December 5, 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 (00:05):
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registered investment advisor in the state of Texas.
Speaker 2 (01:05):
We're just trying to turn a neckel in do a dime.
That's the bottom line.
Speaker 3 (01:17):
Welcome to real, honest talk about money politics.
Speaker 4 (01:20):
You just can't information you can actually use. Buggle up
and hold on tight.
Speaker 2 (01:26):
This is that's the bottom line.
Speaker 5 (01:32):
The best thing the life of.
Speaker 3 (01:36):
But you can give them to the bath and be
the line.
Speaker 6 (01:42):
That morning, everybody. This is that's the bottom line.
Speaker 7 (01:54):
I'm your host, Jeff Lewis of Asset Growth Associates along
with Jean Valerani. Thanks for spinning part your weekend with us.
And this week we have a very special guest, our
local tax doinger John Great, well, thank you for being here.
Speaker 4 (02:09):
Thank you, Jeff. And it is time, even though it's
before the first holardy of the season, but let's talk
about some things that people can do to prepare for
their taxes being fouled in twenty six. All right, let's
hear it. Yeah, they're twenty twenty five tax returns will
be fouled at twenty six. And for those of you
(02:32):
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 would encourage all the people that
are making estimated payments if you have the wherewithal to
(02:53):
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
mailings checks and.
Speaker 6 (03:05):
That little cue one that they put on the back of.
Speaker 7 (03:07):
The tax returnments, and instead of that, I have to
keep that in mindxes I'll do that for Grandma. I
saw 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 4 (03:28):
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 pay that. That
is also the same date for your first estimated tax payment.
Speaker 6 (03:44):
Okay, so so it's going to be April, and then
Jamber and then januaryd next year.
Speaker 4 (03:50):
Right.
Speaker 7 (03:51):
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 to get your
tax that done for and then and then your first
estimated tax correct exactly.
Speaker 4 (04:03):
But with an ID 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 (04:17):
So one idea of what you're making dear to year
or no, they don't have an idea.
Speaker 4 (04:22):
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 do you pay the
prior year if you owe taxes to.
Speaker 7 (04:34):
Be if you owe taxes, you've actually had a zero
liability for the year, then your exempt on that.
Speaker 4 (04:40):
Right, you don't have estimated taxes at all?
Speaker 7 (04:42):
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 they're going to go off that latest information?
Speaker 6 (04:52):
Okay, good, they're going to go off that LA that
takes me off put exactly.
Speaker 4 (04:57):
It was a big hook.
Speaker 6 (04:59):
And it's a massive I don't know that can take
care of me.
Speaker 4 (05:04):
But then again, people that are employed and you have
the opportunity to have a four to h one savings
plan or a health count 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
(05:27):
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
in maximum?
Speaker 7 (05:39):
Okay, warrior base plan not an IRA, that's the right,
exactly right? Okay, So for those of us that have iras,
that sre thing. There is a contribution deadline to that.
I can still do it after the first of the year, right,
that's correct, up till April fifteenth. Okay, So as long
as you make it in before April fifteenth when I'm
selecting that, and then if I for those of us
(06:01):
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 a market twenty twenty five correct? Alrighty,
So if I have an IRA, what's the limits there
for this next year?
Speaker 4 (06:20):
Let's see if I had that irase.
Speaker 6 (06:23):
Are going to be I thought it was seventy five
hundred six.
Speaker 4 (06:27):
Thousand person over sixty five, Yeah, seventy five. If you're
over fifty, you get the.
Speaker 7 (06:34):
Kicker extra thousand dollars. Yeah, okay, So what about health
savings accounts?
Speaker 4 (06:40):
Health savings accounts single people forty three hundred dollars and
eight eight and fifty for a family.
Speaker 7 (06:49):
Okay, so so you get a little bit of a
spike takeoff on that, right. They actually cost you fifty
bucks for being married.
Speaker 4 (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 we 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 immediately about that.
Speaker 7 (07:38):
What about for people on Medicare? And aren't you limited
on what you can pull that out for?
Speaker 4 (07:45):
No? No, I don't know any limitation for that.
Speaker 7 (07:50):
I don't think you can pull it out for your medicare.
Something that that you can for your medicare apart B
and part the imprevans.
Speaker 4 (07:55):
Right right and long term healthcare right.
Speaker 7 (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 bad
companies lost down.
Speaker 4 (08:17):
Those Okay, and I've got one to that keep hanging
on to.
Speaker 7 (08:20):
And yeah, what one thing when solution we came up
for around here was the bridge annuity that does some
work there now where 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,
But if you have an HSA, you can actually did
(08:42):
up some of your cost that way exactly.
Speaker 4 (08:44):
Another interesting thing about HSAS is obviously it's excluded from
your gross income, so you paid less tax than your
reported income. But an employer can contribute to it. You
can contribute to it, or anyone else your mother, your father,
your friend can contribute to those. Now.
Speaker 7 (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. Yes, yeah,
(09:31):
but 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 4 (09:41):
No?
Speaker 7 (09:41):
When can I start to ducting all that without itemizing?
Speaker 4 (09:44):
Oh, well, you're not going to itemize very much this
year because of what they did with the Social Security
and we talk about that next segment.
Speaker 7 (09:54):
Yeah, we'll talk about that here in a minute. We'll
be right back on. That's the bottom line.
Speaker 6 (09:58):
Stay with us.
Speaker 2 (10:00):
Try to turn a neckel into a dime. That's the
bottom line.
Speaker 1 (10:06):
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Speaker 4 (10:27):
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Speaker 1 (10:29):
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(10:54):
Past performance is no indication of future results. Asset Growth
Associates Health Advisors is a registered investment advisor in the
state of Texas.
Speaker 8 (11:04):
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is Gene Valeranti of Asset Growth Associates. What is principal protection.
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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
(11:47):
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by calling four to oh nine eight four oh sixty
nine hundred or by visiting save my retirement dot com.
You will be glad that you did.
Speaker 1 (12:09):
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(13:17):
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performance is no indication of future results. Asset Growth Associates
Wealth Advisors is a registered investment advisor in the state
of Texas.
Speaker 5 (13:38):
We're just trying to.
Speaker 3 (13:39):
Turn an eppolent to what time. That's the bottom line
people can even.
Speaker 6 (14:13):
And we're back with that's the bottom line.
Speaker 7 (14:16):
I'm Jeff Lewis along with Trunk Arrava, and we're sitting
here talking about twenty twenty six taxes.
Speaker 6 (14:21):
John, what's going on with the changes.
Speaker 4 (14:24):
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 (14:36):
Year because we didn't have enough already.
Speaker 4 (14:38):
Well, what's going to happen is you're going to jump
tax practice, 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 (14:50):
Okay, but it's going to take a while to get there, right, Please.
Speaker 4 (14:53):
Tell me it's a big number, right, But there's a
lot of big men around here.
Speaker 7 (15:00):
I tell you I've gotten to the point where you know,
I can handle it.
Speaker 6 (15:04):
If I'm in that bracket, I'm going to 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 so dag unfest, you know, not predictable for
what we're doing. So what else is going on?
Speaker 4 (15:17):
Oh? 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 how any taxes,
you can get a refund of that.
Speaker 7 (15:29):
So that would limit my refund the seventeen hundred if
I had nothing else going on, exactly right. But I
can get as much as twenty two if I'm you know,
paying end.
Speaker 6 (15:37):
That's where all right? So what about the savers credits?
Speaker 4 (15:41):
The savers credits are twenty one hundred instead of two thousand.
Issues ta get 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 the IRS is going to make a
contribution to an eye accounts.
Speaker 7 (16:00):
So we'll get a direct contribution rather than the refund.
Speaker 4 (16:04):
Well that's talk right now. It gets that will be.
Speaker 6 (16:08):
Interesting because uh, well we'll talk. We'll talk about that.
Uh I 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 that's going to
be interesting.
Speaker 7 (16:20):
Sounds like a New York product, something that a lot
of our active clients with this are going to care about.
Roth I rays are no longer going to have an
R M D require correct, Okay for the most part,
it's tax free anyways, really matter it is.
Speaker 4 (16:39):
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 (16:44):
What happens if you miss one?
Speaker 4 (16:46):
If you missed it, there is no penalty for that.
Speaker 7 (16:49):
No, no man if like you're in your traditional are
even traditional it used to be fifty.
Speaker 4 (16:52):
Percent if you missed it. Now it's down to ten percent,
so much more palatable.
Speaker 7 (16:57):
Okay, so they're they're getting a little bit more generous.
That is that going to be retroactive or is that
going to.
Speaker 4 (17:01):
Be for going for I don't know if it's retroactive,
but it's certainly for the future.
Speaker 6 (17:05):
Okay this next year, okay, good. Heading on to child
tax credits.
Speaker 4 (17:10):
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,
(17:31):
it's three thousand per child, but it's captain six dollars
to be a child. No, it can be your parent,
it can be your parents, yeah, someone living.
Speaker 7 (17:39):
What about no, because okay, because my wife sometimes considers
me to be holy dependent on her. Okay, all right,
So anyone that's over the age of nineteen, that's a
reduced amount, right right, They're.
Speaker 4 (17:52):
Not a child any longer, but they can be another
dependent with a.
Speaker 6 (17:56):
Five dollars five hundred dollars limit on that.
Speaker 4 (17:59):
And that you know were his 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 (18:06):
Okay, a new one.
Speaker 7 (18:08):
They're going to forgive any debt that's forgiven for your residence.
They're not going to make that as taxble income.
Speaker 4 (18:14):
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 with your principal worth forgiving.
Speaker 7 (18:28):
I mean that might kind of a handy in the
House next year, the prop of your bank. So we
got salts being increased talked to us there.
Speaker 6 (18:39):
Yeah, it may not affect us much.
Speaker 4 (18:40):
But no, 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 blue states. Now I'm not going to
(19:02):
say blue states, but the high tax states, you know
who they are.
Speaker 7 (19:06):
Yeah, and we still have a little bit of proper
attact around here that sort of thing. And we have
income taxes over Louisiana for some clients you know, have
property over there or live over there for that right Interestudently,
I read something the other day about it.
Speaker 4 (19:17):
They could get rid of property taxes in Texas, but
you're going to have a twenty two percent sales tax.
Speaker 7 (19:21):
Yeah, that's a whole in our discussion on I'm not
really feeling like I'm in favor of that.
Speaker 6 (19:26):
We'll say for insurance brings.
Speaker 4 (19:31):
Yes, that could be.
Speaker 6 (19:33):
Okay, yeah, that's taking off.
Speaker 7 (19:35):
You're going to get a student loan adjustment now that
lowers your tax bloing, come right.
Speaker 4 (19:39):
Twenty five hundred dollars. The thing about that doesn't mean
if you spend ten thousand for students loan interest, but
you get a twenty five hundred dollars credit len taxes.
Speaker 7 (19:51):
Okay, what else? We have education credits? I'm seeing here?
Speaker 4 (19:56):
What are 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
(20:20):
increasing your skills and your job. You might be going
to change in other jobs, 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. Okay.
Speaker 7 (20:35):
A big one that a lot of our listeners are
not to care about social security payback.
Speaker 6 (20:40):
What are we doing there now?
Speaker 4 (20:41):
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 you earned.
Speaker 6 (20:57):
Now that's earned income, right, What about of income?
Speaker 4 (21:01):
No, not passiving Okay, so if.
Speaker 7 (21:02):
You're drawing dividends and stuff like that, that's not.
Speaker 6 (21:06):
Going to come into play.
Speaker 7 (21:07):
Or you can still live off your retirement, yes, easily
without having to worry about them coming.
Speaker 6 (21:11):
Back and getting your soul security right.
Speaker 4 (21:13):
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 7 (21:19):
All right, don't worry, mama, go you're taking care of
earn income credits.
Speaker 4 (21:24):
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 give an earned HIME credit for having a
job of six hundred and forty nine dollars a year,
and that's refundable. That's if you know. Oh, no taxes,
you get that, and it's up to eight forty six
(21:46):
dollars for people with three or more children. It stops
at three. More children over three doesn't get you anymore.
Speaker 6 (21:54):
All right, Well, we'll finish this up when we come back.
Speaker 4 (21:57):
Just stay tuned.
Speaker 6 (21:58):
There's lots more you want to hear about. We'll stay
with us.
Speaker 5 (22:02):
Where's just trying to turn a neckline.
Speaker 2 (22:05):
That's the bottom line. Where's just trying to turn a
neckl in to die? That's the bottom line.
Speaker 7 (22:18):
We are absolutely thrilled her with this on that's the
bottom line.
Speaker 6 (22:22):
I'm Jeff Lewis along which on Koreba.
Speaker 7 (22:25):
So talk to us about what is going on with
the standard deduction this next year?
Speaker 4 (22:30):
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,
(22:50):
this Social Security can be taxed, and the compromise was
that we're going to give a higher standard deduction people
that are seniors exactly right, seniors.
Speaker 7 (23:02):
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.
Speaker 4 (23:12):
That what it was.
Speaker 6 (23:13):
I'm not sure.
Speaker 4 (23:16):
They didn't want to give up texts.
Speaker 6 (23:17):
They don't want to give it a tax.
Speaker 7 (23:20):
Yeah, I mean it's kind of funny because 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
that we're going to give you a six thousand dollars
knockoff per person if you're on it.
Speaker 4 (23:43):
Right to reduce your tax full income.
Speaker 7 (23:45):
Okay, So the last thing we really want to talk
about today.
Speaker 6 (23:49):
I believe small business owners. We still have a lot
of clients around here that own businesses. Even if they're
quote unquote retired.
Speaker 7 (23:57):
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 h their kid runner or something,
but they still have that income coming in.
Speaker 4 (24:09):
So yes, yes, we do have well 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 when he 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 and they're expenses. So we do
(24:31):
that 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
(24:52):
business and made a profit.
Speaker 7 (24:54):
Yeah, whoopside didn't see that one coming all of a sudden. Oh,
I hope fifteen percent.
Speaker 4 (24:58):
Right in the discussion I have with them all times
to 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.
I don't have any cash.
Speaker 6 (25:12):
Now, yeah, I get it.
Speaker 7 (25:13):
Now, this is if you have a business correct, not
necessarily if?
Speaker 4 (25:18):
Is it?
Speaker 7 (25:18):
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.
Speaker 4 (25:29):
Like an ll P or oh no, they're the same.
It is the same, right. An LLC comes into play
reliability and maybe guard 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
(25:50):
be selling bird houses doesn't necessarily need an LLC because
what's not a reliability.
Speaker 7 (25:57):
Right, right, So you don't have to have the employees
to do this. So 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.
Speaker 6 (26:09):
In fact, I was gonna be paying fifteen percent self
employment exactly. Okay, So I to keep in mind there
are methods to reduce it. Talk about a 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 4 (26:25):
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 one, Yeah, where you might be doing your
books and running, you know, making sure you're ready for
the next day, or you might eat clients in your
home office something like that. Well, that's a matter of
(26:48):
getting that. The simplified method gives you five dollars per
square foot up the three hundred square feet at home. Well,
you lived at home anyway. You didn't pay anything extra
having that office as opposed to in a standalone office,
So you can get a fifteen hundred dollars deduction. It
didn't cost you anything except going home.
Speaker 7 (27:07):
Yeah, and they've made it easier, haven't they, Where you're
not really just risky and audit just because you're claiming.
Speaker 4 (27:12):
That simplified message.
Speaker 7 (27:14):
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.
Speaker 6 (27:20):
You can't have like any of your personal stuff in there.
Speaker 4 (27:22):
Right right, but you're not gonna get visit it necessarily,
but I'll help you out. Right. You want to measure
discord feat 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 PA. That's flad.
Speaker 6 (27:37):
Yeah, use I use my little officering because I keep there.
Speaker 7 (27:40):
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.
Speaker 6 (27:49):
Need to exactly that or that a little bit. I
can't play computer games on here. I'm like, huh uh,
I got to have something when I'm not happy to.
Speaker 7 (27:57):
Seeing people so self employed an insurance? What's going on,
especially if you're dealing with an exchange based plan.
Speaker 4 (28:05):
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 ante nice.
It's nice, and my long term healthcare insurance comes like that,
so I can adjust buying income from that scheme.
Speaker 6 (28:25):
Well, what about dental envision and stuff.
Speaker 7 (28:28):
Yes, if it's an individual policy, we can still thar
it towards it, right, Yeah, the health insurance if I haven't.
Speaker 6 (28:36):
Just to take our rest is listening?
Speaker 4 (28:37):
Okay?
Speaker 6 (28:38):
You ever know who listens to these things?
Speaker 4 (28:40):
You got it careful?
Speaker 6 (28:41):
What about the perciable equipment, Well.
Speaker 4 (28:44):
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 depreciation,
or take it all in one year, and because of
that expense, you're going to reduce the profit in your business. Right.
Speaker 7 (29:08):
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 lin over six thousand pounds.
Speaker 4 (29:20):
And use it fifty one percent for business.
Speaker 7 (29:22):
Yeah and us yeah, and obviously, but use 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.
Speaker 6 (29:35):
Okay, Wow, that big beautiful bill is really freaking awesome.
Speaker 7 (29:39):
So I wonder how many other people that's going to affect,
you know, if you're working out the refineries, that's the
wort thing. You got a work truck that you've got
to use, and you're a contractor.
Speaker 4 (29:47):
If you're a contract yeah, if.
Speaker 7 (29:49):
You're a contractor, yeah, not w too, obviously, thinking a
lot of people work out there are subcontractor. Oh well,
I mean absolutely you could go ahead and get that
new truckppreciate that baby out and be done with it, right,
that's right, all right, Well, thank you for coming in.
Speaker 6 (30:05):
We'll be back after this.
Speaker 5 (30:06):
We're just trying to turn a neckel into a dive.
Speaker 2 (30:09):
That's the bottom line.
Speaker 7 (30:17):
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,
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(30:41):
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now four nine eight four zero sixty nine hundred or
visitors at savemiretirement dot com.
Speaker 5 (31:10):
We're just trying to turn a nickel into a dime.
Speaker 2 (31:13):
That's the bottom line.
Speaker 9 (31:17):
Welcome back, ladies and gentlemen you're listening to that's the
bottom line. You're a 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
(31:39):
I 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 has set Growth
(32:00):
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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.
(32:22):
I 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
(32:45):
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 and pension rollovers and other
accounts available to grow over time and accumulate earnings without
having a downturn along the way when the market has
(33:07):
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.
(33:33):
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
(33:55):
we offer these contracts. Remember these plans that I'm talking
about do not lose money. D're in 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
(34:15):
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
(34:37):
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. You're just playing cash
(34:59):
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 of savings and cash accumulation, all of
our clients are very pleased. Once again, I'm gonna give
(35:22):
you 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. At Asset Growth Associates, we've been helping our
(35:46):
clients 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 decades ahead. If you
have financial goals and plan to continue saving money for
the future and to do it on a tax deferred basis,
(36:10):
now is the time to simply log on to Save
my Retirement dot com. You call us. You can transfer
your four to oh one K, four to oh three
B plans, your pensions and existing iras into principal production.
And that's good because that means that you're not going
(36:32):
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 Growth Associates simplify your financial life with funds that
grow that are not exposed to losses caused by downturns
(36:53):
on Wall Street. Now's the time to call for an
appointment four to 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.
(37:15):
Once again. Our phone number locally is four oh nine
eight four oh sixty nine hundred, toll free numbers one
eight six 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
(37:38):
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 savemyretirement dot com.
(37:58):
Because the sooner you reach out to us, the sooner
we'll be able to help you. Jeff will be back
in a moment.
Speaker 2 (38:09):
Where's Josh trying to turn a necke in die? That's
the bottom line. Where's Josh trying to turn a necke
in die? That's the bottom line.
Speaker 7 (38:36):
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 app and be
sure to add us the favorites. You can also follow
us for all the latest updates on Facebook at Jeff Lewis.
Speaker 6 (38:56):
That's the bottom line.
Speaker 7 (38:58):
Our physical address in Beaumont is at at thirteen ninety
one Calder Avenue, Uplock. From the intersection of MLK and Calder,
I want to thank John Kreve again for taking time
to sit down with us this week and discussing taxes.
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.
Speaker 6 (39:19):
Maybe you still have some tax problems from the previous year.
Speaker 7 (39:22):
If so, call her office at eight sixty six save
my retirement. That way, the IRS isn't calling you. Would
you like to avoid paying taxes on your retirement in
come altogether, then maybe it's time to get rothicized. By
converting your traditional IRA into a raw iray, either all
at once or over time, you can pay taxes now
(39:44):
instead of later. It makes more sense pay taxes on
the seed rather than the crop. Wrath I rays let
you harvest your money tax free after it's grown over
the years. Scheduling appointment with us to see if a
conversion makes sense for you. If you want a big,
beautiful boost your portfolio, come talk to us about our
cover call ETF strategy. These exchange rate of funds based
(40:06):
their values off of underlying equity positions and big time
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like AI and tech. And even though these companies don't
pay much in the way of diving thems themselves, these
funds do on a weekly basis, generating dependable income, generally
with less risk than many funds that just invest in
(40:26):
the overall market. You never want to give up capital
if you don't have to, so why not let your
money work for you. Our proprietary achieving Alpha portfolio builder
can customize a plan based off of your income needs,
whether explore your overall budget or even to protect against
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If so, you're probably a good candidate for a principal
protection strategy where you can get market linked rates 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.
(41:11):
We've got the experience and name you can trust. We
know how the hand of your money consistently, safely, and
always with your best interests in mind. I'm Jeff Lewis
for gene Valleranian. Everyone here at Asset Growth Associates remember
that you are greatly blessed and highly favored because as always,
that's the bottom line.
Speaker 5 (41:32):
That's the bottom line.
Speaker 3 (41:35):
You can reach Asset Growth Associates by calling one eight
six six seven to eight thirty six ninety seven are
by visiting savemyretirement dot com,
Are you exposed to unnecessary risk in your investment portfolio?
Introducing the current Portfolio risk Analysis, a powerful evaluation tool
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that's not all. We calculate your portfolios risk to reward
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(00:46):
nine eight four zero sixty nine hundred or visit savemretirement
dot com to schedule your portfolio review today. That's four
O nine eight four zero sixty nine hundred or visit
savemyretirement dot com. Asset Growth Associates Wealth Advisors is a
registered investment advisor in the state of Texas.
Speaker 2 (01:05):
We're just trying to turn a neckel in do a dime.
That's the bottom line.
Speaker 3 (01:17):
Welcome to real, honest talk about money politics.
Speaker 4 (01:20):
You just can't information you can actually use. Buggle up
and hold on tight.
Speaker 2 (01:26):
This is that's the bottom line.
Speaker 5 (01:32):
The best thing the life of.
Speaker 3 (01:36):
But you can give them to the bath and be
the line.
Speaker 6 (01:42):
That morning, everybody. This is that's the bottom line.
Speaker 7 (01:54):
I'm your host, Jeff Lewis of Asset Growth Associates along
with Jean Valerani. Thanks for spinning part your weekend with us.
And this week we have a very special guest, our
local tax doinger John Great, well, thank you for being here.
Speaker 4 (02:09):
Thank you, Jeff. And it is time, even though it's
before the first holardy of the season, but let's talk
about some things that people can do to prepare for
their taxes being fouled in twenty six. All right, let's
hear it. Yeah, they're twenty twenty five tax returns will
be fouled at twenty six. And for those of you
(02:32):
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 would encourage all the people that
are making estimated payments if you have the wherewithal to
(02:53):
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
mailings checks and.
Speaker 6 (03:05):
That little cue one that they put on the back of.
Speaker 7 (03:07):
The tax returnments, and instead of that, I have to
keep that in mindxes I'll do that for Grandma. I
saw 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 4 (03:28):
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 pay that. That
is also the same date for your first estimated tax payment.
Speaker 6 (03:44):
Okay, so so it's going to be April, and then
Jamber and then januaryd next year.
Speaker 4 (03:50):
Right.
Speaker 7 (03:51):
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 to get your
tax that done for and then and then your first
estimated tax correct exactly.
Speaker 4 (04:03):
But with an ID 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 (04:17):
So one idea of what you're making dear to year
or no, they don't have an idea.
Speaker 4 (04:22):
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 do you pay the
prior year if you owe taxes to.
Speaker 7 (04:34):
Be if you owe taxes, you've actually had a zero
liability for the year, then your exempt on that.
Speaker 4 (04:40):
Right, you don't have estimated taxes at all?
Speaker 7 (04:42):
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 they're going to go off that latest information?
Speaker 6 (04:52):
Okay, good, they're going to go off that LA that
takes me off put exactly.
Speaker 4 (04:57):
It was a big hook.
Speaker 6 (04:59):
And it's a massive I don't know that can take
care of me.
Speaker 4 (05:04):
But then again, people that are employed and you have
the opportunity to have a four to h one savings
plan or a health count 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
(05:27):
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
in maximum?
Speaker 7 (05:39):
Okay, warrior base plan not an IRA, that's the right,
exactly right? Okay, So for those of us that have iras,
that sre thing. There is a contribution deadline to that.
I can still do it after the first of the year, right,
that's correct, up till April fifteenth. Okay, So as long
as you make it in before April fifteenth when I'm
selecting that, and then if I for those of us
(06:01):
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 a market twenty twenty five correct? Alrighty,
So if I have an IRA, what's the limits there
for this next year?
Speaker 4 (06:20):
Let's see if I had that irase.
Speaker 6 (06:23):
Are going to be I thought it was seventy five
hundred six.
Speaker 4 (06:27):
Thousand person over sixty five, Yeah, seventy five. If you're
over fifty, you get the.
Speaker 7 (06:34):
Kicker extra thousand dollars. Yeah, okay, So what about health
savings accounts?
Speaker 4 (06:40):
Health savings accounts single people forty three hundred dollars and
eight eight and fifty for a family.
Speaker 7 (06:49):
Okay, so so you get a little bit of a
spike takeoff on that, right. They actually cost you fifty
bucks for being married.
Speaker 4 (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 we 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 immediately about that.
Speaker 7 (07:38):
What about for people on Medicare? And aren't you limited
on what you can pull that out for?
Speaker 4 (07:45):
No? No, I don't know any limitation for that.
Speaker 7 (07:50):
I don't think you can pull it out for your medicare.
Something that that you can for your medicare apart B
and part the imprevans.
Speaker 4 (07:55):
Right right and long term healthcare right.
Speaker 7 (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 bad
companies lost down.
Speaker 4 (08:17):
Those Okay, and I've got one to that keep hanging
on to.
Speaker 7 (08:20):
And yeah, what one thing when solution we came up
for around here was the bridge annuity that does some
work there now where 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,
But if you have an HSA, you can actually did
(08:42):
up some of your cost that way exactly.
Speaker 4 (08:44):
Another interesting thing about HSAS is obviously it's excluded from
your gross income, so you paid less tax than your
reported income. But an employer can contribute to it. You
can contribute to it, or anyone else your mother, your father,
your friend can contribute to those. Now.
Speaker 7 (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. Yes, yeah,
(09:31):
but 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 4 (09:41):
No?
Speaker 7 (09:41):
When can I start to ducting all that without itemizing?
Speaker 4 (09:44):
Oh, well, you're not going to itemize very much this
year because of what they did with the Social Security
and we talk about that next segment.
Speaker 7 (09:54):
Yeah, we'll talk about that here in a minute. We'll
be right back on. That's the bottom line.
Speaker 6 (09:58):
Stay with us.
Speaker 2 (10:00):
Try to turn a neckel into a dime. 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
Asset Growth Associates Wealth Advisors, we specialize in identifying and
eliminating hidden fees. Our comprehensive fee analysis provides you with
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Speaker 4 (10:27):
You may not have been aware of.
Speaker 1 (10:29):
Imagine this detailed reports delivered straight to your inbox with
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Visit savemiretirement dot com and find the special offer for
the free variable annuity fee analysis. That's savemy Retirement dot Com.
(10:54):
Past performance is no indication of future results. Asset Growth
Associates Health Advisors is a registered investment advisor in the
state of Texas.
Speaker 8 (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
(11:47):
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 save my retirement dot com.
You will be glad that you did.
Speaker 1 (12:09):
At Asset Growth Associates Wealth Advisors. We've always believed that
smarter tools lead to smarter financial decisions. That's why we've
invested in our most powerful client service platform yet, our
proprietary Achieving Alpha Dashboard. This cutting edge system gives us
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(12:33):
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(12:57):
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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
oh nine eight four zero sixty nine hundred, or you
(13:17):
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 5 (13:38):
We're just trying to.
Speaker 3 (13:39):
Turn an eppolent to what time. That's the bottom line
people can even.
Speaker 6 (14:13):
And we're back with that's the bottom line.
Speaker 7 (14:16):
I'm Jeff Lewis along with Trunk Arrava, and we're sitting
here talking about twenty twenty six taxes.
Speaker 6 (14:21):
John, what's going on with the changes.
Speaker 4 (14:24):
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 (14:36):
Year because we didn't have enough already.
Speaker 4 (14:38):
Well, what's going to happen is you're going to jump
tax practice, 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 (14:50):
Okay, but it's going to take a while to get there, right, Please.
Speaker 4 (14:53):
Tell me it's a big number, right, But there's a
lot of big men around here.
Speaker 7 (15:00):
I tell you I've gotten to the point where you know,
I can handle it.
Speaker 6 (15:04):
If I'm in that bracket, I'm going to 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 so dag unfest, you know, not predictable for
what we're doing. So what else is going on?
Speaker 4 (15:17):
Oh? 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 how any taxes,
you can get a refund of that.
Speaker 7 (15:29):
So that would limit my refund the seventeen hundred if
I had nothing else going on, exactly right. But I
can get as much as twenty two if I'm you know,
paying end.
Speaker 6 (15:37):
That's where all right? So what about the savers credits?
Speaker 4 (15:41):
The savers credits are twenty one hundred instead of two thousand.
Issues ta get 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 the IRS is going to make a
contribution to an eye accounts.
Speaker 7 (16:00):
So we'll get a direct contribution rather than the refund.
Speaker 4 (16:04):
Well that's talk right now. It gets that will be.
Speaker 6 (16:08):
Interesting because uh, well we'll talk. We'll talk about that.
Uh I 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 that's going to
be interesting.
Speaker 7 (16:20):
Sounds like a New York product, something that a lot
of our active clients with this are going to care about.
Roth I rays are no longer going to have an
R M D require correct, Okay for the most part,
it's tax free anyways, really matter it is.
Speaker 4 (16:39):
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 (16:44):
What happens if you miss one?
Speaker 4 (16:46):
If you missed it, there is no penalty for that.
Speaker 7 (16:49):
No, no man if like you're in your traditional are
even traditional it used to be fifty.
Speaker 4 (16:52):
Percent if you missed it. Now it's down to ten percent,
so much more palatable.
Speaker 7 (16:57):
Okay, so they're they're getting a little bit more generous.
That is that going to be retroactive or is that
going to.
Speaker 4 (17:01):
Be for going for I don't know if it's retroactive,
but it's certainly for the future.
Speaker 6 (17:05):
Okay this next year, okay, good. Heading on to child
tax credits.
Speaker 4 (17:10):
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,
(17:31):
it's three thousand per child, but it's captain six dollars
to be a child. No, it can be your parent,
it can be your parents, yeah, someone living.
Speaker 7 (17:39):
What about no, because okay, because my wife sometimes considers
me to be holy dependent on her. Okay, all right,
So anyone that's over the age of nineteen, that's a
reduced amount, right right, They're.
Speaker 4 (17:52):
Not a child any longer, but they can be another
dependent with a.
Speaker 6 (17:56):
Five dollars five hundred dollars limit on that.
Speaker 4 (17:59):
And that you know were his 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 (18:06):
Okay, a new one.
Speaker 7 (18:08):
They're going to forgive any debt that's forgiven for your residence.
They're not going to make that as taxble income.
Speaker 4 (18:14):
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 with your principal worth forgiving.
Speaker 7 (18:28):
I mean that might kind of a handy in the
House next year, the prop of your bank. So we
got salts being increased talked to us there.
Speaker 6 (18:39):
Yeah, it may not affect us much.
Speaker 4 (18:40):
But no, 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 blue states. Now I'm not going to
(19:02):
say blue states, but the high tax states, you know
who they are.
Speaker 7 (19:06):
Yeah, and we still have a little bit of proper
attact around here that sort of thing. And we have
income taxes over Louisiana for some clients you know, have
property over there or live over there for that right Interestudently,
I read something the other day about it.
Speaker 4 (19:17):
They could get rid of property taxes in Texas, but
you're going to have a twenty two percent sales tax.
Speaker 7 (19:21):
Yeah, that's a whole in our discussion on I'm not
really feeling like I'm in favor of that.
Speaker 6 (19:26):
We'll say for insurance brings.
Speaker 4 (19:31):
Yes, that could be.
Speaker 6 (19:33):
Okay, yeah, that's taking off.
Speaker 7 (19:35):
You're going to get a student loan adjustment now that
lowers your tax bloing, come right.
Speaker 4 (19:39):
Twenty five hundred dollars. The thing about that doesn't mean
if you spend ten thousand for students loan interest, but
you get a twenty five hundred dollars credit len taxes.
Speaker 7 (19:51):
Okay, what else? We have education credits? I'm seeing here?
Speaker 4 (19:56):
What are 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
(20:20):
increasing your skills and your job. You might be going
to change in other jobs, 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. Okay.
Speaker 7 (20:35):
A big one that a lot of our listeners are
not to care about social security payback.
Speaker 6 (20:40):
What are we doing there now?
Speaker 4 (20:41):
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 you earned.
Speaker 6 (20:57):
Now that's earned income, right, What about of income?
Speaker 4 (21:01):
No, not passiving Okay, so if.
Speaker 7 (21:02):
You're drawing dividends and stuff like that, that's not.
Speaker 6 (21:06):
Going to come into play.
Speaker 7 (21:07):
Or you can still live off your retirement, yes, easily
without having to worry about them coming.
Speaker 6 (21:11):
Back and getting your soul security right.
Speaker 4 (21:13):
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 7 (21:19):
All right, don't worry, mama, go you're taking care of
earn income credits.
Speaker 4 (21:24):
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 give an earned HIME credit for having a
job of six hundred and forty nine dollars a year,
and that's refundable. That's if you know. Oh, no taxes,
you get that, and it's up to eight forty six
(21:46):
dollars for people with three or more children. It stops
at three. More children over three doesn't get you anymore.
Speaker 6 (21:54):
All right, Well, we'll finish this up when we come back.
Speaker 4 (21:57):
Just stay tuned.
Speaker 6 (21:58):
There's lots more you want to hear about. We'll stay
with us.
Speaker 5 (22:02):
Where's just trying to turn a neckline.
Speaker 2 (22:05):
That's the bottom line. Where's just trying to turn a
neckl in to die? That's the bottom line.
Speaker 7 (22:18):
We are absolutely thrilled her with this on that's the
bottom line.
Speaker 6 (22:22):
I'm Jeff Lewis along which on Koreba.
Speaker 7 (22:25):
So talk to us about what is going on with
the standard deduction this next year?
Speaker 4 (22:30):
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,
(22:50):
this Social Security can be taxed, and the compromise was
that we're going to give a higher standard deduction people
that are seniors exactly right, seniors.
Speaker 7 (23:02):
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.
Speaker 4 (23:12):
That what it was.
Speaker 6 (23:13):
I'm not sure.
Speaker 4 (23:16):
They didn't want to give up texts.
Speaker 6 (23:17):
They don't want to give it a tax.
Speaker 7 (23:20):
Yeah, I mean it's kind of funny because 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
that we're going to give you a six thousand dollars
knockoff per person if you're on it.
Speaker 4 (23:43):
Right to reduce your tax full income.
Speaker 7 (23:45):
Okay, So the last thing we really want to talk
about today.
Speaker 6 (23:49):
I believe small business owners. We still have a lot
of clients around here that own businesses. Even if they're
quote unquote retired.
Speaker 7 (23:57):
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 h their kid runner or something,
but they still have that income coming in.
Speaker 4 (24:09):
So yes, yes, we do have well 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 when he 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 and they're expenses. So we do
(24:31):
that 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
(24:52):
business and made a profit.
Speaker 7 (24:54):
Yeah, whoopside didn't see that one coming all of a sudden. Oh,
I hope fifteen percent.
Speaker 4 (24:58):
Right in the discussion I have with them all times
to 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.
I don't have any cash.
Speaker 6 (25:12):
Now, yeah, I get it.
Speaker 7 (25:13):
Now, this is if you have a business correct, not
necessarily if?
Speaker 4 (25:18):
Is it?
Speaker 7 (25:18):
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.
Speaker 4 (25:29):
Like an ll P or oh no, they're the same.
It is the same, right. An LLC comes into play
reliability and maybe guard 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
(25:50):
be selling bird houses doesn't necessarily need an LLC because
what's not a reliability.
Speaker 7 (25:57):
Right, right, So you don't have to have the employees
to do this. So 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.
Speaker 6 (26:09):
In fact, I was gonna be paying fifteen percent self
employment exactly. Okay, So I to keep in mind there
are methods to reduce it. Talk about a 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 4 (26:25):
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 one, Yeah, where you might be doing your
books and running, you know, making sure you're ready for
the next day, or you might eat clients in your
home office something like that. Well, that's a matter of
(26:48):
getting that. The simplified method gives you five dollars per
square foot up the three hundred square feet at home. Well,
you lived at home anyway. You didn't pay anything extra
having that office as opposed to in a standalone office,
So you can get a fifteen hundred dollars deduction. It
didn't cost you anything except going home.
Speaker 7 (27:07):
Yeah, and they've made it easier, haven't they, Where you're
not really just risky and audit just because you're claiming.
Speaker 4 (27:12):
That simplified message.
Speaker 7 (27:14):
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.
Speaker 6 (27:20):
You can't have like any of your personal stuff in there.
Speaker 4 (27:22):
Right right, but you're not gonna get visit it necessarily,
but I'll help you out. Right. You want to measure
discord feat 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 PA. That's flad.
Speaker 6 (27:37):
Yeah, use I use my little officering because I keep there.
Speaker 7 (27:40):
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.
Speaker 6 (27:49):
Need to exactly that or that a little bit. I
can't play computer games on here. I'm like, huh uh,
I got to have something when I'm not happy to.
Speaker 7 (27:57):
Seeing people so self employed an insurance? What's going on,
especially if you're dealing with an exchange based plan.
Speaker 4 (28:05):
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 ante nice.
It's nice, and my long term healthcare insurance comes like that,
so I can adjust buying income from that scheme.
Speaker 6 (28:25):
Well, what about dental envision and stuff.
Speaker 7 (28:28):
Yes, if it's an individual policy, we can still thar
it towards it, right, Yeah, the health insurance if I haven't.
Speaker 6 (28:36):
Just to take our rest is listening?
Speaker 4 (28:37):
Okay?
Speaker 6 (28:38):
You ever know who listens to these things?
Speaker 4 (28:40):
You got it careful?
Speaker 6 (28:41):
What about the perciable equipment, Well.
Speaker 4 (28:44):
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 depreciation,
or take it all in one year, and because of
that expense, you're going to reduce the profit in your business. Right.
Speaker 7 (29:08):
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 lin over six thousand pounds.
Speaker 4 (29:20):
And use it fifty one percent for business.
Speaker 7 (29:22):
Yeah and us yeah, and obviously, but use 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.
Speaker 6 (29:35):
Okay, Wow, that big beautiful bill is really freaking awesome.
Speaker 7 (29:39):
So I wonder how many other people that's going to affect,
you know, if you're working out the refineries, that's the
wort thing. You got a work truck that you've got
to use, and you're a contractor.
Speaker 4 (29:47):
If you're a contract yeah, if.
Speaker 7 (29:49):
You're a contractor, yeah, not w too, obviously, thinking a
lot of people work out there are subcontractor. Oh well,
I mean absolutely you could go ahead and get that
new truckppreciate that baby out and be done with it, right,
that's right, all right, Well, thank you for coming in.
Speaker 6 (30:05):
We'll be back after this.
Speaker 5 (30:06):
We're just trying to turn a neckel into a dive.
Speaker 2 (30:09):
That's the bottom line.
Speaker 7 (30:17):
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,
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(30:41):
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now four nine eight four zero sixty nine hundred or
visitors at savemiretirement dot com.
Speaker 5 (31:10):
We're just trying to turn a nickel into a dime.
Speaker 2 (31:13):
That's the bottom line.
Speaker 9 (31:17):
Welcome back, ladies and gentlemen you're listening to that's the
bottom line. You're a 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
(31:39):
I 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 has set Growth
(32:00):
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When the stock market has a downturn, money in one
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(33:33):
These plans are great for pension and four oh one
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Here's what I want you to do. Call us an
(34:15):
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
(34:37):
seven two eight three six nine seven if you're calling
us long distance. Meeting with us is simple and takes
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into one of our tax deferred accumulation plans. All you
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(35:22):
you 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. At Asset Growth Associates, we've been helping our
(35:46):
clients 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 decades ahead. If you
have financial goals and plan to continue saving money for
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now is the time to simply log on to Save
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to ever lose any money again. And when you make money,
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So why not give us a call, set a time
when you can visit with us and let us at
Asset Growth Associates simplify your financial life with funds that
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on Wall Street. Now's the time to call for an
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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.
(37:15):
Once again. Our phone number locally is four oh nine
eight four oh sixty nine hundred, toll free numbers one
eight six 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
(37:38):
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 savemyretirement dot com.
(37:58):
Because the sooner you reach out to us, the sooner
we'll be able to help you. Jeff will be back
in a moment.
Speaker 2 (38:09):
Where's Josh trying to turn a necke in die? That's
the bottom line. Where's Josh trying to turn a necke
in die? That's the bottom line.
Speaker 7 (38:36):
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 app and be
sure to add us the favorites. You can also follow
us for all the latest updates on Facebook at Jeff Lewis.
Speaker 6 (38:56):
That's the bottom line.
Speaker 7 (38:58):
Our physical address in Beaumont is at at thirteen ninety
one Calder Avenue, Uplock. From the intersection of MLK and Calder,
I want to thank John Kreve again for taking time
to sit down with us this week and discussing taxes.
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.
Speaker 6 (39:19):
Maybe you still have some tax problems from the previous year.
Speaker 7 (39:22):
If so, call her office at eight sixty six save
my retirement. That way, the IRS isn't calling you. Would
you like to avoid paying taxes on your retirement in
come altogether, then maybe it's time to get rothicized. By
converting your traditional IRA into a raw iray, either all
at once or over time, you can pay taxes now
(39:44):
instead of later. It makes more sense pay taxes on
the seed rather than the crop. Wrath I rays let
you harvest your money tax free after it's grown over
the years. Scheduling appointment with us to see if a
conversion makes sense for you. If you want a big,
beautiful boost your portfolio, come talk to us about our
cover call ETF strategy. These exchange rate of funds based
(40:06):
their values off of underlying equity positions and big time
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funds do on a weekly basis, generating dependable income, generally
with less risk than many funds that just invest in
(40:26):
the overall market. You never want to give up capital
if you don't have to, so why not let your
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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.
(41:11):
We've got the experience and name you can trust. We
know how the hand of your money consistently, safely, and
always with your best interests in mind. I'm Jeff Lewis
for gene Valleranian. Everyone here at Asset Growth Associates remember
that you are greatly blessed and highly favored because as always,
that's the bottom line.
Speaker 5 (41:32):
That's the bottom line.
Speaker 3 (41:35):
You can reach Asset Growth Associates by calling one eight
six six seven to eight thirty six ninety seven are
by visiting savemyretirement dot com,
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