.
It's not going to cost you a thing again there
telephone number six oh eight four four two five, six
three seven. May have heard all the talk of tax
free tips and overtime. We're gonna have the details on
then head on over to the Money and Motion listener
question corner. We will do all of that next as
Money and Motion with COSS Financial continues right here on
thirteen ten wiv A talking this morning with our retirement
(11:47):
planning professionals from Class Financial, CJ. Closs and Nate Briby.
You can learn more about CJ, Nate and the whole
team at COSS Financial on their website coss financial dot
com that's colss k l a a s Financial dot com.
Get to know the team there. You can also sign
up for the weekly market paul S newsletter. Also you
can learn how costs can help you or if you're
a business owner as well. Again, all those details available
(12:11):
at classfinancial dot com. They're tell for number six oh
eight four four two five six three seven. No charge
for that initial gets to know you appointment tech Laws Financial,
It will be complementary to you again their numbers six
oh eight four four two five six three seven. Talking
about the recently past one Beautiful Bill Act and getting
some of the details, and of course one of the
hot conversations for everyone was tax free tips and overtime.
(12:35):
What do we need to know there? What are some
of the details and is that the case? Will there
be uh tax free tips on tax free on tips
and overtime as well CJ.
Speaker 4 (12:47):
Yeah, Well, as Nate was talking about earlier, you know,
it relates to like social security and tax ability. It's
always more complicated than just saying, you know, no tax
on tips. Now that's that's not to knock what anybody
has said, but rather to say to accomplish something like
this inside of tax legislation is complicated. But both tips
(13:08):
and overtime are still included in your gross income and
subject to payroll taxes. That has not changed. But now
for tax years twenty twenty five through twenty twenty eight,
So if twenty twenty five is a year that we're
in right now, for the next four tax years, you
can deduct up to twenty five thousand and tips from
your taxable income. So that is a big deal, right
depending upon your total income. And if you have twenty
(13:31):
five thousand and tips, that could be a big deal
again in reducing your tax Now, it doesn't mean I
can make five hundred thousand dollars in tips and just
not take any W two income and say haha, I've
cheated the system. But certainly for those who are receiving
tips in certain trades, and by the way, DIRS has
to give more guidance on this because there was some
language in the OBBBA that was talking about certain types
(13:54):
of jobs and that received tips, and it has to
be somewhat normal and ordinary. But yes, this could be
a big deal again in reducing taxation for households that
have someone in the household generating you know, theer amount
of tip income and overtime pay is also eligible for
a deduction up to twenty five thousand for married couples
filing jointly or twelve thousand, five hundred for other filers. Again,
(14:18):
for both of these there's stays out ranges depending upon
your income, so you'll want to talk with your tax
professional and see how it applies. You'll also want to
be mindful of the fact that this is not a
permanent part of the tax code. So we mentioned previously,
twenty seventeen Tax Cuts and Jobs Act introduced these new
lower brackets. What happened through the OBBA is that those
(14:40):
new brackets have now been made permanent, but there's some provisions,
namely no tax on tips and no tax in overtime.
Those parts of the provision are not permanent parts of
the Act, and so this will only last from twenty
twenty five through twenty twenty eight. But I just can't
encourage our listeners enough. If you're hearing us talking about
(15:02):
this and you're wondering how it applies to you, call
unto your financial advisor, call into your accountants and get
an understanding. We've already run some performance on this for
clients and in some cases nothing right. That means really
not much of a change at all. For others, quite
substantial thousands upon thousands of dollars in less taxation. So
(15:23):
so talk to your accountant to figure out how it
will apply to you.
Speaker 1 (15:26):
As really good advice as always from CJ. Closs, of course,
and Nate Briby joining us this morning from Class Financial.
Their website class financial dot com. That's Class k l
aas financial dot com. You can learn more about Class
Financial on their website. They're telephone number six so eight
four four two five six three seven, No charge for
that initial gets to know you appointment tech Claws Financial
it will be complementary to again, they're telephone number six
(15:49):
oh eight four four two five six three seven. As
we're talking then about the OBBA, I know another provision
the bill. There's a lot obviously a lot more to it.
Let's kind of real quick, kind of rapid fire. Some
of those some of those little provisions that folks need
to be aware of.
Speaker 3 (16:05):
Nate think back to CJ's comment on provisions that expire.
Speaker 2 (16:09):
You have to ask yourself, well, why is that?
Speaker 3 (16:11):
Well, I hope this isn't political, but you know, tax
cuts cost money depending on how you score a bill,
that costs money. So making provisions expire after a certain
number a year cuts down the size of a bill.
So just understand that that that's why some of these
are only for four tax years versus permanently extending on
the tax bracket. So anyway, other provisions that may that
(16:32):
may be relevant to you. A child tax credit that
has permanently been increased to twenty two hundred dollars and
we'll start indexing for inflation. They're expanding the list of
qualified expensive expenses eligible for five twenty nine planned distributions,
permanently extending the federal estate tax exemption to fifteen million
dollars the QBI deduction Section one ninety nine A. Some
(16:55):
people that aren't business owners have no idea what that
means are why that matters. But those that do or
understand that doesn't matter, and that's been permanently extended.
Speaker 2 (17:03):
This one that's come back. I think this was in
the eighties or nineties.
Speaker 3 (17:05):
This provision was available on the tax code Vehicle loan
interest deduction up to ten thousand dollars for vehicles having
final assembly in the United States. Okay, so financing a
vehicle potentially that that interest may be deductible. Last one
in twenty twenty six, two thousand dollars non itemized charitable deduction.
Speaker 2 (17:28):
Okay.
Speaker 3 (17:28):
So those that give smaller amounts to their church or
university or whatever, they say, I.
Speaker 2 (17:33):
Don't need that receipt.
Speaker 3 (17:34):
You may want to keep that starting next year because
up to two thousand dollars without itemizing, for a married
and finally joint couple, it's potentially deductible.
Speaker 1 (17:42):
Oh that's awesome. Talking this morning with Nate Briby and CJ.
Closs every tirement planning professionals from Class Financial. Learn more
online the website class financial dot com. That's Coss klaas
Financial dot com. Great website and resource to learn about
Class Financial. You can also, of course sign up for
the weekly Market Pulse newsletter. It's a great email that
you receive once a week, give you little snapshot of
(18:04):
what's been going on in the markets. Also linked to
the most recent podcast that available to you to subscribe
to right at cossfinancial dot com. They're tell forh number six,
So eight four four, two, five, six three seven No
charge for that initial get to know you appointment at
Costs Financial. It will be complementary to you talk about
some other legislation out there. We'll get the details from
CJ and Nate. Next as Money in Motion with Coss
(18:25):
Financial continues right here on thirteen ten WIBA talking this
morning with CJ. Closs and Nate Briby. They are our
retirement planning professionals from COSS Financial. The website Coss financial
dot com. That's Coss klaas Financial dot com com. Up
a little bit later on this segment, we'll do the
class quiz question week your chance to win a fantastic prize.
But still a lot of great information, an important information
(18:47):
when it comes to legislation, and of course, aside from
that most recent bill that got passed, I know there's
other pieces of legislation to one in particular that was
passed the beginning of the year that affected a lot
of retirees. And they're so security benefits. Get some details
on that, Nate.
Speaker 3 (19:04):
Yeah, So the Social Security Fairness Act, like Sean said,
was passed in January of this year.
Speaker 2 (19:09):
This honestly kind of snuck up on us. It wasn't
a lot.
Speaker 3 (19:11):
You know in the headlines or in our publications, and
you know, I got passed. So this is a great
thing for in Illinois here for people covered by what
was deemed a non covered pension.
Speaker 2 (19:22):
So those like in TRS or.
Speaker 3 (19:24):
Sers here in Illinois that previously did not pay into
Social Security in their current careers. How that was is
there were two provisions that were removed under the Fairness Act,
namely the windfall Elimination provision and the Government Pension offset.
So these two provisions long story short, reduced social Security
benefits are those covered by a non covered pension. It's
(19:47):
called okay, so this could be on your own record.
So say you here in Illinois, you worked for TRS,
but you had some previous employment that did pay into
Social Security. You open up your Social Security statement, it
says you're eligible for eighteen hundred dollars sixty seven. Come
to find out when you claim your TRS they say
you need to tell Sole Security you have TRS because
they can reduce your Social Security down to them four
(20:08):
hundred dollars a month or whatever. Okay, that also could
reduce spousal benefits and survivor benefits if unfortunately you've lost
a spouse, So.
Speaker 2 (20:17):
Those two provisions are gone.
Speaker 3 (20:19):
So basically what you'll see now is what's on your
Social Security statement is what you'll be eligible for if
you have enough credits on your own record. The interesting
thing that you may have to call Social Security on
would be if you previously said, you know what, I
wasn't eligible because of these provisions. You know, someone that
could be claiming a spousal benefit on their spouse's record, well,
(20:40):
should call Social Security and reference the Fairness Act to
see if they're now eligible for a spousal benefit. Same
thing if they've lost a spouse that they weren't drawing
on on a survivor benefit, they could potentially be eligible
for so serves TRS non covered pensions up in Wisconsin.
That would be something definitely to call SOLI Security on.
One last thing they do, they are doing retroactive payments
(21:04):
back to January of twenty four, So it's been kind
of fun where CJ and I get calls from our
clients that get fifteen to twenty five thousand dollars lump
some checks because they're getting all their payments back from
January of twenty four. So, you know, those of you
that have heard the winfall elimination provision and government pension
offset programs, well understand that this may affect you and
it would be a good opportunity to call Social Security
(21:26):
to see if you're eligible for a new benefit there.
Speaker 1 (21:29):
That is really cool to hear. We talk this morning
with Nate Briby and CJ.
Speaker 3 (21:32):
Coloss.
Speaker 1 (21:33):
They are our retirement planning professionals from Class Financial. They're
tell for number six so eight four four, two, five,
six three seven the website class financial dot com that's
Coss klaasfinancial dot com. While you're there getting to know
all the team, learn more about Class Financial and subscribe
to that podcast. You can also submit a question to
be read right here on the program and the Money
in Motion listener question Corner and Amy took the time
(21:54):
to write and she says, I'm planning to retire later
this year at age sixty five. I'm trying to decide
whether I should start taking Social Security right away or
wait until my full retirement age of sixty seven? What
should I consider when making this decision? And CJ give
that one to you.
Speaker 4 (22:12):
Yeah. Well, as Sean said, anybody can actually write in
and ask us these questions. So if you're uncomfortable calling
in during the show and would rather just submit a
question like this and writing like Amy did, feel free too,
and truth be told. Thank you, Amy, because it gives
us a little bit more chance to prep for these questions,
which is always fun for us. But yeah, good question.
So if Amy, if you are planning to retire at
(22:33):
sixty five and you're wanting to know if you should
draw solid security now or waiting until your full retirement age.
These are pretty key questions that we ask and talk
about on the show quite often. So there are a
few key factors you'll want to evaluate before deciding when
to claim your benefits. The first is whether you plan
to keep working keep working after sixty five in any
(22:56):
capacity you mentioned retirement. But for some people that's just
welling up doing what I do now and go do
something else. Because remember, if you draw before your full
retirement age, and this is good for every listener to hear,
if you draw soci Security before your full retirement age.
There's an income offset kind of cap that you need
(23:16):
to be to be aware of. Your soci Security benefits
could actually be temporarily reduced due to the Social Security
earnings limits, which is about twenty three four hundred dollars
in twenty twenty five. So if your earnings exceed that number,
social Security withholds one dollar for every two dollars you
go over that limit until you reach your full retirement age.
(23:39):
So often what will tell people is, hey, I don't
care what job you're doing, whether it be your your
original job or another job. If you're earning more than
about we just use a rule of thumb around twenty
five thousand dollars a year in earnings, you may just
want to wait until your full retirement age at a
minimum before drawing Social Security. There's nothing worse than signing
(24:01):
up because you're going to quote unquote double dip. Right,
You're going to work and get your Social Security and
then only to come to find out that they are
taking away a large portion of your Social Security benefit
because you're not yet full retirement age. So amy great
question for everybody listening. If you have any questions about that,
feel free to call into us or talk to your
financial advisor.
Speaker 1 (24:21):
I tell for a number six Oak source.
Speaker 2 (24:23):
Sorry about that. Oh no, no worries.
Speaker 4 (24:25):
I'm just gonna mention. There are a couple other things
real quickly, Amy, you do want to be aware of
if you need that income. So even if you are
not planning to work and you go, yep, I'm fine,
I'm just going to draw sixty five. Well, for every
year you wait, it grows between seven to eight percent
a year for waiting, so there could be an incentive
still to wait until later. And that continues to happen
(24:48):
up until age seventy. And then the final piece is
be aware of your longevity. If you don't need the
money now and you can allow it to grow at
that seven to eight percent pace, and you have a
lot of longetic and your jeans meaning people and your
family lived into their eighties, nineties or later, you may
want to consider waiting because the longer you live with
(25:08):
that higher benefit, the more money you'll get out of
the Social Security system. So a lot of things in that, Amy,
just really appreciate your question and feel free to call
in if you have it anymore.
Speaker 1 (25:18):
That was a great question and at telephone number six
soh eight four four two five, six three seven. Don't
forget as well, no charge for the ininitcial get to
know you appointment at co Loss Financial. It will be
complimentary to you again the number six oh eight four
four two five six three seven. The website costs financial
dot com. That's cost klaas Financial dot com. Gott to
bring it back to the telephone number because it's time
now for the COSS Quiz Question of the week and
(25:39):
just a moment to ask you the class quiz question
the week. We'll then if thirty minutes from the end
of today's program to call the COSS Financial office right
here in Madison at six' oh eight four four two
five six three seven. If you are the first caller
with the correct answer, you win this week's prize, which
is a twenty five dollars gift card to dart In Restaurants.
This week's COSS Quiz Question the Week is this. With
the passage of recent legislation, current tax brackets that were
(26:03):
established back in twenty seventeen have been extended. Is that
true or false? Telephone number six oh eight four four
two five six three seven, first call out. Correct answer
won the twenty five dollars gift card to Darden Restaurants.
Of course, that's Loss Financials office right here in Madison.
No charge for that initial gets no your appointment tech
co Loss Financial. It will be complementary to you again
their number six oh eight four four two five six
(26:26):
three seven. The website coss financial dot com. That's css
K l a A S Financial dot com. CJ Nate.
It's great chatting with both of you, guys. Have a
great day and we'll do it all again soon. Thanks
Thanks Sean, Take care guys. Doctor Greer comes your way
next right here on thirteen ten WIBA
And happy Thursday morning to you. Of course, this is
money in motion with COSS Financial. The website cossfinancial dot com.
That's coss kl aasfinancial dot com. Great website and resource
to learn more about Coss Financial and also get to
know the team there. Of course, I just click on
the about learn about the separate divisions at COSS Financial
(00:21):
and sign up for the weekly market paulse newsletter. That
all available to you at cossfinancial dot com. There telephone
number six so eight four four two five six three seven.
No charge for that initial get to know you appointment
at Coss Financial. It will be complimentary to you again
their number six oh eight four four two five six
three seven. Be talking this week about that big beautiful bill,
(00:44):
what that means and some of the some of the
nuances on that. Will be joined this morning by CJ.
Coss and Nate Briby of Coss Financial to tell us
all about it. Phone lines are open. If you've got
a question for CGN Nate, all you got to do
is give us a ring six soh eight three two
one thirteen ten. That's six so eight three two one
thirteen ten. As mentioned joined us morning's today class in
(01:05):
Nate Briby. Nate, I know you're there. How you doing this.
Speaker 2 (01:08):
Morning, Good morning, Sean, doing great. It's been a while.
Speaker 1 (01:12):
Everything summer so far, so good for you.
Speaker 2 (01:15):
Oh. Yes, we enjoyed the water park yesterday with the heats.
Speaker 1 (01:18):
Oh happy, Yes, yes, it can't beat can't beat the
water park, that is for sure. Talking about the show
this week and all the great stuff we're going to
talk about. One of the other cool features of the
show is the Class Quiz Question of the Week. Each
week you have a chance to win a fantastic prize.
This week's prize from our friends a Class financial is
a twenty five dollars gift card to Darden Restaurants, which
(01:40):
we were actually funny enough just talking about Darden restaurants
on the show the other day. A little tip if
you pay close attention to the program, oftentimes both the
question and answer to the Class Quiz Question the Week
come up during each week's program, so it definitely pays
to listen closely. We'll tell you a little bit later
on the show how you can win that. And before
we get rolling on this week's conversation, let's actually take
(02:00):
a look back at last week's program and get the
question and answer there as well.
Speaker 3 (02:05):
Nate, Yes, yep, and as always, thanks everyone for listening
and congrats to our winner from last week.
Speaker 2 (02:11):
Luis of Fitchburg correctly answered the tru or false question.
As you plan for.
Speaker 3 (02:17):
Retirement, you review your needs for health insurance, life insurance,
long term care insurance, and property and casually insurance, which,
of course is true.
Speaker 2 (02:25):
So good job on that one.
Speaker 1 (02:27):
Nice work, Louise, and you two could be like Louis is,
pay close tention to the program for your chance to win.
Don't forget phone lines or open six oh eight three
two one thirteen ten. That's six oh eight three two
one thirteen ten. Learn more about closs on their website
class financial dot com and their telephon number six oh
eight four four two five six three seven. So today
we're talking about a pretty significant development in the world
(02:48):
of taxes, the recently passed as they call the One
Beautiful Bill Act CJ. What is this all about?
Speaker 2 (02:55):
And good morning, yeah, good morning, thank you.
Speaker 4 (02:59):
So at a high level, this this bill, the One
Big Beautiful Bill Act, or or known as OBBA for short,
because if you've been listening to our show, you know
that we love the acronyms. This OBBA makes permanent many
of the tax provisions originally introduced under the Tax Cuts
and Jobs Act of twenty seventeen. So that includes things
(03:21):
like the current tax brackets, the increased standard deductions, the
child Tax Credit, and the Qualified Business Income known as
QBI deduction for business owners. But the bill didn't stop there.
It also introduced several new key provisions worth talking about,
especially if you're planning for retirement or managing taxable income
in retirement, which of course is what the show is
(03:43):
all about. There have been some new new key provisions
that we're going to dig into today.
Speaker 1 (03:48):
Fantastic stuff ahead on the program. Of course, if you've
got a question, love, do you have you jump on
in del forh number six eight three two one thirteen ten.
That's eight three two one thirteen ten. So one of
those things in a k seeing the headlines as social
Security may no longer be taxed, Nate, is that is
their truth to that?
Speaker 2 (04:08):
Not exactly, Sean.
Speaker 3 (04:09):
So if you've been following the headlines in the previous
campaign that was running, this was obviously a goal of
the current administration, and unfortunately that did not included in
the bill. So What did get included in lieu of
that provision was a new below the line deduction for
those sixty five plus, so you can kind of see
(04:30):
the correlation between Social Security and the sixty five plus
standard deduction. Social Security can start at sixty two, of course,
and go up to defer up to the same demograph
graphic you know as being targeted with this below the
line deduction. So what this is, It's an additional deduction
for older Americans sixty five and older six thousand dollars
(04:51):
per spouse. So married finaling joint couple could obviously have
an additional twelve thousand dollars and I'll give you the
nice big number here at the end here. But how
how this works is this deduction is only available in
tax Here is twenty five, so obviously this year, okay.
Speaker 2 (05:05):
Through twenty twenty eight.
Speaker 3 (05:07):
A lot of these provisions we'll be talking about today
have a phase out range, meaning as your income increases,
you'll potentially be eligible for less of this deduction in
this case, so definitely keep that mind. Married filing joint
is one hundred and fifty thousand up to two hundred thousand,
so just be aware of that for this additional deduction. Now,
(05:27):
how this works is this is in addition to the
already thirty one thousand, five hundred dollars standard deduction for
married filing joint couples.
Speaker 2 (05:37):
Before this provision.
Speaker 3 (05:39):
Sixty five plus individuals also got thirty two hundred dollars
for an additional deduction married filing joint. So plus this
new twelve thousand SO three numbers here at thirty one thousand,
five hundred thirty two hundred dollars twelve thousand total is
forty six thousand, seven hundred in deductions without itemizing. So
pretty big deal there for the sixty five plus if
(06:01):
they're eligible.
Speaker 1 (06:02):
Where's that you mentioned that phase out? Where's that phase out?
Kind of that range there, Nate, one.
Speaker 3 (06:07):
Hundred and fifty thousand to two hundred thousand sean for
married finling joint Really interesting.
Speaker 1 (06:12):
As we talked this morning with Nate Briby and CJ. Closs,
our retirement planning professionals from Class Financial. The website COSS
financial dot com that's COSS k l aas financial dot com.
Great website to learn more about COSS Financial, learn about
the teams. You can also learn about COLSS Financials separate
divisions also cool features. If you miss part of today's program,
you can always listen to the podcast right at class
financial dot com. Subscribe there as well, and while you're there,
(06:35):
sign up for the weekly Market Pulse newsletter. They're tough
number six oh eight four four two five six three seven.
No charge for that initial gets to know your appointment
at Class Financial. It will be complimentary to you again
their number six oh eight four four two five six
three seven. And thinking about that stuff, Nate could really
be helpful for retirees. What about the salt salt deduction
(06:56):
state and local tax write offs? What the heck are
we talking about there? And how has that ben Can
that be a beneficial Yes?
Speaker 3 (07:03):
Yeah, so, just like Sean said, the salt cap if
as it's commonly referred to as as an itemized deduction
eligible for US state and local taxes here So in Illinois,
four point nine percent flat tax plus property tax is
a bad word for both our Wisconsin and Illinois residents.
Of course, So how this is is that previously was
capped at ten thousand dollars. That cap was introduced back
(07:26):
to twenty seventeen with the Tax Cuts and Jobs Act.
And how this was is to get this bill passed
some members of Congress and higher tax states mainly on
the coast, to be honest, you know, citizens, to get
that increased, okay, in order to vote for the bill.
And how that was so, how it is now is
that that deduction can increase up to forty thousand actually
(07:49):
for this year as well in twenty five through twenty nine,
so it can phase down meeting as your income from
married finally joint exceeds five hundred thousand, less of that
forty thousand would potentially be available for you. Now, unlike
the sixty five plus additional standard additional deduction, this for
the salt you do have to itemize. You have to
(08:11):
itemize your deductions to potentially be eligible for this deduction.
Speaker 2 (08:15):
So a key you know difference there.
Speaker 1 (08:18):
Speaking of as we talk about things like taxes and
opportunities and itemizing deductions, I'm going to ask you about
tax brackets and I'll ask you, see j a little
bit about that in just a moment. But first, yeah,
but to the website, Yeah, costs Financial dot com. Head
on over there right now. Get to know the team
at Costs Financial Again, that's cost k l a a
S Financial dot com. All right, topal number six, So
eight four four two five six three seven, no charge
(08:38):
for that initial gets to know your appointment tach costs financial.
It will be complementary to you. So CJ is along
those tax those tax questions. What about the tax brackets?
Any changes there? Do they stay the same?
Speaker 2 (08:50):
What do we know?
Speaker 4 (08:52):
Yeah, So that's that's the big kind of takeaway from
the obb b A is that the tax brackets will
remain the same. So the brackets that were introduced in
twenty seventeen were the twelve, twenty two, twenty four, thirty two,
and thirty seven, which will now remain in place somewhat permanently.
We say permanently, and that they're not going to automatically
(09:13):
expire anymore. However, just because they're not going to automatically
expire doesn't mean a future president couldn't introduce, you know,
a new, completely new bracket that could get passed by
a future Congress. But there's nothing automatically expiring like it
was supposed to do headed the next year. So without
any action, we were going to actually revert back to
(09:36):
brackets that were going to cause some higher taxation. So
this is the main win for people, Well, spends on
how you view this. Right, if you're a pro of
the bill, and if you're in favor of paying less
income tax on your income that you receive, then that
was the big part of this bill that people were
winning from. I'll also say what Nay was just getting
(09:57):
at there. He talked about higher salt deductions, and he
talked about higher standard deductions, especially for those over sixty five. Really,
you don't have to understand all the intricacies of that
to understand the following, which is having a higher ability
to itemize for salt deduction, state and local income tax
deductions and the ability to get a higher standard deduction
(10:17):
for those who are older are just additional ways to
bring down your tax It's really all anybody needs to understand.
And so at the end of the day, the locking
in of those of those rates more permanently and the
fact that you can more rapidly bring down your income
through salt deductions or through higher standard deductions, just at
(10:38):
the end of the day, should result in lower taxes
for most Americans.
Speaker 1 (10:41):
You know, it's fun we talk about this, you know,
kind of opinions and feelings, they definitely do vary and
it's like everybody's got their own. But it's always interesting
to see how this stuff, you know, new administrations, how
things change, new laws, new bills, new guidance as well,
and it's really good to keep up to date on
this stuff. It's great program. Don't forget if you miss
any part of today show. Got a lot more coming
(11:02):
as well. You definitely want to make sure you're subscribing
to the podcast. Head on over to Cossfinancial dot com.
That's Coss k l a as Financial dot com. You can,
of course subscribe to the podcast right there, sign up
for the weekly Market Pulse newsletter as well as gets
no Coss Financial on their website Coss Financial dot com. Telphoneumber,
great day to make an appointment six oh eight four
four two five six three seven. That first appointment that
(11:23):
gets no your conversation. It will be complementary to you.
It's not going to cost you a thing again there
telephone number six oh eight four four two five, six
three seven. May have heard all the talk of tax
free tips and overtime. We're gonna have the details on
then head on over to the Money and Motion listener
question corner. We will do all of that next as
Money and Motion with COSS Financial continues right here on
thirteen ten wiv A talking this morning with our retirement
(11:47):
planning professionals from Class Financial, CJ. Closs and Nate Briby.
You can learn more about CJ, Nate and the whole
team at COSS Financial on their website coss financial dot
com that's colss k l a a s Financial dot com.
Get to know the team there. You can also sign
up for the weekly market paul S newsletter. Also you
can learn how costs can help you or if you're
a business owner as well. Again, all those details available
(12:11):
at classfinancial dot com. They're tell for number six oh
eight four four two five six three seven. No charge
for that initial gets to know you appointment tech Laws Financial,
It will be complementary to you again their numbers six
oh eight four four two five six three seven. Talking
about the recently past one Beautiful Bill Act and getting
some of the details, and of course one of the
hot conversations for everyone was tax free tips and overtime.
(12:35):
What do we need to know there? What are some
of the details and is that the case? Will there
be uh tax free tips on tax free on tips
and overtime as well CJ.
Speaker 4 (12:47):
Yeah, Well, as Nate was talking about earlier, you know,
it relates to like social security and tax ability. It's
always more complicated than just saying, you know, no tax
on tips. Now that's that's not to knock what anybody
has said, but rather to say to accomplish something like
this inside of tax legislation is complicated. But both tips
(13:08):
and overtime are still included in your gross income and
subject to payroll taxes. That has not changed. But now
for tax years twenty twenty five through twenty twenty eight,
So if twenty twenty five is a year that we're
in right now, for the next four tax years, you
can deduct up to twenty five thousand and tips from
your taxable income. So that is a big deal, right
depending upon your total income. And if you have twenty
(13:31):
five thousand and tips, that could be a big deal
again in reducing your tax Now, it doesn't mean I
can make five hundred thousand dollars in tips and just
not take any W two income and say haha, I've
cheated the system. But certainly for those who are receiving
tips in certain trades, and by the way, DIRS has
to give more guidance on this because there was some
language in the OBBBA that was talking about certain types
(13:54):
of jobs and that received tips, and it has to
be somewhat normal and ordinary. But yes, this could be
a big deal again in reducing taxation for households that
have someone in the household generating you know, theer amount
of tip income and overtime pay is also eligible for
a deduction up to twenty five thousand for married couples
filing jointly or twelve thousand, five hundred for other filers. Again,
(14:18):
for both of these there's stays out ranges depending upon
your income, so you'll want to talk with your tax
professional and see how it applies. You'll also want to
be mindful of the fact that this is not a
permanent part of the tax code. So we mentioned previously,
twenty seventeen Tax Cuts and Jobs Act introduced these new
lower brackets. What happened through the OBBA is that those
(14:40):
new brackets have now been made permanent, but there's some provisions,
namely no tax on tips and no tax in overtime.
Those parts of the provision are not permanent parts of
the Act, and so this will only last from twenty
twenty five through twenty twenty eight. But I just can't
encourage our listeners enough. If you're hearing us talking about
(15:02):
this and you're wondering how it applies to you, call
unto your financial advisor, call into your accountants and get
an understanding. We've already run some performance on this for
clients and in some cases nothing right. That means really
not much of a change at all. For others, quite
substantial thousands upon thousands of dollars in less taxation. So
(15:23):
so talk to your accountant to figure out how it
will apply to you.
Speaker 1 (15:26):
As really good advice as always from CJ. Closs, of course,
and Nate Briby joining us this morning from Class Financial.
Their website class financial dot com. That's Class k l
aas financial dot com. You can learn more about Class
Financial on their website. They're telephone number six so eight
four four two five six three seven, No charge for
that initial gets to know you appointment tech Claws Financial
it will be complementary to again, they're telephone number six
(15:49):
oh eight four four two five six three seven. As
we're talking then about the OBBA, I know another provision
the bill. There's a lot obviously a lot more to it.
Let's kind of real quick, kind of rapid fire. Some
of those some of those little provisions that folks need
to be aware of.
Speaker 3 (16:05):
Nate think back to CJ's comment on provisions that expire.
Speaker 2 (16:09):
You have to ask yourself, well, why is that?
Speaker 3 (16:11):
Well, I hope this isn't political, but you know, tax
cuts cost money depending on how you score a bill,
that costs money. So making provisions expire after a certain
number a year cuts down the size of a bill.
So just understand that that that's why some of these
are only for four tax years versus permanently extending on
the tax bracket. So anyway, other provisions that may that
(16:32):
may be relevant to you. A child tax credit that
has permanently been increased to twenty two hundred dollars and
we'll start indexing for inflation. They're expanding the list of
qualified expensive expenses eligible for five twenty nine planned distributions,
permanently extending the federal estate tax exemption to fifteen million
dollars the QBI deduction Section one ninety nine A. Some
(16:55):
people that aren't business owners have no idea what that
means are why that matters. But those that do or
understand that doesn't matter, and that's been permanently extended.
Speaker 2 (17:03):
This one that's come back. I think this was in
the eighties or nineties.
Speaker 3 (17:05):
This provision was available on the tax code Vehicle loan
interest deduction up to ten thousand dollars for vehicles having
final assembly in the United States. Okay, so financing a
vehicle potentially that that interest may be deductible. Last one
in twenty twenty six, two thousand dollars non itemized charitable deduction.
Speaker 2 (17:28):
Okay.
Speaker 3 (17:28):
So those that give smaller amounts to their church or
university or whatever, they say, I.
Speaker 2 (17:33):
Don't need that receipt.
Speaker 3 (17:34):
You may want to keep that starting next year because
up to two thousand dollars without itemizing, for a married
and finally joint couple, it's potentially deductible.
Speaker 1 (17:42):
Oh that's awesome. Talking this morning with Nate Briby and CJ.
Closs every tirement planning professionals from Class Financial. Learn more
online the website class financial dot com. That's Coss klaas
Financial dot com. Great website and resource to learn about
Class Financial. You can also, of course sign up for
the weekly Market Pulse newsletter. It's a great email that
you receive once a week, give you little snapshot of
(18:04):
what's been going on in the markets. Also linked to
the most recent podcast that available to you to subscribe
to right at cossfinancial dot com. They're tell forh number six,
So eight four four, two, five, six three seven No
charge for that initial get to know you appointment at
Costs Financial. It will be complementary to you talk about
some other legislation out there. We'll get the details from
CJ and Nate. Next as Money in Motion with Coss
(18:25):
Financial continues right here on thirteen ten WIBA talking this
morning with CJ. Closs and Nate Briby. They are our
retirement planning professionals from COSS Financial. The website Coss financial
dot com. That's Coss klaas Financial dot com com. Up
a little bit later on this segment, we'll do the
class quiz question week your chance to win a fantastic prize.
But still a lot of great information, an important information
(18:47):
when it comes to legislation, and of course, aside from
that most recent bill that got passed, I know there's
other pieces of legislation to one in particular that was
passed the beginning of the year that affected a lot
of retirees. And they're so security benefits. Get some details
on that, Nate.
Speaker 3 (19:04):
Yeah, So the Social Security Fairness Act, like Sean said,
was passed in January of this year.
Speaker 2 (19:09):
This honestly kind of snuck up on us. It wasn't
a lot.
Speaker 3 (19:11):
You know in the headlines or in our publications, and
you know, I got passed. So this is a great
thing for in Illinois here for people covered by what
was deemed a non covered pension.
Speaker 2 (19:22):
So those like in TRS or.
Speaker 3 (19:24):
Sers here in Illinois that previously did not pay into
Social Security in their current careers. How that was is
there were two provisions that were removed under the Fairness Act,
namely the windfall Elimination provision and the Government Pension offset.
So these two provisions long story short, reduced social Security
benefits are those covered by a non covered pension. It's
(19:47):
called okay, so this could be on your own record.
So say you here in Illinois, you worked for TRS,
but you had some previous employment that did pay into
Social Security. You open up your Social Security statement, it
says you're eligible for eighteen hundred dollars sixty seven. Come
to find out when you claim your TRS they say
you need to tell Sole Security you have TRS because
they can reduce your Social Security down to them four
(20:08):
hundred dollars a month or whatever. Okay, that also could
reduce spousal benefits and survivor benefits if unfortunately you've lost
a spouse, So.
Speaker 2 (20:17):
Those two provisions are gone.
Speaker 3 (20:19):
So basically what you'll see now is what's on your
Social Security statement is what you'll be eligible for if
you have enough credits on your own record. The interesting
thing that you may have to call Social Security on
would be if you previously said, you know what, I
wasn't eligible because of these provisions. You know, someone that
could be claiming a spousal benefit on their spouse's record, well,
(20:40):
should call Social Security and reference the Fairness Act to
see if they're now eligible for a spousal benefit. Same
thing if they've lost a spouse that they weren't drawing
on on a survivor benefit, they could potentially be eligible
for so serves TRS non covered pensions up in Wisconsin.
That would be something definitely to call SOLI Security on.
One last thing they do, they are doing retroactive payments
(21:04):
back to January of twenty four, So it's been kind
of fun where CJ and I get calls from our
clients that get fifteen to twenty five thousand dollars lump
some checks because they're getting all their payments back from
January of twenty four. So, you know, those of you
that have heard the winfall elimination provision and government pension
offset programs, well understand that this may affect you and
it would be a good opportunity to call Social Security
(21:26):
to see if you're eligible for a new benefit there.
Speaker 1 (21:29):
That is really cool to hear. We talk this morning
with Nate Briby and CJ.
Speaker 3 (21:32):
Coloss.
Speaker 1 (21:33):
They are our retirement planning professionals from Class Financial. They're
tell for number six so eight four four, two, five,
six three seven the website class financial dot com that's
Coss klaasfinancial dot com. While you're there getting to know
all the team, learn more about Class Financial and subscribe
to that podcast. You can also submit a question to
be read right here on the program and the Money
in Motion listener question Corner and Amy took the time
(21:54):
to write and she says, I'm planning to retire later
this year at age sixty five. I'm trying to decide
whether I should start taking Social Security right away or
wait until my full retirement age of sixty seven? What
should I consider when making this decision? And CJ give
that one to you.
Speaker 4 (22:12):
Yeah. Well, as Sean said, anybody can actually write in
and ask us these questions. So if you're uncomfortable calling
in during the show and would rather just submit a
question like this and writing like Amy did, feel free too,
and truth be told. Thank you, Amy, because it gives
us a little bit more chance to prep for these questions,
which is always fun for us. But yeah, good question.
So if Amy, if you are planning to retire at
(22:33):
sixty five and you're wanting to know if you should
draw solid security now or waiting until your full retirement age.
These are pretty key questions that we ask and talk
about on the show quite often. So there are a
few key factors you'll want to evaluate before deciding when
to claim your benefits. The first is whether you plan
to keep working keep working after sixty five in any
(22:56):
capacity you mentioned retirement. But for some people that's just
welling up doing what I do now and go do
something else. Because remember, if you draw before your full
retirement age, and this is good for every listener to hear,
if you draw soci Security before your full retirement age.
There's an income offset kind of cap that you need
(23:16):
to be to be aware of. Your soci Security benefits
could actually be temporarily reduced due to the Social Security
earnings limits, which is about twenty three four hundred dollars
in twenty twenty five. So if your earnings exceed that number,
social Security withholds one dollar for every two dollars you
go over that limit until you reach your full retirement age.
(23:39):
So often what will tell people is, hey, I don't
care what job you're doing, whether it be your your
original job or another job. If you're earning more than
about we just use a rule of thumb around twenty
five thousand dollars a year in earnings, you may just
want to wait until your full retirement age at a
minimum before drawing Social Security. There's nothing worse than signing
(24:01):
up because you're going to quote unquote double dip. Right,
You're going to work and get your Social Security and
then only to come to find out that they are
taking away a large portion of your Social Security benefit
because you're not yet full retirement age. So amy great
question for everybody listening. If you have any questions about that,
feel free to call into us or talk to your
financial advisor.
Speaker 1 (24:21):
I tell for a number six Oak source.
Speaker 2 (24:23):
Sorry about that. Oh no, no worries.
Speaker 4 (24:25):
I'm just gonna mention. There are a couple other things
real quickly, Amy, you do want to be aware of
if you need that income. So even if you are
not planning to work and you go, yep, I'm fine,
I'm just going to draw sixty five. Well, for every
year you wait, it grows between seven to eight percent
a year for waiting, so there could be an incentive
still to wait until later. And that continues to happen
(24:48):
up until age seventy. And then the final piece is
be aware of your longevity. If you don't need the
money now and you can allow it to grow at
that seven to eight percent pace, and you have a
lot of longetic and your jeans meaning people and your
family lived into their eighties, nineties or later, you may
want to consider waiting because the longer you live with
(25:08):
that higher benefit, the more money you'll get out of
the Social Security system. So a lot of things in that, Amy,
just really appreciate your question and feel free to call
in if you have it anymore.
Speaker 1 (25:18):
That was a great question and at telephone number six
soh eight four four two five, six three seven. Don't
forget as well, no charge for the ininitcial get to
know you appointment at co Loss Financial. It will be
complimentary to you again the number six oh eight four
four two five six three seven. The website costs financial
dot com. That's cost klaas Financial dot com. Gott to
bring it back to the telephone number because it's time
now for the COSS Quiz Question of the week and
(25:39):
just a moment to ask you the class quiz question
the week. We'll then if thirty minutes from the end
of today's program to call the COSS Financial office right
here in Madison at six' oh eight four four two
five six three seven. If you are the first caller
with the correct answer, you win this week's prize, which
is a twenty five dollars gift card to dart In Restaurants.
This week's COSS Quiz Question the Week is this. With
the passage of recent legislation, current tax brackets that were
(26:03):
established back in twenty seventeen have been extended. Is that
true or false? Telephone number six oh eight four four
two five six three seven, first call out. Correct answer
won the twenty five dollars gift card to Darden Restaurants.
Of course, that's Loss Financials office right here in Madison.
No charge for that initial gets no your appointment tech
co Loss Financial. It will be complementary to you again
their number six oh eight four four two five six
(26:26):
three seven. The website coss financial dot com. That's css
K l a A S Financial dot com. CJ Nate.
It's great chatting with both of you, guys. Have a
great day and we'll do it all again soon. Thanks
Thanks Sean, Take care guys. Doctor Greer comes your way
next right here on thirteen ten WIBA
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