December 30, 2025 • 41 mins
- If you have any questions please contact Asset Growth Associates Tax & Retirement Advisors located at 1391 Calder Avenue in Beaumont. You can also email info@savemyretirement.com or phone (409) 840-6900.
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Episode Transcript
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Speaker 1 (00:03):
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registered investment advisor in the state of Texas.
Speaker 2 (01:04):
We're just trying to turn a nechel in do a dime.
That's the bottom line.
Speaker 3 (01:15):
Welcome to real, honest talk about money, politics, news and
information you can actually use.
Speaker 4 (01:23):
Buggle up and hold on tight.
Speaker 5 (01:25):
This is that's the bottom line. The best thing the
life of but you can give them to the bath
and bed.
Speaker 6 (01:50):
Morning, everybody, this is that's the bottom line. I'm your host,
Jeff Lewis of Asset Growth Associates along with Jean Valerani.
Thanks for spending part of your weekend with us. And
this week we have a very special guest, our local
tax doing Joggeray. Well, thank you for being here.
Speaker 3 (02:07):
Thank you, Jeff. And it is time, even though it's
before the first holary of the season. But let's talk
about some things that people can do to prepare for
their taxes being fouled in twenty six.
Speaker 6 (02:24):
All right, let's hear it.
Speaker 3 (02:25):
Yeah, they're twenty twenty five. Tax returns will be fouled
at twenty six. And for those of you making estimated payments,
remember that your last estimated payment for twenty twenty five
will be due on January fifteenth, twenty twenty six, or before.
You can make them any time you want, and I
(02:45):
would encourage all the people that are making estimated payments
if you have the wherewithal to set up an id
me account. It's id dot me account on the IRS
website and you'll be able to pay those electronically, and
then I have to worry about Meilis checks and.
Speaker 6 (03:04):
That little cue pone that they put on the back
of the tax returning and that instead of that, I
have to keep that in minds. I'll do that for
my grandma. Actually, I was going to ask you on that,
because I'm probably gonna have to start doing that next year.
If it's the first time you've ever made estimated tax payments,
when is the schedule for when you're supposed to make those?
Speaker 3 (03:26):
It is about every three months. And what's really interesting
about it is April fifteenth is when your taxes are due.
If you owe taxes you need to payment. That is
also the same date for your first estimated tax payment.
Speaker 6 (03:43):
Okay, so so it's going to be April.
Speaker 3 (03:46):
And then Vember and then Januated next year. Right.
Speaker 6 (03:50):
It's because it's not, you know, just eat equally spaced
out between the two like you would think it would be.
There's a little bit because they won't get your tax
done first and then send then in your first estimated
tax correct exactly.
Speaker 3 (04:02):
But with an im account and electronic account, those dates
don't have to be adhered to. As long as your
account is square and you've made your payments, then your
account is up to date.
Speaker 6 (04:16):
So one idea of what you're making dear to year.
Speaker 3 (04:20):
No, they don't have an idea. They're just looking for
your estimated what they're basing your estimated off what you
did the last year. You have to pay ninety percent
of what you paid the prior year if you owe
taxes to be.
Speaker 6 (04:33):
If you owe taxes you've actually had a zero liability
before the year, then you're exempt on that.
Speaker 3 (04:39):
Right, you don't have estimated taxes at all.
Speaker 6 (04:41):
So what if you weren't initially and then you amended
to show that this now I have a zero liability?
Are they going to go off that? But the first agi.
Speaker 3 (04:50):
They're going to go off that latest information. Okay, good,
they're going to go off that label. That takes me
off put exactly. It was a big hook.
Speaker 6 (04:58):
And it's a massive I don't know that can take
care of me.
Speaker 3 (05:03):
But then again, people that are employed and you have
the opportunity to have a four to h one savings
plan or a health account savings plan, you want to
check your contributions for those. If you want to try
and reduce your tax bill if you paid last year,
try and maximize those out there are people that even
(05:26):
know that they amount that they can invest is something
like sixty nine thousand tapped out, they might take their
whole paycheck to why one or last two of them
and max up the amount.
Speaker 6 (05:38):
Hey, in a warrior based plan, not an IRA. That's
a different number, exactly right. Okay, So for those of
us that have IRA's, that'sre thing. There is a contribution
deadline to that. I can still do it after the
first of the year, right.
Speaker 3 (05:53):
That's correct, up till April fifteenth.
Speaker 6 (05:55):
Okay, So as long as you make it in before
April fifteenth when I'm selecting that in if for those
of us that have accounts here, if you go into Schwab,
what we do is we designate, Hey, this is going
to be a twenty five text contribution or a twenty
six tax contribution when we put it in, and for
credit for last year, we need to market twenty twenty
five correct, all right? So if I have an IRA,
(06:18):
what's the limits there for this next year?
Speaker 3 (06:20):
Let's see if I had that, iras are.
Speaker 6 (06:23):
Going to be I thought it was seventy five hundred six.
Speaker 3 (06:26):
Thousand group person over sixty five. Yeah, seventy five and
if you're over fifty you get the.
Speaker 6 (06:33):
Kicker extra thousand dollars. Yeah, okay, So what about health
savings accounts?
Speaker 3 (06:40):
Health savings accounts single people forty three hundred dollars and
eight eight and fifty for a family.
Speaker 6 (06:49):
Okay, so you get a little bit of a spike
takeoff on that, right. The actually cost you fifty bucks
for being married.
Speaker 3 (06:56):
Right. The interesting thing about hell savings account this is
a story from a few years ago when they first
came into being. These things are like savings accounts that
can roll over and build up, and when you hit
the age of sixty four you can start to take
those out if you even have old medical expenses right right,
(07:18):
And they act like a savings account. And the story
I have to tell is I worked for a company
as the president of the company was in the meeting
when the first HSA's were talked about, and he brought
He says, so I can save as much as I want,
and when I'm sixty four, I can take it out
tax free. He was there immediately about that.
Speaker 6 (07:38):
What about for people on Medicare? And aren't you limited
on what you can pull that out for?
Speaker 3 (07:45):
No? No, I don't know any limitation for that.
Speaker 6 (07:50):
I don't think you can pull it out for your Medicare.
Is something that that you can for your Medicare Part
B and part them privance.
Speaker 3 (07:55):
Right right and long term healthcare right.
Speaker 6 (07:58):
And that's another key one because we run that one
a lot here where people come in and say, hey, look,
what are some ways that we can reduce our long
term care? And a lot of those a lot of times,
I mean, those policies are kind of dying. Really, you're
not really seeing them in this executed as much. I
know a lot of people lost money on those by
companies lost down.
Speaker 3 (08:17):
Those, Okay, and I've got one to that keep hanging
on to.
Speaker 6 (08:20):
And yeah, what one thing. One solution we came up
work around here was the bridge annuity that does some
work there now where you or get additional benefits for
pulling that out. It makes that tax free and gives
you an additional bonus for what you pull out. But
that's not something we can pull out an h ANDA there,
(08:40):
But if you have an HSA, you can actually did
up some of your cost.
Speaker 3 (08:43):
That way exactly. Another interesting thing about HSAS is obviously
it's excluded from your gross income so you pay less
tax on your reported income, but an employer can contribute
to it. You can contribute to it. Anyone else, your mother,
your father, your friend can contribute to those. Now.
Speaker 6 (09:06):
Now, cot provision of that is you have to have
a current HSA related insurance on that. So it's got
to be a designated plan for an HSA or you
can't make contributions that year. I ran in this situation
ourselves a couple of years ago where we thought we
had an HSA plan and we didn't, so we ended
up having to reverse our contributions so we didn't get hit.
Speaker 3 (09:28):
Yes, yeah, But.
Speaker 6 (09:32):
Other than that, I mean when we talk about, you know, healthcare,
do you see any additional benefits in the tax code
coming up for healthcare?
Speaker 3 (09:41):
No?
Speaker 6 (09:41):
When can I start to ducting all that without itemizing?
Speaker 3 (09:45):
Oh, well, you're not going to itemize very much this
year because of what they did with the soolal security
And we talked about that next segment.
Speaker 6 (09:55):
Yeah, we'll talk about that here in a minute. We'll
be right back on. That's the bottom line, stay with us.
Speaker 2 (10:00):
Where's just trying to turn ankel into a dime.
Speaker 6 (10:03):
That's the bottom line.
Speaker 1 (10:06):
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Speaker 4 (11:04):
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Speaker 6 (13:41):
We're just trying to turn an eppelent to what time.
Speaker 7 (13:44):
That's the bottom line.
Speaker 6 (14:16):
And we're back with that's the bottom line. I'm Jeff
Lewis along with Trunk Arrava, and we're sitting here talking
about twenty twenty six taxes. John, what's going on with
the changes.
Speaker 3 (14:27):
Big thing that's happening is we're going from seven tax
rates to eight, and six of the eight will be
three percent higher than they were last.
Speaker 6 (14:39):
Year because we didn't have enough already.
Speaker 3 (14:40):
Well, what's going to happen is you're going to jump
tax practe you know, more often than you might think
in some cases. And the top rate's going to go
from thirty five percent back to the thirty nine point
five percent.
Speaker 6 (14:53):
Okay, but it's going to take a while to get there, right,
Please tell me.
Speaker 3 (14:57):
I guess it's a big number, right, But there's a
lot of big men around here.
Speaker 6 (15:02):
Well, I tell you, I've gotten to the point where
you know I can handle it. If I'm in that bracket,
I'm gonna be okay. You know, if I make the money,
I can pay the taxes on it. That's fine. I
just don't want to go up so dag unfest, you know,
not predictable for what we're doing. So what else is
going on? Oh?
Speaker 3 (15:20):
The Child tax credit is about the same, twenty two
hundred dollars for child, and seventeen hundred of it can
be refundable, So even if you don't owe any taxes,
you can get a refund of that.
Speaker 6 (15:31):
So that would omit my refund the seventeen hundred if
I had.
Speaker 3 (15:34):
Nothing else going on, exactly right.
Speaker 6 (15:36):
But I can get as much as twenty two if
i'm you know, they'll pay an end.
Speaker 3 (15:40):
That's word, all right. So what about the savers credits?
The Savers credits are twenty one hundred instead of two
thousand issues, say you a little bit more for the
savers credit. But so what's interesting about that is the
savers credit I think in a couple of years is
going to be eliminated and I R S is going
(16:01):
to make a contribution to an IRA account.
Speaker 6 (16:03):
So we'll get a direct contribution rather than the refund.
Speaker 3 (16:07):
Well that's talk right now. Well it gets that will.
Speaker 6 (16:11):
Be interesting because uh, well we'll talk. We'll talk about that.
Uh I've got mixed bags on that. It's like, well,
we'll give it to you to say, but you have
to put it towards your retirement. That's going to be interesting.
Sounds like a New York product, something that a lot
of our active clients with this are going to care about.
Roth iras are no longer going to have an R
(16:33):
M D require correct, Okay, for the most part, it's
tax free anyways, I really matter it is.
Speaker 3 (16:42):
But it did have an R and D requirement, so
that's gone away. Yeah, so it's even more of a
wild bust on that one.
Speaker 6 (16:47):
What happens if you missed one?
Speaker 3 (16:49):
If you missed it, there is no penalty for that.
Speaker 6 (16:51):
No, no man.
Speaker 3 (16:52):
If like you're in your traditional ir even traditional it
used to be fifty percent if you missed it. Now
it's down to ten percent, so much more palatable.
Speaker 6 (17:00):
Okay, so they're getting a little bit more generous. That
is that going to be retroactive or is that going
to be.
Speaker 3 (17:04):
For going for I don't know if it's retroacted, but
it's certainly for the future. Okay this next year, Okay, good.
Speaker 6 (17:11):
Heading on to child text credits.
Speaker 3 (17:13):
What you got there, Well, it's three thousand per child
to a maximum six thousand. So this is this is
called dependent credits. In other words, what you're doing is
this is for care that you give to a child,
such as daycare, things like that, so you can work
or seek work. So even if you have three children,
(17:34):
it's three thousand per child, but it's captain six thous
a child. No, it can be your parent, it can
be your parents. Yeah, what about no?
Speaker 6 (17:44):
Because okay, because my wife sometimes considers me to be
holly dependent on her. Okay, all right, So anyone that's
over the age of nineteen, that's a reduced themount.
Speaker 3 (17:55):
Right right, They're not a child any longer, but they
can be another dependent with a five hundred.
Speaker 6 (18:00):
Dollars five hundred dollars limit.
Speaker 3 (18:01):
On that and that you know, covers grandparents, parents, et
cetera like that that don't have any income when they're
living with you and you're supporting them.
Speaker 6 (18:09):
Okay, a new one. They're going to forgive any debt
that's forgiven for your residence. They're not going to make
that as taxble income.
Speaker 3 (18:17):
Now, yes, he used to get a ten ninety nine
c cancellation of debt and that was considered income and taxable.
That is now by the wayside. And you won't have
any problem, uh with your principal word forgiven.
Speaker 6 (18:31):
I mean that might kind of a handy in the
House next year.
Speaker 3 (18:34):
The prop of your bank.
Speaker 6 (18:37):
So we got salts being increased talked to us there. Yeah,
it may not affect us much, but no.
Speaker 3 (18:44):
You remember the big tax states. It was a big
thing when when mister Trump, you know, limited to ten
thousand dollars and they're paying forty thousand dollars in property taxes.
So they negotiated that back to the forty thousand dollars
limit and for people, and so that will help those
(19:04):
blue states. Now I'm not going to say the blue states,
but the high tax states you know who they are.
Speaker 6 (19:09):
Yeah, well, we still have a little bit of proper
attack around here, that sort of thing. And we have
income taxes over Louisiana for some clients you know, have
property over there or.
Speaker 3 (19:17):
Live over there for that right Interestudently, I read something
the other day about it. They could get rid of
property taxes in Texas, but you're going to have a
twenty two percent sales tax.
Speaker 6 (19:25):
Yeah, that's a whole in our discussion on I'm not
really feeling like I'm in favor of that. We'll say
for insurance pringims.
Speaker 3 (19:34):
Yes, that can be out.
Speaker 6 (19:36):
They were, okay, yeah, that's taking off. You're going to
get a student loan adjustment now that lowers your tax
bill income, right.
Speaker 3 (19:42):
Twenty five hundred dollars. The thing about that doesn't matter
if you spend ten thousand for student loan interest, but
you get a twenty five hundred dollars credit lenn taxes.
Speaker 6 (19:54):
Okay, what else? We have education credits? I'm seeing here.
Speaker 3 (20:00):
There's two types of education credits that people need to
be aware of. You've got the American Opportunity Credit, which
is traditional four year school and it's only good for
the first four years, and it's a twenty five hundred
dollars credit in the end if you have enough expenses,
and then after you graduate, you can still get a
credit called lifetime learning. And lifetime learning is that you're
(20:23):
increasing your skills and your job. You might be going
to change another job, so you're looking to get education
like that. So as long as you are pursuing that,
it's a two thousand dollars credit related to your job
search and improvement.
Speaker 6 (20:37):
Okay, A big one that a lot of our listeners
are not to care about social security payback. What are
we doing there now?
Speaker 3 (20:44):
Right, Well, it's been the same. It's just a matter
of mention that again is if you take that early
retirement at sixty two and you work and you make
over twenty three four hundred dollars that money over that,
they're going to want one dollar back for every two
dollars as you earned.
Speaker 6 (21:00):
Now that's earned income, right, What about passive income?
Speaker 3 (21:04):
No, not passive in Okay, So if.
Speaker 6 (21:06):
You're drawing dividends and stuff like that, that's not going to
come into play. Or you can still live off your retirement, yes,
easily without having to worry about them coming back and
getting yourself security right.
Speaker 3 (21:16):
And then once you hit which is for most people
now sixty seven years old, and there's no payback. Make
as much as you want.
Speaker 6 (21:23):
All right, don't worry, mama, go you're taking care of
earned income credits.
Speaker 3 (21:28):
Oh that's the big one that people with children have
and they have a job that may not be quite
as lucrative as other people's might be. But a single
person can get an earned him credit for having a
job of six hundred and forty nine dollars a year
and that's refundable. That's if you know ohe no taxes,
you get that and it's up to eight forty six
(21:49):
dollars for people with three or more children. It stops
at three. More children over three doesn't get you anymore.
Speaker 6 (21:57):
All right, Well, we'll finish this up when we come back.
Just stay tuned. There's lots more you want to hear about.
Speaker 3 (22:03):
Stay with us.
Speaker 2 (22:05):
Where's just trying to turn a neckle in die. That's
the bottom line. Where's just trying to turn a neckle
in to die. That's the bottom line.
Speaker 6 (22:20):
We are absolutely thrilled here with this on that's the
bottom line. I'm Jeff Lewis along with On Koreba. So
talk to us about what is going on with the
standard deduction this next.
Speaker 3 (22:31):
Year, well a standard deduction UH is going to be
greater by three by six thousand dollars for a single
person and twelve thousand dollars who are a married couple.
Now this hinged off of they were not going to
tax Social Security any longer, so tax credit we're talking about, right,
(22:53):
social Security can be taxed. And the compromise was that
we're going to give a high or standard deduction to
people that are seniors. Exactly right, seniors.
Speaker 6 (23:04):
Yeah, just so we're clear, this was part of the
one big beautiful bill that Democrats did not want to
pass because I don't know, they hate seniors, Is that
what it was. I'm not sure.
Speaker 3 (23:17):
They didn't want to give up texts.
Speaker 6 (23:18):
They don't want to give a tax, you know. I
mean it's kind of funny because I mean we're borrowing
the money anyway. So I mean, okay, enough that said,
there's a lot of people that still think that they're
going to have not get taxed on their Social Security.
But the way it's currently written is you're still going
to owe that have to claim that income. It's just
(23:39):
that we're going to give you a six thousand dollars
knockoff per person if you're on.
Speaker 3 (23:44):
It right to reduce your tax full income.
Speaker 6 (23:46):
Okay, So the last thing we really want to talk
about today, I believe small business owners. We still have
a lot of clients around here that own businesses. Even
if they're quote unquot retired. A lot of people don't
give that up just because you know, hey I'm sixty
five now and I want to work you know less
and all that stuff. They still own their businesses, maybe
(24:08):
let their kid runner or something, but they still have
that income coming in.
Speaker 3 (24:11):
So yes, yes, we do have oh more than a
few clients that have small businesses. And I also work
with with people that want to start a small business.
Like the other day, I had somebody refer a person
too many wants to start a small business because I
do their small business and I was able to guide
them how to set it up and make sure the
accounting is right in their expenses. So we do that
(24:33):
kind of service. But the small businesses, the people are
surprised when they might have no tax due for their
personal overend ordinary income, but they've generated a fifteen percent
self employment tax because they had a successful small business
(24:55):
and made a profit.
Speaker 6 (24:56):
Yeah, whoopside. Didn't see that one coming all of a sudden.
Speaker 3 (24:58):
Oh, I hope itteen right? In the discussion I have
with them all the time, is the go cheese? You
got to pay that taxes as well? You want to
be a successful, profitable business person or do you want
to have so many expenses that you're broke because you
don't have any cash? Now?
Speaker 6 (25:14):
Yeah, I get it. Now, this is if you have
a business correct, not necessarily if?
Speaker 3 (25:20):
Is it?
Speaker 6 (25:20):
Also if you're following you know, I'm not sure how
do you call this as a individual soul proprietor or
do you actually have to have like an ll P
or oh no, they're the same.
Speaker 3 (25:34):
It is the same, right, An LLC comes into play
reliability and maybe reguard the name that you have. Imagine
this scenario. You know that McDonald's has an LLC because
the deserving food to the public. A person that might
be selling birdhouses doesn't necessarily need an LLC because what's
(25:58):
not reliability? Right? Right?
Speaker 6 (26:00):
So you don't have to have the employees to do this.
This could be if you're on your own and you're
you're just you're a contractor and oh, by the way,
I made it a lot of this money, and I
didn't budget. In fact, I was gonna be paying fifteen
percent self employment exactly. Okay, so I'm to keep in
mind there are methods to reduce it. Talk about a
(26:21):
little bit. Those that what we call tax avoidance. It's
not tax evasion that's illegal. We're doing tax avoidance that's
perfectly legal.
Speaker 3 (26:27):
Exactly. There are some expenses that you claim that don't
necessarily have an auto pot of pocket expenses for yourself.
One of them is a home office, Okay, in a
home office, yeah, where you might be doing your books
and running, you know, making sure you're ready for the
next day, or you might meet clients in your home
(26:48):
office something like that. Well, that's a matter of getting
the simplified method gives you five dollars per square foot
up to three hundred square feet at home. Well, you
lived at home anyway. You didn't pay anything extra having
that office as opposed to having a standalone office, So
you can get up fifteen hundred dollars deduction. It didn't
cost you anything except going home.
Speaker 6 (27:10):
Yeah, and they've made it easier, haven't they, Where you're
not really just risky and audit just because you're claiming that. Yeah,
it's very it's very easy to do it now. So, uh,
what are some restrictions on what you have to do
on that? You can't have like any of your personal
stuff in there.
Speaker 3 (27:25):
Right right, but you're not conning visited necessarily, but I'll
help you out. Right. You want to measure discord feet
and you want to make sure that is a designated there.
Some people just measure their desktop because that's what they
use in the paper. That's a bad Yeah, I use.
Speaker 6 (27:40):
I use my little office rin because I keep there.
They're like, well, you can't pay bills in there and
stuff like that, and it's like, how are you supposed
to know if I'm paying bills in my own work
computer or not? Because I mean, I can pay bills
at work for crying out loud if I need to
exactly or a little bit. I can't play computer games
on here. I'm like, uh uh, I got to have
something when I'm not happy. Same people. So self employment insurance,
(28:04):
what's going on, especially if you're dealing with an exchange
based plan.
Speaker 3 (28:08):
Well, the self employed insurance is even myself being self employed,
I can claim my medicare as an adjustment to my
income and what they call above the line.
Speaker 6 (28:20):
An't that nice?
Speaker 3 (28:21):
It's nice? And my long term health care insurance counts
like that, so I can adjust my income from that scheme.
Speaker 6 (28:28):
Well, what about dental envision and stuff. Yes, if it's
an individual policy, we can stillward right, yeah, health insurance
if I haven't just to taste our rest is listening, Okay,
you never know who listens to these things. You got
it careful. What about the perciable equipment.
Speaker 3 (28:46):
Well, that is you know something where you're buying some
equipment to do your business. Say you're a screen printer
and your screen printing machine costs four five thousand dollars.
You can depreciate that over a number of years, accelerate
the depreciation, or take it all in one year, and
because of that expense, you're going to reduce the profit
(29:09):
in your business. Right.
Speaker 6 (29:10):
So, something we saw with a client this week is
that you can actually say, get a work truck and
then appreciate the sucker out if it's over a certain
weight lid over six thousand pounds.
Speaker 3 (29:22):
And use it fifty one percent for your business.
Speaker 6 (29:25):
Yeah and you yeah, and obviously, but you at least
half your business. I can appreciate that out as a
bonus depreciation of one hundred percent in the first year,
and that's on top of depreciation out straight line, right correct. Okay, Wow,
that big, beautiful bill is really freaking awesome. So I
wonder how many other people that's been affect you know,
if you're working out the refineries, that's the wort thing.
(29:47):
You got a work truck that you've got to use,
and you're a contractor. If you're a contract yeah, if
you're a contractor, yeah, not too obviously, thinking a lot
of people work out there are subcontractor.
Speaker 3 (29:58):
Oh well, I mean absolutely.
Speaker 6 (30:00):
So you could go ahead and get that new truck,
appreciate that baby out and be done with it. Right,
that's right, all right, Well, thank you for coming in.
We'll be back after this.
Speaker 2 (30:09):
We're Josh trying to turn a nickel into a die.
That's the bottom line.
Speaker 6 (30:20):
Are you tired of watching your investments rise and fall
with the market. What if you could have growth potential
without the risk of losing your hard earned money. This
is Jeff Lewis with Asset Growth Associates. If this sounds interesting,
then you need to ask us about a principal protection plan,
A smart financial solution designed to protect your money in
(30:40):
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now four nine eight four zero sixty nine hundred. Per
visitors at savemiretirement dot com.
Speaker 2 (31:12):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 8 (31:19):
Welcome back, ladies and gentlemen you're listening to. That's the
bottom line. You're weekly broadcast on KLBI that tells it
like it is. Once again, this is Gene Valerani reporting
and it's signed for a solution. Now wouldn't be right
for us to do a show on investments, so I
(31:42):
want to pass this along to you this morning. I
want to tell you that when making an investment decision,
you have to find what is comfortable for you and
how you want the investment to grow, and to do
so with the least possible risk. That Asset Growth Associate
(32:04):
because at our company here we offer the plans that
fit all the many needs for accumulating money over time
without exposing those investment dollars to loss when the stock
market has a downturn. I just can't imagine this. I
(32:24):
just can't imagine this enough. It's called principal protection, that's
what I'm talking about. And when you invest with us,
you never lose money, and when you're ready to take
an income from it, you can take an income. You
can cash a whole thing in or you could take
it in bits and pieces, and your returns is going
(32:47):
to be either linked to the stock market or a
fixed interest account, whatever you want. Either way, your money
grows over time. And these accounts are great for both
four oh one K rollovers in vension roovers and other
accounts available to grow over time and accumulate earnings without
having a downturn along the way when the market has
(33:10):
one of its hiccups. This is why it's called principal protection.
When the stock market has a downturn, money in one
of these plans doesn't lose a dime, and when the
market comes back, it just picks up where it is
left off and there's no weight to get going again.
Because while everybody's playing catch up, You're already moving ahead again.
(33:36):
These plans are great for pension and four oh one
K rollovers and for anything people save money for. Now,
we've all been told to save money for rainy days,
and as the years roll by, inflation and other financial
contracts have a hard time keeping up with the roller
coaster ride of market ups and downs. And that's why
(33:57):
we offer these contracts. Remember, these plans that I'm talking
about do not lose money during a market downturn, and
that means there's no way to just get back to
even while everybody else is trying to just catch up.
Here's what I want you to do. Call us an
(34:18):
Asset Growth Associates. Write this number down four O nine
eight four oh sixty nine hundred once again, four oh
nine eight four oh sixty nine hundred. That's our local
number in Beaumont, Texas, toll free. If you live in
far away places, you can dial one eight six six
(34:40):
seven two eight three six nine seven if you're calling
us long distance. Meeting with us is simple and takes
little time to provide our clients with a rollover which
you can move, say your pension, your four to oh
one K or your IRA money, your just playing cash
(35:01):
into one of our tax deferred accumulation plans. All you
have to do is moving the plans which accumulate tax
defer and there's no perfect plan, ladies and gentlemen, but
with safe insured savings and cash accumulation, all of our
clients are very pleased. Once again, I'm gonna give you
(35:25):
the phone number four oh nine eight four oh sixty
nine hundred long distance one eight six six seven two
eight three six ninety seven, that's toll free. We can
also be contacted online by logging on to Savemyretirement dot
com that Asset Growth Associates. We've been helping our clients
(35:50):
in Texas and Louisiana and elsewhere for decades now and
helping our clients accomplish their financial goals and plan to
continue doing so for the deck gage ahead. If you
have financial goals and plan to continue saving money for
the future and to do it on a tax deferred basis,
(36:13):
now is the time to simply log on to Save
my Retirement dot Com to call us. You can transfer
your four to oh one K, four to h three
B plans, your pensions and existing iras into principal production,
(36:33):
and that's good because that means that you're not going
to ever lose any money again. And when you make money,
the money is added to the contract and it stays there.
So why not give us a call, set a time
when you can visit with us and let us at
Asset Girth Associates simplify your financial life with funds that
grow that are not exposed to losses caused by downturns
(36:57):
on Wall Street. Now's the time to call for an
appointment four oh nine eight four oh sixty nine hundred.
Set a time to meet with us or one of
our associates and help you make the first step to
secure returns that do not lose value during market downturns.
(37:18):
Once again, Our phone number locally is four oh nine
eight four oh sixty nine hundred, toll free numbers one
eight sixty six seven two eight three six nine seven,
or once again online by simply logging on to Save
my retirement dot Com, sail it to us and we'll
get back with you. We've been helping our clients in
(37:42):
Southeast Texas and Louisiana for decades now we plan to
continue doing it in the years ahead. Once again, four O.
Nine eight four oh sixty nine hundred, and we can
also be reached online log on to save my retirement
dot com. Because the sooner you reach out to us,
(38:05):
the sooner.
Speaker 6 (38:06):
We'll be able to help you.
Speaker 8 (38:09):
Jeff will be back in a moment.
Speaker 2 (38:13):
We're just trying to turn ankel into a dime. That's
the bottom line.
Speaker 6 (38:22):
Thank you for listening today to that's the bottom line.
All of our broadcasts are available on demand online at
savemiretirement dot com, or just go to your iHeartRadio app
and search for us under the podcast tab. You can
also follow us for all of the latest updates on
Facebook at Jeff Lewis. That's the bottom line. Our physical
address in Beaumont is at thirteen ninety one Calter Avenue,
(38:44):
a block from the intersection of MLK and Calder. Are
you ready for the upcoming income tax season. It's almost
that time and our office is already taking appointments to
sort out your tax issues. Give us a call at
eight sixty six say my retirement that way, the IRS
doesn't call you first. Would you like to avoid paying
(39:06):
taxes on your retirement income altogether? Then maybe it's time
to get rock sized by converting your traditional ira into
a raw ira, either all at once or over time.
You can pay taxes now instead of later. It makes
more sense to pay taxes on the seed rather than
the crop. Raw iras let you harvest your money tax
(39:28):
free after it's grown over the years. Schedule and deployment
with us, the seat of a conversion makes sense for you.
If you want a big, beautiful boost your portfolio, come
talk with us about our covered call ETF strategy. These
exchange traded funds base their values off of underlying positions
and big time companies like Apple and Microsoft, or even
(39:50):
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(40:12):
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(40:33):
If so, you're probably a good candidate for a principal
protection strategy where you can get market linked race of
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these as at least a portion of a diversified portfolio.
That's why people more than ever are choosing Asset Growth Associates.
We've got the experience and name you can trust. We
(40:55):
know how to handle your money consistently, safely, and always
with your best interest. I'm Jeff Lewis from Jean Ballerani
and everyone here at Asset Growth Associates and all of
our families, have a joyous and happy new year, and
remember that you are greatly blessed and highly favored, because,
(41:16):
as always, that's the bottom line.
Are you exposed to unnecessary risk in your investment portfolio?
Introducing the current Portfolio risk Analysis, a powerful evaluation tool
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(00:45):
nine eight four zero sixty nine hundred or visit Savemretirement
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O nine eight four zero sixty nine hundred or visit
Savemretirement dot com. Asset Growth Associates Wealth Aders is a
registered investment advisor in the state of Texas.
Speaker 2 (01:04):
We're just trying to turn a nechel in do a dime.
That's the bottom line.
Speaker 3 (01:15):
Welcome to real, honest talk about money, politics, news and
information you can actually use.
Speaker 4 (01:23):
Buggle up and hold on tight.
Speaker 5 (01:25):
This is that's the bottom line. The best thing the
life of but you can give them to the bath
and bed.
Speaker 6 (01:50):
Morning, everybody, this is that's the bottom line. I'm your host,
Jeff Lewis of Asset Growth Associates along with Jean Valerani.
Thanks for spending part of your weekend with us. And
this week we have a very special guest, our local
tax doing Joggeray. Well, thank you for being here.
Speaker 3 (02:07):
Thank you, Jeff. And it is time, even though it's
before the first holary of the season. But let's talk
about some things that people can do to prepare for
their taxes being fouled in twenty six.
Speaker 6 (02:24):
All right, let's hear it.
Speaker 3 (02:25):
Yeah, they're twenty twenty five. Tax returns will be fouled
at twenty six. And for those of you making estimated payments,
remember that your last estimated payment for twenty twenty five
will be due on January fifteenth, twenty twenty six, or before.
You can make them any time you want, and I
(02:45):
would encourage all the people that are making estimated payments
if you have the wherewithal to set up an id
me account. It's id dot me account on the IRS
website and you'll be able to pay those electronically, and
then I have to worry about Meilis checks and.
Speaker 6 (03:04):
That little cue pone that they put on the back
of the tax returning and that instead of that, I
have to keep that in minds. I'll do that for
my grandma. Actually, I was going to ask you on that,
because I'm probably gonna have to start doing that next year.
If it's the first time you've ever made estimated tax payments,
when is the schedule for when you're supposed to make those?
Speaker 3 (03:26):
It is about every three months. And what's really interesting
about it is April fifteenth is when your taxes are due.
If you owe taxes you need to payment. That is
also the same date for your first estimated tax payment.
Speaker 6 (03:43):
Okay, so so it's going to be April.
Speaker 3 (03:46):
And then Vember and then Januated next year. Right.
Speaker 6 (03:50):
It's because it's not, you know, just eat equally spaced
out between the two like you would think it would be.
There's a little bit because they won't get your tax
done first and then send then in your first estimated
tax correct exactly.
Speaker 3 (04:02):
But with an im account and electronic account, those dates
don't have to be adhered to. As long as your
account is square and you've made your payments, then your
account is up to date.
Speaker 6 (04:16):
So one idea of what you're making dear to year.
Speaker 3 (04:20):
No, they don't have an idea. They're just looking for
your estimated what they're basing your estimated off what you
did the last year. You have to pay ninety percent
of what you paid the prior year if you owe
taxes to be.
Speaker 6 (04:33):
If you owe taxes you've actually had a zero liability
before the year, then you're exempt on that.
Speaker 3 (04:39):
Right, you don't have estimated taxes at all.
Speaker 6 (04:41):
So what if you weren't initially and then you amended
to show that this now I have a zero liability?
Are they going to go off that? But the first agi.
Speaker 3 (04:50):
They're going to go off that latest information. Okay, good,
they're going to go off that label. That takes me
off put exactly. It was a big hook.
Speaker 6 (04:58):
And it's a massive I don't know that can take
care of me.
Speaker 3 (05:03):
But then again, people that are employed and you have
the opportunity to have a four to h one savings
plan or a health account savings plan, you want to
check your contributions for those. If you want to try
and reduce your tax bill if you paid last year,
try and maximize those out there are people that even
(05:26):
know that they amount that they can invest is something
like sixty nine thousand tapped out, they might take their
whole paycheck to why one or last two of them
and max up the amount.
Speaker 6 (05:38):
Hey, in a warrior based plan, not an IRA. That's
a different number, exactly right. Okay, So for those of
us that have IRA's, that'sre thing. There is a contribution
deadline to that. I can still do it after the
first of the year, right.
Speaker 3 (05:53):
That's correct, up till April fifteenth.
Speaker 6 (05:55):
Okay, So as long as you make it in before
April fifteenth when I'm selecting that in if for those
of us that have accounts here, if you go into Schwab,
what we do is we designate, Hey, this is going
to be a twenty five text contribution or a twenty
six tax contribution when we put it in, and for
credit for last year, we need to market twenty twenty
five correct, all right? So if I have an IRA,
(06:18):
what's the limits there for this next year?
Speaker 3 (06:20):
Let's see if I had that, iras are.
Speaker 6 (06:23):
Going to be I thought it was seventy five hundred six.
Speaker 3 (06:26):
Thousand group person over sixty five. Yeah, seventy five and
if you're over fifty you get the.
Speaker 6 (06:33):
Kicker extra thousand dollars. Yeah, okay, So what about health
savings accounts?
Speaker 3 (06:40):
Health savings accounts single people forty three hundred dollars and
eight eight and fifty for a family.
Speaker 6 (06:49):
Okay, so you get a little bit of a spike
takeoff on that, right. The actually cost you fifty bucks
for being married.
Speaker 3 (06:56):
Right. The interesting thing about hell savings account this is
a story from a few years ago when they first
came into being. These things are like savings accounts that
can roll over and build up, and when you hit
the age of sixty four you can start to take
those out if you even have old medical expenses right right,
(07:18):
And they act like a savings account. And the story
I have to tell is I worked for a company
as the president of the company was in the meeting
when the first HSA's were talked about, and he brought
He says, so I can save as much as I want,
and when I'm sixty four, I can take it out
tax free. He was there immediately about that.
Speaker 6 (07:38):
What about for people on Medicare? And aren't you limited
on what you can pull that out for?
Speaker 3 (07:45):
No? No, I don't know any limitation for that.
Speaker 6 (07:50):
I don't think you can pull it out for your Medicare.
Is something that that you can for your Medicare Part
B and part them privance.
Speaker 3 (07:55):
Right right and long term healthcare right.
Speaker 6 (07:58):
And that's another key one because we run that one
a lot here where people come in and say, hey, look,
what are some ways that we can reduce our long
term care? And a lot of those a lot of times,
I mean, those policies are kind of dying. Really, you're
not really seeing them in this executed as much. I
know a lot of people lost money on those by
companies lost down.
Speaker 3 (08:17):
Those, Okay, and I've got one to that keep hanging
on to.
Speaker 6 (08:20):
And yeah, what one thing. One solution we came up
work around here was the bridge annuity that does some
work there now where you or get additional benefits for
pulling that out. It makes that tax free and gives
you an additional bonus for what you pull out. But
that's not something we can pull out an h ANDA there,
(08:40):
But if you have an HSA, you can actually did
up some of your cost.
Speaker 3 (08:43):
That way exactly. Another interesting thing about HSAS is obviously
it's excluded from your gross income so you pay less
tax on your reported income, but an employer can contribute
to it. You can contribute to it. Anyone else, your mother,
your father, your friend can contribute to those. Now.
Speaker 6 (09:06):
Now, cot provision of that is you have to have
a current HSA related insurance on that. So it's got
to be a designated plan for an HSA or you
can't make contributions that year. I ran in this situation
ourselves a couple of years ago where we thought we
had an HSA plan and we didn't, so we ended
up having to reverse our contributions so we didn't get hit.
Speaker 3 (09:28):
Yes, yeah, But.
Speaker 6 (09:32):
Other than that, I mean when we talk about, you know, healthcare,
do you see any additional benefits in the tax code
coming up for healthcare?
Speaker 3 (09:41):
No?
Speaker 6 (09:41):
When can I start to ducting all that without itemizing?
Speaker 3 (09:45):
Oh, well, you're not going to itemize very much this
year because of what they did with the soolal security
And we talked about that next segment.
Speaker 6 (09:55):
Yeah, we'll talk about that here in a minute. We'll
be right back on. That's the bottom line, stay with us.
Speaker 2 (10:00):
Where's just trying to turn ankel into a dime.
Speaker 6 (10:03):
That's the bottom line.
Speaker 1 (10:06):
If you own a variable annuity. You could be losing
thousands of dollars every year without even knowing it. At
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(10:27):
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fee analysis that's savemy Retirement dot Com. Past performance is
no indication of future results. Asset Growth Association Wealth Advisors
is a registered investment advisor in the state of Texas.
Speaker 4 (11:04):
The stock market doesn't care about your retirement plans. This
is Gene Valeranti of Asset Growth Associates. What is principal protection?
When you're investing in the stock market, you're risking your
principle and your rate of return if any, in the
hope that you will have a rate of return. With
(11:26):
principal protection, you stop risking your principle, and you are
only risking your rate of return. When you make money
in a principal protection account, you get to keep the money.
Give us a call today at Asset Growth Associates at
one eight six six seven two eight three six nine seven.
An easy way to remember that is one eight six
(11:48):
six save my retirement. You can also reach us locally
by calling four to oh nine eight four oh sixty
nine hundred or by visiting say my retirement dot com.
You will be glad that you did.
Speaker 1 (12:11):
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invested in our most powerful client service platform yet, our
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dashboard helps us do more for you. Call Asset Growth
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nine hundred and schedule your complementary portfolio review. That's four
o nine eight four zero sixty nine hundred, or you
(13:20):
can visit Savemyretirement dot com to find out more Asset
Growth Associates. Your path to financial freedom starts here. Past
performance is no indication of future results. Asset Growth Associates
Wealth Advisors is a registered investment advisor in the state
of Texas.
Speaker 6 (13:41):
We're just trying to turn an eppelent to what time.
Speaker 7 (13:44):
That's the bottom line.
Speaker 6 (14:16):
And we're back with that's the bottom line. I'm Jeff
Lewis along with Trunk Arrava, and we're sitting here talking
about twenty twenty six taxes. John, what's going on with
the changes.
Speaker 3 (14:27):
Big thing that's happening is we're going from seven tax
rates to eight, and six of the eight will be
three percent higher than they were last.
Speaker 6 (14:39):
Year because we didn't have enough already.
Speaker 3 (14:40):
Well, what's going to happen is you're going to jump
tax practe you know, more often than you might think
in some cases. And the top rate's going to go
from thirty five percent back to the thirty nine point
five percent.
Speaker 6 (14:53):
Okay, but it's going to take a while to get there, right,
Please tell me.
Speaker 3 (14:57):
I guess it's a big number, right, But there's a
lot of big men around here.
Speaker 6 (15:02):
Well, I tell you, I've gotten to the point where
you know I can handle it. If I'm in that bracket,
I'm gonna be okay. You know, if I make the money,
I can pay the taxes on it. That's fine. I
just don't want to go up so dag unfest, you know,
not predictable for what we're doing. So what else is
going on? Oh?
Speaker 3 (15:20):
The Child tax credit is about the same, twenty two
hundred dollars for child, and seventeen hundred of it can
be refundable, So even if you don't owe any taxes,
you can get a refund of that.
Speaker 6 (15:31):
So that would omit my refund the seventeen hundred if
I had.
Speaker 3 (15:34):
Nothing else going on, exactly right.
Speaker 6 (15:36):
But I can get as much as twenty two if
i'm you know, they'll pay an end.
Speaker 3 (15:40):
That's word, all right. So what about the savers credits?
The Savers credits are twenty one hundred instead of two
thousand issues, say you a little bit more for the
savers credit. But so what's interesting about that is the
savers credit I think in a couple of years is
going to be eliminated and I R S is going
(16:01):
to make a contribution to an IRA account.
Speaker 6 (16:03):
So we'll get a direct contribution rather than the refund.
Speaker 3 (16:07):
Well that's talk right now. Well it gets that will.
Speaker 6 (16:11):
Be interesting because uh, well we'll talk. We'll talk about that.
Uh I've got mixed bags on that. It's like, well,
we'll give it to you to say, but you have
to put it towards your retirement. That's going to be interesting.
Sounds like a New York product, something that a lot
of our active clients with this are going to care about.
Roth iras are no longer going to have an R
(16:33):
M D require correct, Okay, for the most part, it's
tax free anyways, I really matter it is.
Speaker 3 (16:42):
But it did have an R and D requirement, so
that's gone away. Yeah, so it's even more of a
wild bust on that one.
Speaker 6 (16:47):
What happens if you missed one?
Speaker 3 (16:49):
If you missed it, there is no penalty for that.
Speaker 6 (16:51):
No, no man.
Speaker 3 (16:52):
If like you're in your traditional ir even traditional it
used to be fifty percent if you missed it. Now
it's down to ten percent, so much more palatable.
Speaker 6 (17:00):
Okay, so they're getting a little bit more generous. That
is that going to be retroactive or is that going
to be.
Speaker 3 (17:04):
For going for I don't know if it's retroacted, but
it's certainly for the future. Okay this next year, Okay, good.
Speaker 6 (17:11):
Heading on to child text credits.
Speaker 3 (17:13):
What you got there, Well, it's three thousand per child
to a maximum six thousand. So this is this is
called dependent credits. In other words, what you're doing is
this is for care that you give to a child,
such as daycare, things like that, so you can work
or seek work. So even if you have three children,
(17:34):
it's three thousand per child, but it's captain six thous
a child. No, it can be your parent, it can
be your parents. Yeah, what about no?
Speaker 6 (17:44):
Because okay, because my wife sometimes considers me to be
holly dependent on her. Okay, all right, So anyone that's
over the age of nineteen, that's a reduced themount.
Speaker 3 (17:55):
Right right, They're not a child any longer, but they
can be another dependent with a five hundred.
Speaker 6 (18:00):
Dollars five hundred dollars limit.
Speaker 3 (18:01):
On that and that you know, covers grandparents, parents, et
cetera like that that don't have any income when they're
living with you and you're supporting them.
Speaker 6 (18:09):
Okay, a new one. They're going to forgive any debt
that's forgiven for your residence. They're not going to make
that as taxble income.
Speaker 3 (18:17):
Now, yes, he used to get a ten ninety nine
c cancellation of debt and that was considered income and taxable.
That is now by the wayside. And you won't have
any problem, uh with your principal word forgiven.
Speaker 6 (18:31):
I mean that might kind of a handy in the
House next year.
Speaker 3 (18:34):
The prop of your bank.
Speaker 6 (18:37):
So we got salts being increased talked to us there. Yeah,
it may not affect us much, but no.
Speaker 3 (18:44):
You remember the big tax states. It was a big
thing when when mister Trump, you know, limited to ten
thousand dollars and they're paying forty thousand dollars in property taxes.
So they negotiated that back to the forty thousand dollars
limit and for people, and so that will help those
(19:04):
blue states. Now I'm not going to say the blue states,
but the high tax states you know who they are.
Speaker 6 (19:09):
Yeah, well, we still have a little bit of proper
attack around here, that sort of thing. And we have
income taxes over Louisiana for some clients you know, have
property over there or.
Speaker 3 (19:17):
Live over there for that right Interestudently, I read something
the other day about it. They could get rid of
property taxes in Texas, but you're going to have a
twenty two percent sales tax.
Speaker 6 (19:25):
Yeah, that's a whole in our discussion on I'm not
really feeling like I'm in favor of that. We'll say
for insurance pringims.
Speaker 3 (19:34):
Yes, that can be out.
Speaker 6 (19:36):
They were, okay, yeah, that's taking off. You're going to
get a student loan adjustment now that lowers your tax
bill income, right.
Speaker 3 (19:42):
Twenty five hundred dollars. The thing about that doesn't matter
if you spend ten thousand for student loan interest, but
you get a twenty five hundred dollars credit lenn taxes.
Speaker 6 (19:54):
Okay, what else? We have education credits? I'm seeing here.
Speaker 3 (20:00):
There's two types of education credits that people need to
be aware of. You've got the American Opportunity Credit, which
is traditional four year school and it's only good for
the first four years, and it's a twenty five hundred
dollars credit in the end if you have enough expenses,
and then after you graduate, you can still get a
credit called lifetime learning. And lifetime learning is that you're
(20:23):
increasing your skills and your job. You might be going
to change another job, so you're looking to get education
like that. So as long as you are pursuing that,
it's a two thousand dollars credit related to your job
search and improvement.
Speaker 6 (20:37):
Okay, A big one that a lot of our listeners
are not to care about social security payback. What are
we doing there now?
Speaker 3 (20:44):
Right, Well, it's been the same. It's just a matter
of mention that again is if you take that early
retirement at sixty two and you work and you make
over twenty three four hundred dollars that money over that,
they're going to want one dollar back for every two
dollars as you earned.
Speaker 6 (21:00):
Now that's earned income, right, What about passive income?
Speaker 3 (21:04):
No, not passive in Okay, So if.
Speaker 6 (21:06):
You're drawing dividends and stuff like that, that's not going to
come into play. Or you can still live off your retirement, yes,
easily without having to worry about them coming back and
getting yourself security right.
Speaker 3 (21:16):
And then once you hit which is for most people
now sixty seven years old, and there's no payback. Make
as much as you want.
Speaker 6 (21:23):
All right, don't worry, mama, go you're taking care of
earned income credits.
Speaker 3 (21:28):
Oh that's the big one that people with children have
and they have a job that may not be quite
as lucrative as other people's might be. But a single
person can get an earned him credit for having a
job of six hundred and forty nine dollars a year
and that's refundable. That's if you know ohe no taxes,
you get that and it's up to eight forty six
(21:49):
dollars for people with three or more children. It stops
at three. More children over three doesn't get you anymore.
Speaker 6 (21:57):
All right, Well, we'll finish this up when we come back.
Just stay tuned. There's lots more you want to hear about.
Speaker 3 (22:03):
Stay with us.
Speaker 2 (22:05):
Where's just trying to turn a neckle in die. That's
the bottom line. Where's just trying to turn a neckle
in to die. That's the bottom line.
Speaker 6 (22:20):
We are absolutely thrilled here with this on that's the
bottom line. I'm Jeff Lewis along with On Koreba. So
talk to us about what is going on with the
standard deduction this next.
Speaker 3 (22:31):
Year, well a standard deduction UH is going to be
greater by three by six thousand dollars for a single
person and twelve thousand dollars who are a married couple.
Now this hinged off of they were not going to
tax Social Security any longer, so tax credit we're talking about, right,
(22:53):
social Security can be taxed. And the compromise was that
we're going to give a high or standard deduction to
people that are seniors. Exactly right, seniors.
Speaker 6 (23:04):
Yeah, just so we're clear, this was part of the
one big beautiful bill that Democrats did not want to
pass because I don't know, they hate seniors, Is that
what it was. I'm not sure.
Speaker 3 (23:17):
They didn't want to give up texts.
Speaker 6 (23:18):
They don't want to give a tax, you know. I
mean it's kind of funny because I mean we're borrowing
the money anyway. So I mean, okay, enough that said,
there's a lot of people that still think that they're
going to have not get taxed on their Social Security.
But the way it's currently written is you're still going
to owe that have to claim that income. It's just
(23:39):
that we're going to give you a six thousand dollars
knockoff per person if you're on.
Speaker 3 (23:44):
It right to reduce your tax full income.
Speaker 6 (23:46):
Okay, So the last thing we really want to talk
about today, I believe small business owners. We still have
a lot of clients around here that own businesses. Even
if they're quote unquot retired. A lot of people don't
give that up just because you know, hey I'm sixty
five now and I want to work you know less
and all that stuff. They still own their businesses, maybe
(24:08):
let their kid runner or something, but they still have
that income coming in.
Speaker 3 (24:11):
So yes, yes, we do have oh more than a
few clients that have small businesses. And I also work
with with people that want to start a small business.
Like the other day, I had somebody refer a person
too many wants to start a small business because I
do their small business and I was able to guide
them how to set it up and make sure the
accounting is right in their expenses. So we do that
(24:33):
kind of service. But the small businesses, the people are
surprised when they might have no tax due for their
personal overend ordinary income, but they've generated a fifteen percent
self employment tax because they had a successful small business
(24:55):
and made a profit.
Speaker 6 (24:56):
Yeah, whoopside. Didn't see that one coming all of a sudden.
Speaker 3 (24:58):
Oh, I hope itteen right? In the discussion I have
with them all the time, is the go cheese? You
got to pay that taxes as well? You want to
be a successful, profitable business person or do you want
to have so many expenses that you're broke because you
don't have any cash? Now?
Speaker 6 (25:14):
Yeah, I get it. Now, this is if you have
a business correct, not necessarily if?
Speaker 3 (25:20):
Is it?
Speaker 6 (25:20):
Also if you're following you know, I'm not sure how
do you call this as a individual soul proprietor or
do you actually have to have like an ll P
or oh no, they're the same.
Speaker 3 (25:34):
It is the same, right, An LLC comes into play
reliability and maybe reguard the name that you have. Imagine
this scenario. You know that McDonald's has an LLC because
the deserving food to the public. A person that might
be selling birdhouses doesn't necessarily need an LLC because what's
(25:58):
not reliability? Right? Right?
Speaker 6 (26:00):
So you don't have to have the employees to do this.
This could be if you're on your own and you're
you're just you're a contractor and oh, by the way,
I made it a lot of this money, and I
didn't budget. In fact, I was gonna be paying fifteen
percent self employment exactly. Okay, so I'm to keep in
mind there are methods to reduce it. Talk about a
(26:21):
little bit. Those that what we call tax avoidance. It's
not tax evasion that's illegal. We're doing tax avoidance that's
perfectly legal.
Speaker 3 (26:27):
Exactly. There are some expenses that you claim that don't
necessarily have an auto pot of pocket expenses for yourself.
One of them is a home office, Okay, in a
home office, yeah, where you might be doing your books
and running, you know, making sure you're ready for the
next day, or you might meet clients in your home
(26:48):
office something like that. Well, that's a matter of getting
the simplified method gives you five dollars per square foot
up to three hundred square feet at home. Well, you
lived at home anyway. You didn't pay anything extra having
that office as opposed to having a standalone office, So
you can get up fifteen hundred dollars deduction. It didn't
cost you anything except going home.
Speaker 6 (27:10):
Yeah, and they've made it easier, haven't they, Where you're
not really just risky and audit just because you're claiming that. Yeah,
it's very it's very easy to do it now. So, uh,
what are some restrictions on what you have to do
on that? You can't have like any of your personal
stuff in there.
Speaker 3 (27:25):
Right right, but you're not conning visited necessarily, but I'll
help you out. Right. You want to measure discord feet
and you want to make sure that is a designated there.
Some people just measure their desktop because that's what they
use in the paper. That's a bad Yeah, I use.
Speaker 6 (27:40):
I use my little office rin because I keep there.
They're like, well, you can't pay bills in there and
stuff like that, and it's like, how are you supposed
to know if I'm paying bills in my own work
computer or not? Because I mean, I can pay bills
at work for crying out loud if I need to
exactly or a little bit. I can't play computer games
on here. I'm like, uh uh, I got to have
something when I'm not happy. Same people. So self employment insurance,
(28:04):
what's going on, especially if you're dealing with an exchange
based plan.
Speaker 3 (28:08):
Well, the self employed insurance is even myself being self employed,
I can claim my medicare as an adjustment to my
income and what they call above the line.
Speaker 6 (28:20):
An't that nice?
Speaker 3 (28:21):
It's nice? And my long term health care insurance counts
like that, so I can adjust my income from that scheme.
Speaker 6 (28:28):
Well, what about dental envision and stuff. Yes, if it's
an individual policy, we can stillward right, yeah, health insurance
if I haven't just to taste our rest is listening, Okay,
you never know who listens to these things. You got
it careful. What about the perciable equipment.
Speaker 3 (28:46):
Well, that is you know something where you're buying some
equipment to do your business. Say you're a screen printer
and your screen printing machine costs four five thousand dollars.
You can depreciate that over a number of years, accelerate
the depreciation, or take it all in one year, and
because of that expense, you're going to reduce the profit
(29:09):
in your business. Right.
Speaker 6 (29:10):
So, something we saw with a client this week is
that you can actually say, get a work truck and
then appreciate the sucker out if it's over a certain
weight lid over six thousand pounds.
Speaker 3 (29:22):
And use it fifty one percent for your business.
Speaker 6 (29:25):
Yeah and you yeah, and obviously, but you at least
half your business. I can appreciate that out as a
bonus depreciation of one hundred percent in the first year,
and that's on top of depreciation out straight line, right correct. Okay, Wow,
that big, beautiful bill is really freaking awesome. So I
wonder how many other people that's been affect you know,
if you're working out the refineries, that's the wort thing.
(29:47):
You got a work truck that you've got to use,
and you're a contractor. If you're a contract yeah, if
you're a contractor, yeah, not too obviously, thinking a lot
of people work out there are subcontractor.
Speaker 3 (29:58):
Oh well, I mean absolutely.
Speaker 6 (30:00):
So you could go ahead and get that new truck,
appreciate that baby out and be done with it. Right,
that's right, all right, Well, thank you for coming in.
We'll be back after this.
Speaker 2 (30:09):
We're Josh trying to turn a nickel into a die.
That's the bottom line.
Speaker 6 (30:20):
Are you tired of watching your investments rise and fall
with the market. What if you could have growth potential
without the risk of losing your hard earned money. This
is Jeff Lewis with Asset Growth Associates. If this sounds interesting,
then you need to ask us about a principal protection plan,
A smart financial solution designed to protect your money in
(30:40):
a down market while capturing market lenked returns while the
market goes up. No market losses, market leaked gains, peace
of mind. Don't leave your future to chance. Call Asset
Growth Associates today at four zero nine eight four zero
sixty nine hundred to learn how to grow and protect
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(31:04):
now four nine eight four zero sixty nine hundred. Per
visitors at savemiretirement dot com.
Speaker 2 (31:12):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 8 (31:19):
Welcome back, ladies and gentlemen you're listening to. That's the
bottom line. You're weekly broadcast on KLBI that tells it
like it is. Once again, this is Gene Valerani reporting
and it's signed for a solution. Now wouldn't be right
for us to do a show on investments, so I
(31:42):
want to pass this along to you this morning. I
want to tell you that when making an investment decision,
you have to find what is comfortable for you and
how you want the investment to grow, and to do
so with the least possible risk. That Asset Growth Associate
(32:04):
because at our company here we offer the plans that
fit all the many needs for accumulating money over time
without exposing those investment dollars to loss when the stock
market has a downturn. I just can't imagine this. I
(32:24):
just can't imagine this enough. It's called principal protection, that's
what I'm talking about. And when you invest with us,
you never lose money, and when you're ready to take
an income from it, you can take an income. You
can cash a whole thing in or you could take
it in bits and pieces, and your returns is going
(32:47):
to be either linked to the stock market or a
fixed interest account, whatever you want. Either way, your money
grows over time. And these accounts are great for both
four oh one K rollovers in vension roovers and other
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having a downturn along the way when the market has
(33:10):
one of its hiccups. This is why it's called principal protection.
When the stock market has a downturn, money in one
of these plans doesn't lose a dime, and when the
market comes back, it just picks up where it is
left off and there's no weight to get going again.
Because while everybody's playing catch up, You're already moving ahead again.
(33:36):
These plans are great for pension and four oh one
K rollovers and for anything people save money for. Now,
we've all been told to save money for rainy days,
and as the years roll by, inflation and other financial
contracts have a hard time keeping up with the roller
coaster ride of market ups and downs. And that's why
(33:57):
we offer these contracts. Remember, these plans that I'm talking
about do not lose money during a market downturn, and
that means there's no way to just get back to
even while everybody else is trying to just catch up.
Here's what I want you to do. Call us an
(34:18):
Asset Growth Associates. Write this number down four O nine
eight four oh sixty nine hundred once again, four oh
nine eight four oh sixty nine hundred. That's our local
number in Beaumont, Texas, toll free. If you live in
far away places, you can dial one eight six six
(34:40):
seven two eight three six nine seven if you're calling
us long distance. Meeting with us is simple and takes
little time to provide our clients with a rollover which
you can move, say your pension, your four to oh
one K or your IRA money, your just playing cash
(35:01):
into one of our tax deferred accumulation plans. All you
have to do is moving the plans which accumulate tax
defer and there's no perfect plan, ladies and gentlemen, but
with safe insured savings and cash accumulation, all of our
clients are very pleased. Once again, I'm gonna give you
(35:25):
the phone number four oh nine eight four oh sixty
nine hundred long distance one eight six six seven two
eight three six ninety seven, that's toll free. We can
also be contacted online by logging on to Savemyretirement dot
com that Asset Growth Associates. We've been helping our clients
(35:50):
in Texas and Louisiana and elsewhere for decades now and
helping our clients accomplish their financial goals and plan to
continue doing so for the deck gage ahead. If you
have financial goals and plan to continue saving money for
the future and to do it on a tax deferred basis,
(36:13):
now is the time to simply log on to Save
my Retirement dot Com to call us. You can transfer
your four to oh one K, four to h three
B plans, your pensions and existing iras into principal production,
(36:33):
and that's good because that means that you're not going
to ever lose any money again. And when you make money,
the money is added to the contract and it stays there.
So why not give us a call, set a time
when you can visit with us and let us at
Asset Girth Associates simplify your financial life with funds that
grow that are not exposed to losses caused by downturns
(36:57):
on Wall Street. Now's the time to call for an
appointment four oh nine eight four oh sixty nine hundred.
Set a time to meet with us or one of
our associates and help you make the first step to
secure returns that do not lose value during market downturns.
(37:18):
Once again, Our phone number locally is four oh nine
eight four oh sixty nine hundred, toll free numbers one
eight sixty six seven two eight three six nine seven,
or once again online by simply logging on to Save
my retirement dot Com, sail it to us and we'll
get back with you. We've been helping our clients in
(37:42):
Southeast Texas and Louisiana for decades now we plan to
continue doing it in the years ahead. Once again, four O.
Nine eight four oh sixty nine hundred, and we can
also be reached online log on to save my retirement
dot com. Because the sooner you reach out to us,
(38:05):
the sooner.
Speaker 6 (38:06):
We'll be able to help you.
Speaker 8 (38:09):
Jeff will be back in a moment.
Speaker 2 (38:13):
We're just trying to turn ankel into a dime. That's
the bottom line.
Speaker 6 (38:22):
Thank you for listening today to that's the bottom line.
All of our broadcasts are available on demand online at
savemiretirement dot com, or just go to your iHeartRadio app
and search for us under the podcast tab. You can
also follow us for all of the latest updates on
Facebook at Jeff Lewis. That's the bottom line. Our physical
address in Beaumont is at thirteen ninety one Calter Avenue,
(38:44):
a block from the intersection of MLK and Calder. Are
you ready for the upcoming income tax season. It's almost
that time and our office is already taking appointments to
sort out your tax issues. Give us a call at
eight sixty six say my retirement that way, the IRS
doesn't call you first. Would you like to avoid paying
(39:06):
taxes on your retirement income altogether? Then maybe it's time
to get rock sized by converting your traditional ira into
a raw ira, either all at once or over time.
You can pay taxes now instead of later. It makes
more sense to pay taxes on the seed rather than
the crop. Raw iras let you harvest your money tax
(39:28):
free after it's grown over the years. Schedule and deployment
with us, the seat of a conversion makes sense for you.
If you want a big, beautiful boost your portfolio, come
talk with us about our covered call ETF strategy. These
exchange traded funds base their values off of underlying positions
and big time companies like Apple and Microsoft, or even
(39:50):
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these companies don't pay much in the way of dividends themselves,
these funds do on a weekly basis, generating dependable income,
generally with less risk than many funds that just invest
in the overall market. You never want to give up
capital if you don't have to, so why not let
(40:12):
your money work for you. Our proprietary Achieving Alpha portfolio
builder can customize a plan based off of your income needs,
whether it's for your overall budget or even to protect
against rising medical costs. Now, as you get closer to retirement,
you generally get more interested in keeping your money safe.
(40:33):
If so, you're probably a good candidate for a principal
protection strategy where you can get market linked race of
return with zero risk to your principle. We generally recommend
these as at least a portion of a diversified portfolio.
That's why people more than ever are choosing Asset Growth Associates.
We've got the experience and name you can trust. We
(40:55):
know how to handle your money consistently, safely, and always
with your best interest. I'm Jeff Lewis from Jean Ballerani
and everyone here at Asset Growth Associates and all of
our families, have a joyous and happy new year, and
remember that you are greatly blessed and highly favored, because,
(41:16):
as always, that's the bottom line.
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