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Trump's Big Beautiful Bill: What You Need to Know for Your Wallet! · Becoming Financially Confident

• 0:37
  Hey
• 0:37
  there.
• 0:38
  And
• 0:38
  welcome
• 0:38
  back
• 0:38
  to
• 0:38
  this
• 0:39
  bonus
• 0:39
  edition
• 0:40
  of
• 0:40
  Financially
• 0:41
  Confident
• 0:41
  Christian.
• 0:42
  I'm
• 0:42
  your
• 0:43
  host,
• 0:43
  Ralph,
• 0:43
  and
• 0:44
  today
• 0:44
  I
• 0:44
  want
• 0:44
  to
• 0:44
  go
• 0:44
  through
• 0:44
  something
• 0:45
  crucial
• 0:45
  for
• 0:45
  your
• 0:46
  financial
• 0:46
  well
• 0:46
  being.
• 0:47
  A
• 0:47
  lot
• 0:47
  of
• 0:48
  people
• 0:48
  have
• 0:48
  been
• 0:48
  calling
• 0:48
  and
• 0:49
  asking
• 0:49
  and
• 0:49
  they're
• 0:50
  wondering
• 0:50
  how
• 0:50
  this
• 0:50
  new
• 0:51
  tax
• 0:51
  bill
• 0:51
  signed
• 0:51
  by
• 0:52
  President
• 0:52
  Trump
• 0:53
  actually
• 0:53
  impacts
• 0:54
  your
• 0:54
  wallet.
• 0:55
  Now
• 0:55
  listen,
• 0:56
  I
• 0:56
  know
• 0:56
  these
• 0:56
  are
• 0:57
  big
• 0:57
  government
• 0:57
  bills
• 0:58
  and
• 0:58
  a
• 0:58
  lot
• 0:58
  of
• 0:58
  times
• 0:59
  they
• 0:59
  can
• 0:59
  feel
• 0:59
  like
• 0:59
  a
• 0:59
  foreign
• 1:00
  language.
• 1:00
  And
• 1:00
  let
• 1:00
  me
• 1:01
  just
• 1:01
  tell
• 1:01
  you
• 1:01
  right
• 1:01
  now,
• 1:02
  this
• 1:02
  is
• 1:02
  what
• 1:02
  I
• 1:02
  do
• 1:03
  for
• 1:03
  a
• 1:03
  living.
• 1:04
  And
• 1:04
  sometimes
• 1:04
  these
• 1:05
  things
• 1:05
  can
• 1:05
  be
• 1:05
  complicated
• 1:06
  and
• 1:06
  confusing
• 1:07
  even
• 1:07
  for
• 1:08
  me.
• 1:08
  But
• 1:08
  today
• 1:08
  my
• 1:09
  promise
• 1:09
  is
• 1:09
  to
• 1:10
  simply
• 1:10
  cut
• 1:10
  through
• 1:11
  that
• 1:11
  confusion.
• 1:12
  I
• 1:12
  want
• 1:12
  to
• 1:12
  give
• 1:12
  you
• 1:12
  the
• 1:13
  facts.
• 1:13
  I
• 1:13
  want
• 1:13
  to
• 1:14
  give
• 1:14
  you
• 1:14
  my
• 1:14
  unbiased
• 1:15
  opinion
• 1:15
  from
• 1:16
  somebody
• 1:16
  who's
• 1:16
  been
• 1:17
  working
• 1:17
  with
• 1:17
  taxes
• 1:18
  now
• 1:18
  for
• 1:18
  over
• 1:19
  30
• 1:19
  years.
• 1:20
  I'm
• 1:20
  going
• 1:20
  to
• 1:20
  give
• 1:20
  you
• 1:20
  the
• 1:20
  honest
• 1:21
  truth.
• 1:21
  I'm
• 1:22
  going
• 1:22
  to
• 1:22
  break
• 1:22
  down
• 1:22
  the
• 1:22
  specific
• 1:23
  details.
• 1:24
  But
• 1:24
  most
• 1:24
  importantly,
• 1:25
  and
• 1:25
  this
• 1:25
  is
• 1:25
  what
• 1:25
  I
• 1:25
  think
• 1:26
  the
• 1:26
  big
• 1:26
  takeaway
• 1:26
  is
• 1:27
  from
• 1:27
  today.
• 1:27
  I
• 1:28
  want
• 1:28
  to
• 1:28
  show
• 1:28
  you
• 1:28
  clear,
• 1:29
  actionable
• 1:29
  steps
• 1:30
  that
• 1:30
  you
• 1:30
  can
• 1:30
  take.
• 1:31
  Right
• 1:31
  now.
• 1:31
  I'm
• 1:32
  talking
• 1:32
  about
• 1:32
  today
• 1:33
  and
• 1:33
  over
• 1:33
  the
• 1:33
  next
• 1:34
  few
• 1:34
  weeks
• 1:34
  to
• 1:35
  make
• 1:35
  the
• 1:35
  most
• 1:35
  of
• 1:35
  these
• 1:36
  changes.
• 1:36
  And
• 1:37
  I
• 1:37
  want
• 1:37
  to
• 1:37
  tell
• 1:37
  you
• 1:37
  right
• 1:37
  now,
• 1:37
  this
• 1:38
  isn't
• 1:38
  about
• 1:38
  politics.
• 1:39
  I
• 1:39
  do
• 1:39
  lean
• 1:40
  a
• 1:40
  particular
• 1:40
  way
• 1:40
  and
• 1:40
  if
• 1:41
  you
• 1:41
  listen
• 1:41
  to
• 1:41
  my
• 1:41
  show,
• 1:41
  you
• 1:41
  probably
• 1:42
  can
• 1:42
  figure
• 1:42
  that
• 1:42
  out.
• 1:43
  But
• 1:43
  today's
• 1:43
  not
• 1:44
  about
• 1:44
  that.
• 1:44
  Today's
• 1:45
  about
• 1:45
  some
• 1:45
  practical
• 1:46
  financial
• 1:46
  information
• 1:47
  that
• 1:47
  you
• 1:48
  need
• 1:48
  to
• 1:48
  know
• 1:48
  and
• 1:49
  more
• 1:49
  importantly
• 1:50
  that
• 1:50
  you
• 1:50
  need
• 1:50
  to
• 1:50
  understand
• 1:51
  of
• 1:52
  how
• 1:52
  this
• 1:52
  new
• 1:52
  tax
• 1:53
  bill,
• 1:53
  which
• 1:53
  is
• 1:53
  now
• 1:53
  law,
• 1:54
  is
• 1:54
  going
• 1:55
  to
• 1:55
  impact
• 1:55
  you.
• 1:56
  So
• 1:56
  let's
• 1:56
  get
• 1:57
  right
• 1:57
  into
• 1:57
  it.
• 1:58
  Okay,
• 1:58
  so
• 1:58
  let's
• 1:59
  try.
• 1:59
  Let's
• 1:59
  talk
• 1:59
  about
• 1:59
  this
• 2:00
  one
• 2:00
  big,
• 2:00
  beautiful
• 2:01
  bill.
• 2:02
  And
• 2:02
  unless
• 2:02
  you've
• 2:02
  been
• 2:02
  living
• 2:03
  under
• 2:03
  a
• 2:03
  rock,
• 2:04
  you
• 2:04
  know
• 2:04
  that
• 2:04
  this
• 2:05
  thing
• 2:05
  has
• 2:05
  been
• 2:05
  all
• 2:05
  over
• 2:06
  the
• 2:06
  news.
• 2:06
  And
• 2:06
  unfortunately
• 2:07
  my
• 2:08
  biggest
• 2:08
  issue
• 2:08
  with
• 2:08
  it
• 2:09
  is
• 2:09
  there's
• 2:09
  been
• 2:09
  a
• 2:10
  ton
• 2:10
  of
• 2:10
  misinformation,
• 2:11
  there's
• 2:11
  been
• 2:11
  all
• 2:11
  kinds
• 2:12
  of
• 2:12
  scare
• 2:12
  taxes
• 2:13
  and
• 2:13
  just
• 2:13
  complete
• 2:14
  nonsense
• 2:14
  about
• 2:15
  what
• 2:15
  this
• 2:15
  bill
• 2:16
  really
• 2:16
  is.
• 2:17
  And
• 2:17
  listen,
• 2:17
  from
• 2:17
  the
• 2:18
  beginning,
• 2:18
  I
• 2:18
  want
• 2:18
  to
• 2:18
  tell
• 2:18
  you
• 2:19
  this
• 2:19
  is
• 2:19
  a
• 2:19
  huge
• 2:19
  package
• 2:20
  of
• 2:20
  changes
• 2:21
  and
• 2:22
  the
• 2:22
  truth
• 2:22
  is
• 2:22
  it
• 2:22
  does
• 2:23
  touch
• 2:23
  many
• 2:23
  parts
• 2:24
  of
• 2:24
  our
• 2:24
  economy
• 2:25
  and
• 2:25
  it
• 2:25
  does
• 2:25
  touch
• 2:26
  many
• 2:26
  parts
• 2:27
  of
• 2:27
  your
• 2:27
  personal
• 2:27
  finance.
• 2:28
  So
• 2:29
  today
• 2:29
  I
• 2:29
  just
• 2:29
  want
• 2:29
  to
• 2:30
  break
• 2:30
  it
• 2:30
  down
• 2:30
  into
• 2:30
  some
• 2:31
  simple
• 2:31
  terms,
• 2:32
  some
• 2:32
  non
• 2:32
  accounting
• 2:33
  lingo,
• 2:33
  if
• 2:33
  you
• 2:34
  will,
• 2:34
  and
• 2:34
  give
• 2:35
  you
• 2:35
  through
• 2:35
  the
• 2:35
  specifics
• 2:36
  of
• 2:36
  what
• 2:36
  this
• 2:36
  whole
• 2:37
  bill
• 2:37
  is
• 2:37
  all
• 2:37
  about.
• 2:38
  So
• 2:38
  let's
• 2:39
  start
• 2:39
  off
• 2:39
  with
• 2:39
  the
• 2:39
  truth
• 2:39
  about
• 2:40
  this
• 2:40
  one
• 2:41
  big,
• 2:41
  beautiful
• 2:41
  bill.
• 2:42
  I
• 2:42
  want
• 2:42
  to
• 2:42
  start
• 2:42
  by
• 2:42
  telling
• 2:43
  you
• 2:43
  what's
• 2:43
  really
• 2:43
  changing.
• 2:44
  Now
• 2:45
  here's
• 2:45
  the
• 2:45
  thing.
• 2:45
  For
• 2:46
  most
• 2:46
  of
• 2:46
  us,
• 2:47
  most
• 2:47
  of
• 2:47
  us,
• 2:48
  the
• 2:48
  big
• 2:48
  news
• 2:49
  is
• 2:49
  that
• 2:49
  the
• 2:49
  individual
• 2:50
  income
• 2:50
  tax
• 2:50
  cuts
• 2:51
  from
• 2:51
  2017
• 2:52
  are
• 2:52
  now
• 2:53
  made
• 2:53
  permanent.
• 2:53
  Now
• 2:53
  you
• 2:54
  probably
• 2:54
  already
• 2:54
  thinking,
• 2:55
  Ralph,
• 2:55
  what
• 2:55
  are
• 2:55
  you
• 2:55
  talking
• 2:56
  about?
• 2:56
  Well,
• 2:56
  way
• 2:57
  back
• 2:57
  in
• 2:57
  2017,
• 2:58
  when
• 2:58
  President
• 2:59
  Trump
• 2:59
  was
• 2:59
  the
• 2:59
  president
• 3:00
  before,
• 3:00
  there
• 3:01
  was
• 3:01
  a
• 3:01
  bunch
• 3:01
  of
• 3:02
  tax
• 3:02
  changes
• 3:03
  that
• 3:03
  were
• 3:03
  made
• 3:04
  to
• 3:04
  individual
• 3:05
  income
• 3:05
  taxes.
• 3:06
  And
• 3:06
  at
• 3:07
  the
• 3:07
  time,
• 3:07
  they
• 3:07
  were
• 3:08
  set
• 3:08
  to
• 3:08
  go
• 3:09
  away
• 3:09
  basically
• 3:10
  in
• 3:10
  2025.
• 3:11
  So
• 3:12
  what
• 3:12
  does
• 3:12
  this
• 3:12
  mean
• 3:12
  for
• 3:13
  your
• 3:13
  bottom
• 3:13
  line?
• 3:14
  Here's
• 3:14
  what
• 3:14
  it
• 3:14
  really
• 3:14
  means.
• 3:15
  It
• 3:15
  means
• 3:15
  that
• 3:16
  those
• 3:16
  low,
• 3:16
  lower
• 3:17
  tax
• 3:17
  rates
• 3:17
  that
• 3:18
  you've
• 3:18
  been
• 3:18
  seeing
• 3:18
  for
• 3:19
  the
• 3:19
  last,
• 3:19
  what,
• 3:20
  eight,
• 3:20
  nine
• 3:20
  years,
• 3:21
  from
• 3:21
  10%
• 3:22
  up
• 3:22
  to
• 3:22
  that
• 3:23
  top
• 3:23
  rate
• 3:23
  of
• 3:23
  37%,
• 3:25
  are
• 3:25
  going
• 3:25
  to
• 3:25
  stay
• 3:25
  here
• 3:26
  for
• 3:26
  good.
• 3:26
  See,
• 3:26
  at
• 3:27
  first
• 3:27
  this
• 3:28
  was
• 3:28
  just
• 3:28
  a
• 3:28
  temporary
• 3:29
  measure.
• 3:29
  It
• 3:30
  was
• 3:30
  going
• 3:30
  to
• 3:30
  go
• 3:30
  away
• 3:31
  in
• 3:31
  2025.
• 3:32
  And
• 3:32
  that'
• 3:33
  people
• 3:34
  were
• 3:34
  worried
• 3:34
  about,
• 3:34
  hey,
• 3:35
  we're
• 3:35
  going
• 3:35
  off
• 3:35
  this
• 3:36
  financial
• 3:36
  cliff
• 3:36
  at
• 3:37
  the
• 3:37
  end
• 3:37
  of
• 3:37
  2025,
• 3:38
  going
• 3:38
  into
• 3:39
  2026.
• 3:39
  So
• 3:40
  here's
• 3:40
  the
• 3:40
  good
• 3:40
  news
• 3:40
  right
• 3:41
  off
• 3:41
  from
• 3:41
  the
• 3:41
  beginning,
• 3:42
  they
• 3:42
  won't
• 3:42
  automatically,
• 3:43
  those
• 3:43
  tax
• 3:44
  rates
• 3:44
  aren't
• 3:44
  going
• 3:44
  to
• 3:44
  automatically
• 3:45
  jump
• 3:45
  back
• 3:46
  up
• 3:46
  to
• 3:46
  the
• 3:46
  2026
• 3:47
  rates
• 3:48
  as
• 3:48
  was
• 3:48
  previously
• 3:49
  scheduled
• 3:49
  to
• 3:49
  do.
• 3:49
  Now
• 3:50
  you
• 3:50
  might
• 3:50
  be
• 3:51
  saying,
• 3:51
  ralph,
• 3:51
  why
• 3:51
  is
• 3:51
  that
• 3:51
  important?
• 3:52
  Well,
• 3:52
  as
• 3:53
  we
• 3:53
  plan,
• 3:53
  as
• 3:53
  we
• 3:54
  work
• 3:54
  to
• 3:54
  improve
• 3:54
  your
• 3:55
  personal
• 3:55
  finances,
• 3:56
  one
• 3:56
  of
• 3:56
  the
• 3:57
  things
• 3:57
  that
• 3:57
  we
• 3:57
  have
• 3:57
  to
• 3:57
  know
• 3:58
  is
• 3:58
  what
• 3:58
  are
• 3:59
  the
• 3:59
  tax
• 3:59
  rates?
• 4:00
  And
• 4:00
  that
• 4:00
  stability
• 4:01
  in
• 4:01
  tax
• 4:01
  rates
• 4:02
  helps
• 4:02
  you
• 4:02
  plan
• 4:02
  your
• 4:03
  long
• 4:03
  term
• 4:03
  income
• 4:04
  and
• 4:04
  spending.
• 4:04
  I
• 4:04
  mean,
• 4:05
  that's
• 4:05
  really
• 4:05
  important
• 4:05
  because
• 4:06
  you
• 4:06
  need
• 4:06
  to
• 4:07
  understand
• 4:07
  what
• 4:08
  tax
• 4:08
  rates
• 4:08
  you're
• 4:09
  going
• 4:09
  to
• 4:09
  be
• 4:09
  living
• 4:09
  under.
• 4:10
  The
• 4:10
  other
• 4:11
  part
• 4:11
  of
• 4:11
  this
• 4:11
  is
• 4:12
  that
• 4:12
  increased
• 4:13
  standard
• 4:13
  deduction.
• 4:14
  Back
• 4:14
  in
• 4:14
  2017,
• 4:15
  again,
• 4:15
  they
• 4:15
  basically
• 4:16
  doubled
• 4:16
  the
• 4:17
  standard
• 4:17
  deduction.
• 4:17
  Now
• 4:17
  they
• 4:17
  did
• 4:18
  a
• 4:18
  whole
• 4:18
  lot
• 4:18
  of
• 4:18
  other
• 4:18
  things
• 4:19
  to
• 4:19
  make
• 4:19
  room
• 4:20
  for
• 4:20
  this,
• 4:20
  but
• 4:21
  they've
• 4:21
  also
• 4:21
  doubled
• 4:22
  that
• 4:22
  standard
• 4:22
  deduction.
• 4:23
  So
• 4:24
  now
• 4:24
  that
• 4:24
  increased
• 4:25
  standard
• 4:25
  deduction
• 4:26
  is
• 4:26
  permanent.
• 4:27
  And
• 4:27
  see,
• 4:28
  this
• 4:28
  is
• 4:28
  really
• 4:28
  important
• 4:28
  for
• 4:29
  most
• 4:29
  people
• 4:30
  because
• 4:30
  as
• 4:30
  I've
• 4:31
  done
• 4:31
  taxes,
• 4:31
  like
• 4:31
  I
• 4:32
  said,
• 4:32
  nearly
• 4:32
  30
• 4:33
  years,
• 4:33
  actually
• 4:33
  over
• 4:34
  30
• 4:34
  years
• 4:34
  now
• 4:35
  the
• 4:35
  majority
• 4:36
  of
• 4:36
  Americans
• 4:36
  now
• 4:36
  that
• 4:37
  this,
• 4:37
  the
• 4:37
  standard
• 4:38
  deduction
• 4:38
  is
• 4:38
  higher,
• 4:39
  most
• 4:40
  Americans
• 4:40
  are
• 4:40
  taking
• 4:40
  the
• 4:41
  standard
• 4:41
  deduction
• 4:41
  because
• 4:42
  they
• 4:42
  don't
• 4:42
  have
• 4:42
  enough
• 4:42
  to
• 4:42
  itemize.
• 4:43
  Now
• 4:44
  let's
• 4:44
  get
• 4:44
  into
• 4:44
  some
• 4:45
  details
• 4:46
  of
• 4:46
  that.
• 4:46
  So
• 4:46
  now
• 4:47
  the
• 4:47
  standard
• 4:47
  deduction
• 4:48
  is
• 4:48
  a
• 4:48
  fixed
• 4:48
  amount
• 4:49
  that
• 4:49
  directly
• 4:50
  reduces
• 4:50
  your
• 4:50
  taxable
• 4:51
  income.
• 4:51
  So
• 4:51
  if
• 4:51
  you
• 4:52
  don't
• 4:52
  understand
• 4:52
  taxes,
• 4:53
  basically
• 4:53
  it
• 4:53
  works
• 4:54
  like
• 4:54
  this.
• 4:54
  You
• 4:54
  start
• 4:55
  with
• 4:55
  whatever
• 4:55
  your
• 4:55
  income
• 4:56
  is,
• 4:56
  maybe
• 4:56
  that's
• 4:57
  income
• 4:57
  from
• 4:57
  your
• 4:57
  W2,
• 4:58
  from
• 4:58
  the
• 4:58
  jobs
• 4:59
  that
• 4:59
  you
• 4:59
  work,
• 4:59
  maybe
• 4:59
  interest
• 5:00
  income.
• 5:00
  So
• 5:01
  a
• 5:01
  whole
• 5:01
  lot
• 5:01
  of
• 5:01
  things
• 5:01
  that
• 5:01
  go
• 5:01
  into
• 5:02
  that.
• 5:02
  But
• 5:02
  basically
• 5:03
  this
• 5:03
  standard
• 5:04
  deduction
• 5:04
  is
• 5:04
  that
• 5:05
  first
• 5:05
  deduction
• 5:06
  that
• 5:06
  comes
• 5:07
  right
• 5:07
  off
• 5:07
  of
• 5:07
  the
• 5:07
  top.
• 5:08
  Now
• 5:08
  what
• 5:08
  this
• 5:09
  means
• 5:09
  is
• 5:09
  that
• 5:10
  for
• 5:10
  2025,
• 5:11
  now
• 5:11
  this
• 5:11
  will
• 5:11
  be
• 5:11
  indexed
• 5:12
  with
• 5:12
  inflation
• 5:12
  as
• 5:12
  we
• 5:13
  move
• 5:13
  forward.
• 5:13
  But
• 5:14
  this
• 5:14
  is
• 5:14
  permanently
• 5:14
  now
• 5:15
  $15,000
• 5:17
  for
• 5:17
  single
• 5:17
  filers
• 5:18
  and
• 5:19
  $30,000
• 5:20
  for
• 5:20
  married
• 5:20
  couples
• 5:21
  filing
• 5:21
  joint.
• 5:21
  And
• 5:22
  that
• 5:22
  are
• 5:22
  some
• 5:22
  nuances
• 5:23
  to
• 5:23
  that.
• 5:23
  But
• 5:23
  basically,
• 5:24
  what
• 5:24
  this
• 5:24
  means
• 5:25
  in
• 5:25
  layman's
• 5:25
  terms,
• 5:26
  from
• 5:26
  a
• 5:26
  federal
• 5:27
  income
• 5:27
  tax
• 5:28
  perspective,
• 5:28
  you
• 5:29
  will
• 5:29
  pay
• 5:29
  zero
• 5:30
  income
• 5:30
  taxes
• 5:31
  on
• 5:31
  your
• 5:31
  first
• 5:32
  $15,000
• 5:33
  of
• 5:33
  earnings
• 5:34
  if
• 5:34
  you're
• 5:35
  a
• 5:35
  single
• 5:35
  filer
• 5:36
  and
• 5:36
  $30,000
• 5:38
  of
• 5:38
  free
• 5:38
  earnings
• 5:39
  if
• 5:39
  you're
• 5:39
  married
• 5:40
  couples
• 5:40
  filing
• 5:40
  jointly.
• 5:41
  Now,
• 5:41
  if
• 5:41
  you're
• 5:41
  ahead
• 5:42
  of
• 5:42
  household,
• 5:42
  and
• 5:43
  I'm
• 5:43
  not
• 5:43
  going
• 5:43
  to
• 5:43
  get
• 5:43
  into
• 5:43
  the
• 5:44
  specifics
• 5:44
  of
• 5:44
  that,
• 5:44
  but
• 5:44
  basically,
• 5:45
  you're
• 5:46
  not
• 5:46
  married
• 5:46
  or
• 5:46
  you're
• 5:47
  living
• 5:47
  apart
• 5:47
  from
• 5:47
  your
• 5:48
  spouse
• 5:49
  and
• 5:49
  you
• 5:49
  care
• 5:49
  for
• 5:50
  a
• 5:50
  child,
• 5:50
  your
• 5:51
  standard
• 5:51
  deduction
• 5:51
  is
• 5:52
  now
• 5:52
  $22,500.
• 5:54
  So
• 5:54
  again,
• 5:54
  you
• 5:55
  don't
• 5:55
  pay
• 5:55
  any
• 5:55
  taxes,
• 5:56
  get
• 5:56
  over
• 5:57
  that
• 5:57
  amount.
• 5:58
  So
• 5:58
  what
• 5:58
  this
• 5:59
  simply
• 5:59
  means
• 5:59
  is
• 6:00
  your
• 6:00
  income
• 6:00
  is
• 6:01
  off
• 6:01
  limits
• 6:01
  to
• 6:01
  federal
• 6:02
  income
• 6:02
  taxes
• 6:03
  from
• 6:03
  the
• 6:03
  start.
• 6:03
  What
• 6:04
  that
• 6:04
  means,
• 6:04
  it
• 6:04
  puts
• 6:04
  more
• 6:05
  money
• 6:05
  in
• 6:05
  your
• 6:05
  pocket.
• 6:05
  Now,
• 6:06
  had
• 6:06
  this
• 6:06
  not
• 6:07
  been
• 6:07
  changed,
• 6:08
  those
• 6:08
  lower
• 6:09
  standard
• 6:10
  deduction
• 6:10
  rates
• 6:10
  from
• 6:11
  prior
• 6:11
  to
• 6:11
  2017
• 6:12
  would
• 6:12
  have
• 6:13
  kicked
• 6:13
  in
• 6:13
  in
• 6:14
  2026.
• 6:15
  Now,
• 6:15
  I
• 6:15
  want
• 6:16
  to
• 6:16
  move
• 6:16
  on
• 6:16
  to
• 6:16
  something
• 6:17
  for
• 6:17
  families
• 6:18
  with
• 6:18
  kids,
• 6:18
  and
• 6:18
  you
• 6:18
  need
• 6:19
  to
• 6:19
  pay
• 6:19
  particular
• 6:19
  attention
• 6:20
  to
• 6:20
  this.
• 6:20
  One
• 6:21
  of
• 6:21
  the
• 6:21
  things
• 6:21
  that
• 6:21
  you're
• 6:22
  probably
• 6:22
  very
• 6:22
  familiar
• 6:22
  with
• 6:23
  is,
• 6:23
  is
• 6:23
  what's
• 6:23
  called
• 6:24
  the
• 6:24
  child
• 6:24
  tax
• 6:24
  credit.
• 6:25
  You
• 6:25
  may
• 6:25
  have
• 6:25
  heard
• 6:25
  it
• 6:26
  called
• 6:26
  the
• 6:26
  ctc.
• 6:27
  And
• 6:27
  this
• 6:27
  is
• 6:28
  getting
• 6:28
  a
• 6:28
  significant
• 6:29
  boost
• 6:29
  and
• 6:29
  permanence
• 6:30
  in
• 6:30
  this
• 6:30
  big,
• 6:31
  beautiful
• 6:31
  bill.
• 6:32
  Now,
• 6:32
  right
• 6:32
  now
• 6:33
  there's
• 6:33
  a
• 6:33
  $2,000
• 6:34
  per
• 6:35
  child
• 6:35
  amount
• 6:36
  that
• 6:36
  is
• 6:37
  the
• 6:37
  child
• 6:37
  tax
• 6:38
  credit.
• 6:38
  And
• 6:39
  that
• 6:39
  with
• 6:39
  this
• 6:39
  bill,
• 6:40
  is
• 6:40
  going
• 6:40
  to
• 6:40
  be
• 6:40
  locked
• 6:41
  in
• 6:41
  forever.
• 6:42
  So
• 6:42
  there's
• 6:42
  no
• 6:42
  more.
• 6:43
  That's
• 6:43
  going
• 6:43
  to
• 6:43
  go
• 6:43
  back
• 6:44
  to
• 6:44
  some
• 6:44
  other
• 6:44
  number.
• 6:45
  But
• 6:45
  here's
• 6:45
  the
• 6:45
  bonus
• 6:46
  part,
• 6:46
  and
• 6:46
  this
• 6:47
  is
• 6:47
  the
• 6:47
  pretty
• 6:47
  exciting
• 6:47
  part.
• 6:48
  It's
• 6:48
  temporarily
• 6:49
  increasing
• 6:50
  from
• 6:50
  $2,000
• 6:51
  to
• 6:51
  $2,500
• 6:53
  per
• 6:53
  child.
• 6:53
  Now,
• 6:53
  that's
• 6:54
  going
• 6:54
  to
• 6:54
  happen
• 6:54
  for
• 6:55
  tax
• 6:55
  years
• 6:55
  25,
• 6:56
  26,
• 6:57
  27
• 6:58
  and
• 6:58
  28.
• 6:59
  So
• 6:59
  if
• 6:59
  you
• 6:59
  think
• 7:00
  about
• 7:00
  that,
• 7:00
  right
• 7:00
  now,
• 7:00
  we're
• 7:01
  already
• 7:01
  in
• 7:01
  2025.
• 7:03
  So
• 7:03
  that
• 7:03
  means
• 7:03
  if
• 7:03
  you
• 7:04
  qualify
• 7:04
  and
• 7:04
  there
• 7:05
  are
• 7:05
  some
• 7:05
  qualification
• 7:06
  limits
• 7:06
  to
• 7:07
  this,
• 7:07
  which
• 7:07
  haven't
• 7:07
  really
• 7:07
  changed
• 7:08
  your
• 7:09
  per
• 7:09
  child
• 7:10
  tax
• 7:10
  credit.
• 7:10
  Now
• 7:10
  remember,
• 7:11
  a
• 7:11
  tax
• 7:12
  credit
• 7:12
  is
• 7:13
  different
• 7:13
  than
• 7:13
  a
• 7:13
  tax
• 7:13
  deduction.
• 7:14
  A
• 7:14
  tax
• 7:15
  credit
• 7:15
  is
• 7:15
  a
• 7:15
  dollar
• 7:16
  for
• 7:16
  dollar
• 7:17
  reduction
• 7:17
  in
• 7:17
  the
• 7:17
  amount
• 7:17
  of
• 7:18
  tax
• 7:18
  you
• 7:18
  owe.
• 7:19
  So
• 7:19
  imagine
• 7:19
  what
• 7:20
  you
• 7:20
  will.
• 7:20
  You're
• 7:20
  going
• 7:20
  to
• 7:21
  have
• 7:21
  an
• 7:21
  extra
• 7:21
  $500
• 7:22
  per
• 7:22
  child
• 7:23
  if
• 7:23
  you
• 7:24
  have
• 7:24
  children
• 7:25
  and
• 7:25
  they
• 7:25
  meet
• 7:25
  those
• 7:26
  requirements,
• 7:27
  what
• 7:27
  that
• 7:27
  could
• 7:27
  mean
• 7:27
  for
• 7:27
  your
• 7:28
  family.
• 7:28
  Hey,
• 7:28
  we're
• 7:29
  getting
• 7:29
  ready
• 7:29
  to
• 7:29
  go
• 7:29
  back
• 7:29
  to
• 7:30
  school.
• 7:30
  I'm
• 7:30
  getting
• 7:30
  ready
• 7:31
  to
• 7:31
  start
• 7:31
  a
• 7:31
  new
• 7:31
  series
• 7:31
  on
• 7:32
  getting
• 7:32
  back
• 7:32
  to
• 7:32
  school.
• 7:33
  Maybe
• 7:33
  that's
• 7:33
  an
• 7:33
  extra
• 7:34
  $500
• 7:34
  for
• 7:35
  school
• 7:35
  supplies
• 7:35
  or
• 7:36
  maybe
• 7:36
  those
• 7:36
  extracurricular
• 7:37
  activities
• 7:38
  or
• 7:38
  maybe
• 7:38
  right
• 7:39
  now
• 7:39
  listen,
• 7:39
  like
• 7:39
  everybody
• 7:40
  else,
• 7:40
  maybe
• 7:41
  it's
• 7:41
  just
• 7:41
  going
• 7:41
  to
• 7:41
  help
• 7:41
  ease
• 7:42
  that
• 7:42
  grocery
• 7:42
  bill
• 7:43
  burden.
• 7:43
  And
• 7:44
  here's
• 7:44
  a
• 7:44
  really
• 7:44
  good
• 7:45
  part
• 7:45
  about
• 7:45
  this
• 7:45
  too,
• 7:46
  that
• 7:46
  also
• 7:47
  can
• 7:47
  be
• 7:48
  refunded
• 7:48
  to
• 7:48
  lower
• 7:49
  income
• 7:49
  families.
• 7:49
  So
• 7:50
  if
• 7:50
  you've
• 7:50
  got
• 7:51
  no
• 7:51
  taxable
• 7:51
  income,
• 7:52
  you
• 7:52
  can
• 7:52
  actually
• 7:53
  get
• 7:53
  this
• 7:53
  money
• 7:53
  back.
• 7:54
  And
• 7:54
  as
• 7:54
  I
• 7:54
  mentioned
• 7:54
  before,
• 7:55
  this
• 7:55
  is
• 7:55
  going
• 7:56
  to
• 7:56
  be
• 7:56
  adjusted
• 7:56
  for
• 7:56
  inflation
• 7:57
  and
• 7:57
  it's
• 7:58
  going
• 7:58
  to
• 7:58
  be
• 7:58
  expanded,
• 7:59
  which
• 7:59
  can
• 7:59
  mean
• 8:00
  more
• 8:00
  direct
• 8:00
  cash
• 8:00
  back
• 8:01
  to
• 8:01
  many
• 8:01
  households
• 8:02
  even
• 8:02
  if
• 8:02
  you
• 8:02
  owe
• 8:03
  little
• 8:03
  or
• 8:03
  no
• 8:03
  income
• 8:04
  tax.
• 8:05
  So
• 8:05
  that's
• 8:05
  the
• 8:06
  big
• 8:06
  takeaway
• 8:06
  here.
• 8:07
  It's
• 8:07
  going
• 8:07
  from
• 8:07
  $2,000,
• 8:08
  which
• 8:08
  is
• 8:09
  now
• 8:09
  permanent
• 8:09
  to
• 8:10
  $2,500
• 8:11
  for
• 8:11
  the
• 8:11
  next
• 8:12
  several
• 8:12
  years.
• 8:13
  The
• 8:13
  bill
• 8:13
  also
• 8:14
  expands
• 8:14
  how
• 8:15
  you
• 8:15
  can
• 8:15
  use
• 8:15
  529
• 8:16
  education
• 8:17
  savings
• 8:17
  accounts.
• 8:18
  I'm
• 8:18
  not
• 8:18
  going
• 8:18
  to
• 8:18
  talk
• 8:18
  a
• 8:18
  lot
• 8:18
  about
• 8:19
  that,
• 8:19
  but
• 8:19
  that's
• 8:20
  basically
• 8:20
  a
• 8:20
  way
• 8:20
  to
• 8:20
  put
• 8:21
  money
• 8:21
  into
• 8:21
  an
• 8:21
  education
• 8:22
  program
• 8:23
  and
• 8:23
  that
• 8:23
  money
• 8:24
  grows
• 8:25
  tax
• 8:25
  free.
• 8:26
  It's
• 8:26
  going
• 8:26
  to
• 8:26
  make
• 8:26
  the
• 8:26
  bill
• 8:27
  actually
• 8:27
  makes
• 8:27
  them
• 8:27
  more
• 8:28
  flexible
• 8:28
  for
• 8:28
  things
• 8:29
  like
• 8:29
  now
• 8:30
  listen,
• 8:30
  this
• 8:30
  is
• 8:30
  another
• 8:31
  part
• 8:31
  that
• 8:31
  people
• 8:31
  don't
• 8:32
  understand.
• 8:32
  It
• 8:33
  actually
• 8:33
  makes
• 8:33
  it
• 8:33
  more
• 8:34
  flexible
• 8:35
  for
• 8:35
  using
• 8:35
  that
• 8:35
  money
• 8:36
  for
• 8:36
  actually
• 8:36
  kindergarten
• 8:37
  through
• 8:37
  the
• 8:38
  end
• 8:38
  of
• 8:38
  high
• 8:38
  school,
• 8:39
  for
• 8:39
  private
• 8:39
  school
• 8:40
  tuition,
• 8:40
  for
• 8:40
  homeschooling
• 8:41
  expenses
• 8:42
  or
• 8:42
  for
• 8:42
  trade
• 8:43
  school.
• 8:43
  So
• 8:43
  that's
• 8:43
  one
• 8:43
  of
• 8:44
  the
• 8:44
  things
• 8:44
  that
• 8:44
  we
• 8:44
  can
• 8:44
  talk
• 8:45
  about
• 8:45
  in
• 8:45
  another
• 8:45
  show.
• 8:46
  But
• 8:46
  that's
• 8:46
  one
• 8:47
  of
• 8:47
  the
• 8:47
  things
• 8:47
  that
• 8:47
  this
• 8:47
  bill
• 8:47
  also
• 8:48
  it
• 8:48
  does,
• 8:49
  it
• 8:49
  expands
• 8:49
  how
• 8:50
  you
• 8:50
  can
• 8:50
  use
• 8:50
  those
• 8:50
  funds.
• 8:51
  529
• 8:52
  plan.
• 8:52
  So
• 8:52
  what
• 8:52
  it
• 8:53
  basically
• 8:53
  is
• 8:53
  doing,
• 8:54
  it's
• 8:54
  encouraging
• 8:55
  more
• 8:55
  families
• 8:55
  to
• 8:56
  put
• 8:56
  money
• 8:56
  into
• 8:56
  those
• 8:57
  529
• 8:57
  plans.
• 8:58
  And
• 8:58
  before
• 8:59
  you
• 8:59
  always
• 8:59
  had
• 8:59
  to
• 8:59
  wait
• 8:59
  till
• 9:00
  college,
• 9:00
  but
• 9:00
  now
• 9:00
  you
• 9:01
  don't
• 9:01
  have
• 9:01
  to
• 9:01
  wait
• 9:01
  till
• 9:01
  college
• 9:02
  anymore.
• 9:02
  You
• 9:02
  can
• 9:03
  actually
• 9:03
  use
• 9:03
  that
• 9:03
  money
• 9:04
  for
• 9:04
  private
• 9:04
  school
• 9:05
  tuition
• 9:05
  from
• 9:05
  kindergarten
• 9:06
  through
• 9:06
  12th
• 9:07
  grade.
• 9:07
  Another
• 9:08
  thing
• 9:08
  it
• 9:08
  does
• 9:08
  is
• 9:08
  it
• 9:08
  enhances
• 9:09
  the
• 9:09
  Child
• 9:09
  and
• 9:09
  dependent
• 9:10
  care
• 9:10
  credit
• 9:10
  and
• 9:11
  the
• 9:11
  adoption
• 9:12
  tax
• 9:12
  credit
• 9:13
  and
• 9:13
  it's
• 9:13
  going
• 9:13
  to
• 9:13
  give
• 9:13
  more
• 9:14
  financial
• 9:14
  relief
• 9:15
  for
• 9:15
  families
• 9:15
  who
• 9:16
  have
• 9:16
  those
• 9:16
  particular
• 9:17
  things.
• 9:18
  Now
• 9:18
  here's
• 9:18
  things
• 9:19
  that
• 9:19
  a
• 9:19
  lot
• 9:19
  of
• 9:19
  people
• 9:20
  been
• 9:20
  talking
• 9:20
  about.
• 9:21
  Here's
• 9:21
  some
• 9:21
  very
• 9:22
  specific
• 9:22
  things
• 9:23
  for
• 9:23
  those
• 9:23
  working
• 9:23
  in
• 9:24
  certain
• 9:24
  jobs.
• 9:24
  Now
• 9:25
  this
• 9:25
  is
• 9:25
  one
• 9:25
  that's,
• 9:26
  that's
• 9:26
  garnered
• 9:26
  a
• 9:26
  lot
• 9:27
  of
• 9:27
  attention
• 9:27
  and
• 9:27
  that's
• 9:27
  tip
• 9:28
  income.
• 9:29
  So
• 9:29
  for
• 9:29
  the
• 9:29
  next
• 9:29
  few
• 9:30
  years.
• 9:30
  Now
• 9:30
  this
• 9:30
  is
• 9:30
  specifically
• 9:31
  again,
• 9:31
  it's
• 9:32
  interesting
• 9:32
  they
• 9:32
  carved
• 9:32
  out
• 9:33
  these
• 9:33
  dates,
• 9:33
  but
• 9:33
  this
• 9:34
  is
• 9:34
  for
• 9:34
  2025
• 9:35
  through
• 9:35
  2028
• 9:36
  if
• 9:37
  you
• 9:37
  earn
• 9:37
  tips.
• 9:38
  And
• 9:38
  this
• 9:39
  has
• 9:39
  been
• 9:39
  a
• 9:39
  great
• 9:39
  deal
• 9:40
  of
• 9:40
  misinformation.
• 9:41
  You
• 9:41
  know,
• 9:41
  President
• 9:42
  Trump
• 9:42
  talked
• 9:42
  about
• 9:43
  no
• 9:43
  tax
• 9:43
  on
• 9:43
  tips.
• 9:44
  Well,
• 9:44
  we
• 9:44
  didn't
• 9:44
  quite
• 9:44
  get
• 9:45
  there.
• 9:45
  And
• 9:45
  that's
• 9:46
  not
• 9:46
  meant
• 9:46
  as
• 9:46
  a
• 9:46
  criticism.
• 9:47
  But
• 9:47
  here's
• 9:48
  basically
• 9:48
  the
• 9:48
  way
• 9:48
  it
• 9:48
  works
• 9:49
  with
• 9:49
  this
• 9:50
  bill,
• 9:50
  it's
• 9:50
  going
• 9:50
  to
• 9:51
  allow
• 9:51
  you
• 9:51
  to
• 9:51
  deduct
• 9:52
  up
• 9:52
  to
• 9:52
  $25,000
• 9:54
  of
• 9:54
  that
• 9:54
  tip
• 9:55
  income.
• 9:56
  So
• 9:56
  this
• 9:56
  means
• 9:56
  that
• 9:56
  you
• 9:57
  won't
• 9:57
  pay
• 9:57
  federal
• 9:57
  income
• 9:58
  tax
• 9:58
  on
• 9:58
  those
• 9:59
  tips
• 9:59
  up
• 9:59
  to
• 9:59
  that
• 10:00
  amount.
• 10:01
  So
• 10:01
  think
• 10:01
  about
• 10:01
  it.
• 10:01
  If
• 10:02
  you're
• 10:02
  a
• 10:02
  delivery
• 10:02
  driver
• 10:03
  or
• 10:03
  maybe
• 10:03
  you're
• 10:03
  a
• 10:03
  server
• 10:04
  or
• 10:04
  anyone
• 10:04
  who's
• 10:05
  earning
• 10:05
  tips.
• 10:05
  My
• 10:06
  son
• 10:06
  is
• 10:06
  a
• 10:06
  barber.
• 10:07
  He
• 10:07
  earned
• 10:07
  tips.
• 10:08
  Imagine
• 10:08
  not
• 10:08
  paying
• 10:09
  federal
• 10:09
  tax
• 10:09
  on
• 10:10
  your
• 10:10
  first
• 10:11
  $25,000
• 10:12
  of
• 10:12
  your
• 10:12
  income.
• 10:13
  Now
• 10:14
  think
• 10:15
  about
• 10:15
  what
• 10:15
  that
• 10:15
  can
• 10:15
  mean
• 10:15
  for
• 10:15
  your
• 10:16
  budget.
• 10:16
  But
• 10:16
  here's
• 10:16
  some
• 10:16
  important
• 10:17
  details
• 10:17
  you
• 10:17
  need
• 10:18
  to
• 10:18
  understand.
• 10:19
  And
• 10:19
  this
• 10:19
  is
• 10:19
  sort
• 10:20
  of
• 10:20
  the
• 10:20
  carve
• 10:20
  outs.
• 10:20
  And
• 10:20
  I'm
• 10:21
  going
• 10:21
  to
• 10:21
  talk
• 10:21
  about
• 10:21
  some
• 10:21
  commentary
• 10:22
  here
• 10:22
  as
• 10:22
  well.
• 10:23
  It
• 10:23
  applies
• 10:24
  to
• 10:24
  occupations
• 10:24
  that
• 10:25
  traditionally
• 10:25
  receive
• 10:25
  tips
• 10:26
  before
• 10:26
  January
• 10:27
  1st
• 10:27
  of
• 10:27
  2025.
• 10:28
  So
• 10:28
  the
• 10:29
  Congress
• 10:29
  people
• 10:29
  thought
• 10:30
  about
• 10:30
  and
• 10:30
  they
• 10:30
  said,
• 10:30
  wait
• 10:30
  a
• 10:30
  second,
• 10:31
  this
• 10:31
  is
• 10:31
  going
• 10:31
  and
• 10:32
  this
• 10:32
  is
• 10:32
  one
• 10:32
  of
• 10:32
  my
• 10:32
  big
• 10:32
  concerns.
• 10:33
  When
• 10:33
  people
• 10:33
  were
• 10:33
  asking
• 10:33
  about
• 10:34
  this,
• 10:34
  Congress
• 10:35
  people
• 10:35
  said,
• 10:35
  wait
• 10:35
  a
• 10:35
  minute,
• 10:36
  we're
• 10:36
  going
• 10:36
  to
• 10:36
  only
• 10:36
  allow
• 10:37
  this
• 10:37
  to
• 10:37
  occupations
• 10:38
  who
• 10:39
  traditionally
• 10:39
  receive
• 10:40
  tips.
• 10:40
  Because
• 10:40
  one
• 10:40
  of
• 10:40
  the
• 10:40
  big
• 10:41
  concerns
• 10:41
  I
• 10:41
  had
• 10:42
  is
• 10:42
  all
• 10:42
  of
• 10:42
  a
• 10:42
  sudden
• 10:43
  business
• 10:43
  are
• 10:43
  going
• 10:43
  to
• 10:43
  say,
• 10:43
  hey,
• 10:43
  you
• 10:43
  know,
• 10:44
  I'm
• 10:44
  not
• 10:44
  paying
• 10:44
  you
• 10:44
  anymore.
• 10:45
  Your
• 10:45
  income
• 10:45
  is
• 10:45
  all
• 10:46
  based
• 10:46
  on
• 10:46
  tips.
• 10:47
  So
• 10:47
  they've
• 10:47
  kind
• 10:47
  of
• 10:48
  already
• 10:48
  drawn
• 10:48
  the
• 10:48
  line
• 10:49
  in
• 10:49
  the
• 10:49
  sand
• 10:49
  here
• 10:50
  and
• 10:50
  said
• 10:50
  that's
• 10:50
  going
• 10:51
  to
• 10:51
  be
• 10:51
  only
• 10:51
  for
• 10:51
  occupations
• 10:52
  that
• 10:52
  traditionally
• 10:54
  receive
• 10:54
  tips.
• 10:54
  Now
• 10:55
  again,
• 10:55
  they've
• 10:56
  also
• 10:56
  indexed
• 10:57
  this
• 10:57
  for
• 10:57
  higher
• 10:58
  income
• 10:58
  people.
• 10:59
  So
• 10:59
  there
• 10:59
  is
• 10:59
  going
• 11:00
  to
• 11:00
  be
• 11:00
  what's
• 11:00
  what's
• 11:01
  called
• 11:01
  a
• 11:01
  deduction
• 11:01
  phase
• 11:02
  out.
• 11:02
  I'm
• 11:02
  not
• 11:02
  going
• 11:02
  to
• 11:02
  get
• 11:03
  into
• 11:03
  the
• 11:03
  weeds
• 11:04
  on
• 11:04
  that.
• 11:04
  But
• 11:04
  basically
• 11:05
  for
• 11:05
  single
• 11:05
  people,
• 11:06
  it's
• 11:06
  going
• 11:06
  to
• 11:07
  phase
• 11:07
  out
• 11:07
  once
• 11:07
  you
• 11:08
  hit
• 11:08
  $150,000.
• 11:09
  And
• 11:10
  for
• 11:10
  married
• 11:10
  couples,
• 11:11
  $300,000.
• 11:12
  It's
• 11:12
  reduced
• 11:13
  by
• 11:13
  a
• 11:13
  hundred
• 11:13
  dollars
• 11:13
  for
• 11:14
  every
• 11:14
  thousand
• 11:14
  dollars
• 11:14
  you
• 11:15
  go
• 11:15
  over.
• 11:15
  Again,
• 11:15
  I
• 11:16
  don't
• 11:16
  want
• 11:16
  to
• 11:16
  get
• 11:16
  into
• 11:17
  the
• 11:17
  details,
• 11:17
  but
• 11:17
  here's
• 11:18
  a
• 11:18
  planning
• 11:18
  thought.
• 11:19
  And
• 11:19
  as
• 11:19
  I
• 11:19
  was
• 11:20
  preparing
• 11:20
  for
• 11:20
  this
• 11:20
  special
• 11:21
  edition
• 11:21
  today,
• 11:21
  I
• 11:22
  thought
• 11:22
  about
• 11:22
  this
• 11:22
  for
• 11:22
  a
• 11:22
  second.
• 11:23
  Here's
• 11:23
  the
• 11:24
  key
• 11:24
  to
• 11:24
  this.
• 11:25
  If
• 11:25
  you're
• 11:25
  going
• 11:26
  to
• 11:26
  take
• 11:26
  advantage
• 11:27
  of
• 11:27
  this.
• 11:27
  Now
• 11:27
  here's
• 11:28
  the
• 11:28
  problem.
• 11:28
  A
• 11:28
  lot
• 11:28
  of
• 11:28
  people
• 11:29
  who
• 11:29
  work
• 11:29
  for
• 11:29
  tips
• 11:30
  don't
• 11:30
  always
• 11:31
  report
• 11:31
  all
• 11:31
  those
• 11:31
  tips.
• 11:32
  So
• 11:33
  one
• 11:33
  of
• 11:33
  the
• 11:33
  planning
• 11:34
  tips
• 11:34
  you
• 11:34
  have
• 11:34
  here
• 11:35
  is
• 11:35
  you
• 11:35
  might
• 11:36
  think
• 11:36
  about
• 11:36
  reporting
• 11:37
  more
• 11:37
  of
• 11:37
  your
• 11:37
  tips
• 11:37
  and
• 11:38
  you
• 11:38
  might
• 11:38
  be
• 11:38
  saying,
• 11:38
  ralph,
• 11:38
  why
• 11:39
  would
• 11:39
  you
• 11:39
  do
• 11:39
  that?
• 11:39
  Well,
• 11:39
  basically
• 11:40
  you're
• 11:40
  going
• 11:41
  to
• 11:41
  get
• 11:41
  $25,000
• 11:43
  worth
• 11:43
  of
• 11:43
  free
• 11:44
  bonus
• 11:44
  money
• 11:45
  for
• 11:45
  reporting
• 11:45
  those.
• 11:46
  So
• 11:46
  and
• 11:46
  here's
• 11:46
  the
• 11:46
  deal.
• 11:47
  Like
• 11:47
  you're
• 11:47
  supposed
• 11:48
  to
• 11:48
  be
• 11:48
  reporting
• 11:49
  those
• 11:49
  tips
• 11:49
  anyway.
• 11:50
  If
• 11:50
  you
• 11:50
  ever
• 11:51
  get
• 11:51
  audited
• 11:51
  and
• 11:52
  the
• 11:52
  IRS
• 11:52
  looks
• 11:52
  in
• 11:52
  your
• 11:53
  bank
• 11:53
  account
• 11:53
  and
• 11:53
  they
• 11:53
  say,
• 11:53
  hey,
• 11:54
  Ralph,
• 11:54
  how
• 11:54
  come
• 11:54
  you
• 11:54
  Got
• 11:54
  all
• 11:54
  these
• 11:55
  extra
• 11:55
  deposits,
• 11:55
  you
• 11:55
  were
• 11:55
  like,
• 11:55
  well,
• 11:56
  I
• 11:56
  don't
• 11:56
  know.
• 11:56
  Sure,
• 11:57
  they're
• 11:57
  going
• 11:57
  to
• 11:57
  ask
• 11:57
  you,
• 11:57
  where
• 11:57
  did
• 11:58
  that
• 11:58
  money
• 11:58
  come
• 11:58
  from?
• 11:59
  So
• 11:59
  this
• 11:59
  may
• 12:00
  be
• 12:00
  a
• 12:00
  way
• 12:01
  to
• 12:01
  solve
• 12:01
  that
• 12:01
  problem.
• 12:02
  But
• 12:02
  here's
• 12:02
  a
• 12:02
  problem.
• 12:03
  A
• 12:03
  lot
• 12:03
  of
• 12:03
  people
• 12:03
  aren't
• 12:04
  talking
• 12:04
  about
• 12:04
  this.
• 12:05
  Those
• 12:06
  tips
• 12:07
  are
• 12:07
  still
• 12:07
  going
• 12:07
  to
• 12:07
  be
• 12:08
  subject
• 12:08
  to
• 12:08
  Social
• 12:08
  Security
• 12:09
  and
• 12:09
  Medicare
• 12:10
  tax.
• 12:10
  And
• 12:10
  I
• 12:10
  don't
• 12:10
  want
• 12:10
  to
• 12:11
  lose
• 12:11
  everybody
• 12:11
  in
• 12:12
  the
• 12:12
  minutia.
• 12:13
  But
• 12:13
  basically,
• 12:13
  if
• 12:14
  you
• 12:14
  think
• 12:14
  about
• 12:14
  it,
• 12:14
  let's
• 12:14
  say
• 12:15
  right
• 12:15
  now
• 12:15
  you're
• 12:15
  only
• 12:16
  claiming
• 12:16
  a
• 12:16
  portion
• 12:17
  of
• 12:17
  your
• 12:17
  tips.
• 12:17
  And
• 12:17
  again,
• 12:17
  I'm
• 12:18
  not
• 12:18
  telling
• 12:18
  you
• 12:18
  not
• 12:18
  to
• 12:18
  claim
• 12:18
  your
• 12:19
  tips.
• 12:19
  I'm
• 12:19
  telling
• 12:20
  you
• 12:20
  to
• 12:20
  claim
• 12:20
  your
• 12:20
  tips,
• 12:21
  because
• 12:21
  that's
• 12:21
  what
• 12:21
  the
• 12:21
  IRS
• 12:22
  code
• 12:22
  says.
• 12:23
  But
• 12:23
  let's
• 12:23
  say
• 12:23
  that
• 12:23
  you're
• 12:24
  not.
• 12:24
  And
• 12:24
  you're
• 12:24
  saying,
• 12:24
  oh,
• 12:24
  Ralph,
• 12:25
  you
• 12:25
  know
• 12:25
  what?
• 12:25
  I'm
• 12:25
  going
• 12:25
  to
• 12:26
  take
• 12:26
  advantage
• 12:26
  of
• 12:26
  this
• 12:27
  $25,000
• 12:28
  bonus.
• 12:29
  Fantastic.
• 12:29
  But
• 12:30
  here's
• 12:30
  what
• 12:30
  you
• 12:30
  need
• 12:30
  to
• 12:30
  understand
• 12:31
  when
• 12:32
  you
• 12:32
  do
• 12:32
  that.
• 12:32
  When
• 12:33
  you
• 12:33
  say
• 12:33
  to
• 12:33
  your
• 12:33
  employer,
• 12:34
  hey,
• 12:34
  I've
• 12:34
  got
• 12:34
  more
• 12:34
  tips,
• 12:35
  your
• 12:35
  tax
• 12:36
  burden
• 12:36
  is
• 12:36
  actually
• 12:37
  going
• 12:37
  to
• 12:37
  go
• 12:37
  up
• 12:38
  as
• 12:38
  it
• 12:38
  relates
• 12:38
  to
• 12:39
  Social
• 12:39
  Security
• 12:39
  and
• 12:39
  Medicare.
• 12:40
  So
• 12:40
  that's
• 12:40
  just
• 12:41
  something
• 12:41
  you
• 12:41
  want
• 12:41
  to
• 12:41
  be
• 12:41
  aware
• 12:42
  of
• 12:42
  so
• 12:42
  that
• 12:43
  you're
• 12:43
  not
• 12:43
  surprised
• 12:44
  by
• 12:44
  that.
• 12:44
  So
• 12:45
  overall,
• 12:45
  here,
• 12:45
  the
• 12:46
  good
• 12:46
  news
• 12:46
  about
• 12:46
  this,
• 12:47
  it
• 12:47
  doesn't
• 12:47
  phase
• 12:48
  out
• 12:48
  federal
• 12:48
  tax
• 12:49
  on
• 12:49
  all
• 12:49
  tips,
• 12:50
  but
• 12:50
  it
• 12:51
  does
• 12:51
  phase
• 12:51
  them
• 12:51
  out
• 12:52
  up
• 12:52
  to
• 12:52
  that
• 12:52
  $25,000
• 12:54
  threshold.
• 12:54
  So
• 12:54
  effectively,
• 12:55
  what
• 12:55
  that
• 12:55
  means
• 12:55
  is
• 12:56
  on
• 12:56
  the
• 12:56
  first
• 12:57
  $25,000
• 12:58
  of,
• 12:58
  quote,
• 12:58
  tip
• 12:59
  income,
• 12:59
  you're
• 13:00
  not
• 13:00
  going
• 13:00
  to
• 13:00
  have
• 13:00
  to
• 13:00
  pay
• 13:00
  tax
• 13:01
  on
• 13:01
  that.
• 13:01
  So
• 13:01
  that's
• 13:01
  a
• 13:01
  good
• 13:01
  thing.
• 13:02
  Now,
• 13:02
  let's
• 13:02
  move
• 13:02
  on
• 13:03
  to
• 13:03
  the
• 13:03
  other
• 13:03
  big
• 13:03
  one.
• 13:04
  A
• 13:04
  lot
• 13:04
  of
• 13:04
  people
• 13:04
  have
• 13:04
  been
• 13:04
  talking
• 13:05
  about
• 13:05
  this
• 13:05
  tax
• 13:06
  on
• 13:06
  overtime
• 13:07
  pay.
• 13:07
  So
• 13:08
  this
• 13:08
  one,
• 13:08
  again,
• 13:08
  there's
• 13:09
  a
• 13:09
  temporary
• 13:09
  deduction
• 13:10
  for
• 13:10
  the
• 13:10
  premium
• 13:11
  portion
• 13:11
  of
• 13:12
  that
• 13:12
  pay.
• 13:12
  Now,
• 13:13
  again,
• 13:13
  this
• 13:13
  is
• 13:13
  the
• 13:14
  carve
• 13:14
  out
• 13:14
  for
• 13:14
  tax
• 13:15
  years
• 13:15
  2025
• 13:16
  to
• 13:16
  2028.
• 13:17
  So
• 13:17
  again,
• 13:18
  and
• 13:18
  I'm
• 13:18
  not
• 13:18
  picking
• 13:19
  political
• 13:19
  sides
• 13:20
  here,
• 13:20
  they
• 13:21
  say
• 13:21
  that
• 13:21
  this
• 13:21
  is
• 13:21
  permanent,
• 13:22
  but
• 13:22
  it's
• 13:22
  clearly
• 13:23
  not
• 13:23
  permanent.
• 13:23
  This
• 13:24
  is
• 13:24
  a
• 13:24
  temporary
• 13:25
  deduction.
• 13:25
  Now
• 13:26
  for
• 13:26
  overtime.
• 13:26
  Here's
• 13:27
  what
• 13:27
  they're
• 13:27
  going
• 13:27
  to
• 13:27
  allow.
• 13:28
  You
• 13:28
  can
• 13:28
  deduct
• 13:29
  up
• 13:29
  to
• 13:29
  $12,500
• 13:30
  for
• 13:31
  individuals
• 13:31
  or
• 13:32
  25,000
• 13:33
  for
• 13:33
  married
• 13:34
  couples
• 13:34
  filing
• 13:35
  jointly.
• 13:35
  So
• 13:36
  like
• 13:36
  this
• 13:36
  tip,
• 13:36
  like
• 13:36
  the
• 13:37
  tip
• 13:37
  income
• 13:37
  we
• 13:37
  talked
• 13:37
  about
• 13:37
  a
• 13:38
  few
• 13:38
  minutes
• 13:38
  ago,
• 13:38
  that
• 13:38
  tip
• 13:38
  deduction,
• 13:39
  this
• 13:39
  also
• 13:40
  phases
• 13:40
  out
• 13:40
  at
• 13:40
  that
• 13:41
  $150,000
• 13:42
  or
• 13:42
  $300,000amount
• 13:44
  of
• 13:44
  modified
• 13:45
  adjusted
• 13:45
  gross
• 13:46
  income.
• 13:46
  That
• 13:46
  that
• 13:46
  seems
• 13:47
  to
• 13:47
  be
• 13:47
  the
• 13:47
  sweet
• 13:47
  spot
• 13:48
  of
• 13:48
  where
• 13:48
  they
• 13:48
  consider
• 13:49
  the
• 13:49
  wealthy
• 13:49
  to
• 13:49
  start.
• 13:50
  $150,000
• 13:51
  for
• 13:51
  individuals
• 13:52
  and
• 13:53
  $300,000
• 13:54
  for
• 13:54
  joint
• 13:54
  filers.
• 13:55
  And
• 13:55
  then
• 13:55
  there's
• 13:55
  that
• 13:56
  $100
• 13:56
  for
• 13:56
  every
• 13:57
  thousand
• 13:57
  dollars
• 13:58
  phase
• 13:58
  out.
• 13:58
  Now,
• 13:59
  again,
• 14:00
  here's
• 14:00
  the
• 14:00
  thing
• 14:00
  you
• 14:00
  got
• 14:01
  to
• 14:01
  pay
• 14:01
  attention
• 14:01
  to.
• 14:02
  You're
• 14:02
  going
• 14:02
  to
• 14:03
  have
• 14:03
  to
• 14:03
  start
• 14:03
  keeping
• 14:04
  track
• 14:04
  of
• 14:04
  your
• 14:04
  overtime.
• 14:05
  If
• 14:06
  your
• 14:06
  employer
• 14:06
  isn't
• 14:07
  keeping
• 14:07
  track
• 14:07
  of
• 14:08
  your
• 14:08
  time,
• 14:08
  it
• 14:08
  just
• 14:08
  kind
• 14:08
  of
• 14:08
  gets
• 14:09
  added
• 14:09
  to
• 14:09
  your
• 14:09
  wages.
• 14:10
  You
• 14:10
  need
• 14:10
  to
• 14:10
  say
• 14:11
  to
• 14:11
  them,
• 14:11
  hey,
• 14:11
  employer,
• 14:12
  you
• 14:12
  need
• 14:12
  to
• 14:12
  start
• 14:12
  carving
• 14:13
  this
• 14:13
  out,
• 14:13
  because
• 14:13
  I've
• 14:14
  got
• 14:14
  this
• 14:14
  potential
• 14:15
  for
• 14:15
  a
• 14:15
  tax
• 14:15
  deduction.
• 14:16
  Now,
• 14:17
  again,
• 14:18
  the
• 14:18
  employer
• 14:19
  is
• 14:19
  going
• 14:19
  to
• 14:19
  have
• 14:19
  to
• 14:19
  report
• 14:20
  that
• 14:20
  on
• 14:20
  your
• 14:20
  pay
• 14:20
  stub
• 14:21
  and
• 14:21
  report
• 14:21
  that
• 14:22
  on.
• 14:22
  I'm
• 14:23
  not
• 14:23
  sure
• 14:23
  how
• 14:23
  they're
• 14:23
  going
• 14:23
  to
• 14:23
  do
• 14:23
  it,
• 14:23
  honestly,
• 14:24
  from
• 14:24
  the
• 14:24
  W2
• 14:25
  standpoint,
• 14:26
  because
• 14:26
  we've
• 14:26
  never
• 14:27
  had
• 14:27
  a
• 14:27
  W2
• 14:28
  that
• 14:28
  showed
• 14:28
  overtime.
• 14:29
  So
• 14:29
  there,
• 14:30
  here's
• 14:31
  a,
• 14:31
  here's
• 14:31
  a
• 14:31
  change
• 14:31
  that
• 14:31
  could
• 14:32
  happen.
• 14:32
  See,
• 14:32
  let
• 14:33
  me
• 14:33
  just,
• 14:33
  let
• 14:33
  me
• 14:33
  take
• 14:33
  a
• 14:33
  little
• 14:33
  bit
• 14:34
  of
• 14:34
  a
• 14:34
  detour
• 14:35
  here
• 14:35
  for
• 14:35
  a
• 14:35
  second.
• 14:36
  Basically,
• 14:36
  the
• 14:37
  way
• 14:37
  it
• 14:37
  works
• 14:37
  like
• 14:37
  this,
• 14:37
  Congress
• 14:38
  creates
• 14:38
  a
• 14:38
  tax
• 14:39
  bill,
• 14:40
  the
• 14:40
  President
• 14:41
  signs
• 14:41
  a
• 14:41
  tax
• 14:41
  bill,
• 14:42
  and
• 14:42
  then
• 14:42
  it
• 14:42
  goes
• 14:42
  to
• 14:42
  the
• 14:42
  irs,
• 14:43
  who
• 14:43
  actually
• 14:44
  builds
• 14:44
  the
• 14:44
  code
• 14:44
  around
• 14:45
  that.
• 14:46
  Well,
• 14:46
  if
• 14:46
  you
• 14:46
  think
• 14:46
  about
• 14:46
  this
• 14:47
  now,
• 14:47
  for
• 14:47
  this
• 14:48
  overtime
• 14:49
  pay
• 14:49
  and
• 14:49
  for
• 14:50
  this
• 14:50
  tip
• 14:50
  pay,
• 14:51
  the
• 14:52
  IRS
• 14:52
  is
• 14:52
  going
• 14:52
  to
• 14:53
  have
• 14:53
  to
• 14:53
  tell
• 14:53
  employers
• 14:54
  how
• 14:54
  they're
• 14:54
  going
• 14:54
  to
• 14:54
  report
• 14:54
  that
• 14:55
  information.
• 14:56
  So
• 14:56
  I
• 14:56
  think
• 14:56
  what
• 14:56
  you're
• 14:56
  going
• 14:57
  to
• 14:57
  see
• 14:57
  here,
• 14:57
  and
• 14:57
  this
• 14:57
  is
• 14:57
  just
• 14:58
  Ralph
• 14:58
  talking,
• 14:58
  you're
• 14:59
  going
• 14:59
  to
• 14:59
  see
• 14:59
  a
• 14:59
  change
• 15:00
  to
• 15:00
  the
• 15:00
  W2
• 15:01
  form,
• 15:01
  which
• 15:01
  is
• 15:01
  just
• 15:01
  going
• 15:02
  to
• 15:02
  make
• 15:02
  things
• 15:02
  more
• 15:02
  complicated.
• 15:03
  But
• 15:03
  that's
• 15:03
  the
• 15:03
  only
• 15:04
  way
• 15:04
  the
• 15:04
  IRS
• 15:04
  is
• 15:05
  actually
• 15:05
  going
• 15:05
  to
• 15:05
  know
• 15:06
  how
• 15:06
  much
• 15:06
  you
• 15:07
  had
• 15:07
  in
• 15:07
  tip
• 15:07
  income.
• 15:07
  Now,
• 15:08
  that's
• 15:08
  kind
• 15:08
  of
• 15:08
  already
• 15:09
  on
• 15:09
  the
• 15:09
  W2
• 15:10
  form,
• 15:10
  because
• 15:11
  there's
• 15:11
  a,
• 15:11
  there's
• 15:11
  a
• 15:11
  line
• 15:12
  called
• 15:12
  Social
• 15:12
  Security
• 15:12
  tip
• 15:13
  earnings,
• 15:14
  but
• 15:14
  overtime
• 15:14
  is
• 15:15
  not.
• 15:15
  So
• 15:15
  this
• 15:15
  is
• 15:15
  something
• 15:16
  that's
• 15:16
  going
• 15:16
  to
• 15:16
  have
• 15:16
  to
• 15:16
  change.
• 15:17
  So
• 15:17
  if
• 15:18
  you,
• 15:18
  and
• 15:18
  it's
• 15:18
  going
• 15:18
  to
• 15:19
  sound
• 15:19
  kind
• 15:19
  of
• 15:19
  harsh,
• 15:19
  but
• 15:20
  if
• 15:20
  your
• 15:20
  employer
• 15:20
  is
• 15:21
  still
• 15:21
  doing
• 15:21
  payroll
• 15:21
  from
• 15:22
  the
• 15:22
  Stone
• 15:22
  Ages,
• 15:23
  you
• 15:23
  may
• 15:23
  need
• 15:23
  to
• 15:23
  mention
• 15:24
  to
• 15:24
  them,
• 15:24
  hey,
• 15:24
  I
• 15:25
  listened
• 15:25
  to
• 15:25
  this
• 15:25
  guy
• 15:25
  Ralph.
• 15:26
  You
• 15:26
  might
• 15:27
  want
• 15:27
  to
• 15:27
  think
• 15:27
  about
• 15:27
  how
• 15:28
  you're
• 15:28
  keeping
• 15:28
  track
• 15:28
  of
• 15:28
  that.
• 15:29
  So
• 15:29
  there's
• 15:29
  going
• 15:29
  to
• 15:29
  have
• 15:29
  to
• 15:29
  be
• 15:29
  some
• 15:29
  changes
• 15:30
  to
• 15:30
  the
• 15:31
  payroll
• 15:31
  reporting
• 15:32
  mechanisms
• 15:32
  and
• 15:32
  all
• 15:33
  that.
• 15:33
  Now
• 15:33
  let's
• 15:33
  move
• 15:33
  on
• 15:33
  to
• 15:34
  another
• 15:34
  big
• 15:34
  one.
• 15:34
  Another
• 15:35
  big
• 15:35
  promise
• 15:36
  from
• 15:36
  President
• 15:36
  Trump
• 15:37
  is
• 15:37
  we
• 15:37
  weren't
• 15:37
  going
• 15:37
  to
• 15:37
  tax
• 15:38
  Social
• 15:38
  Security.
• 15:38
  Now,
• 15:39
  there
• 15:39
  is
• 15:39
  a
• 15:39
  change
• 15:40
  here
• 15:40
  and
• 15:40
  in
• 15:41
  the
• 15:41
  tax
• 15:41
  bill.
• 15:42
  It's
• 15:42
  not
• 15:42
  what
• 15:42
  everybody
• 15:43
  expected.
• 15:44
  It's
• 15:44
  not
• 15:44
  that
• 15:45
  we're
• 15:45
  not
• 15:45
  taxing
• 15:45
  Social
• 15:46
  Security
• 15:46
  anymore,
• 15:46
  which
• 15:46
  is
• 15:47
  kind
• 15:47
  of
• 15:47
  disappointing.
• 15:47
  When
• 15:48
  I
• 15:48
  was
• 15:48
  working
• 15:48
  with
• 15:48
  clients
• 15:49
  this
• 15:49
  year,
• 15:49
  we
• 15:49
  had
• 15:50
  this
• 15:50
  discussion
• 15:50
  of,
• 15:50
  hey,
• 15:51
  if
• 15:51
  they
• 15:51
  can
• 15:51
  really
• 15:52
  get
• 15:52
  this
• 15:52
  done,
• 15:52
  this
• 15:53
  is
• 15:53
  going
• 15:53
  to
• 15:53
  be
• 15:53
  a
• 15:54
  huge
• 15:54
  benefit
• 15:54
  to
• 15:55
  a
• 15:55
  lot
• 15:55
  of
• 15:55
  my
• 15:56
  elderly
• 15:56
  and
• 15:57
  Social
• 15:58
  Security
• 15:58
  claiming
• 15:59
  clients.
• 15:59
  But
• 16:00
  here's
• 16:00
  what
• 16:00
  they
• 16:00
  did
• 16:00
  do.
• 16:00
  And
• 16:01
  this
• 16:01
  is
• 16:01
  a
• 16:01
  help.
• 16:01
  I
• 16:01
  can't
• 16:02
  say
• 16:02
  it's
• 16:02
  not
• 16:02
  a
• 16:02
  help.
• 16:02
  But
• 16:03
  here's
• 16:03
  the
• 16:03
  deal.
• 16:03
  If
• 16:04
  you're
• 16:04
  65
• 16:05
  or
• 16:05
  older.
• 16:05
  Now
• 16:05
  here's
• 16:05
  a
• 16:05
  planning
• 16:06
  tip
• 16:06
  right
• 16:06
  away.
• 16:07
  A
• 16:07
  lot
• 16:07
  of
• 16:07
  people.
• 16:08
  Now,
• 16:08
  I
• 16:08
  shouldn't
• 16:09
  say
• 16:09
  a
• 16:09
  lot
• 16:09
  of
• 16:09
  people,
• 16:09
  but
• 16:09
  many
• 16:10
  people
• 16:10
  take
• 16:11
  Social
• 16:11
  Security
• 16:11
  early
• 16:12
  at
• 16:12
  ages
• 16:13
  before
• 16:13
  65.
• 16:14
  This
• 16:14
  does
• 16:14
  not
• 16:15
  apply
• 16:15
  to
• 16:15
  you.
• 16:16
  So
• 16:16
  this
• 16:16
  is
• 16:16
  only
• 16:17
  if
• 16:17
  you're
• 16:17
  65
• 16:18
  or
• 16:18
  older.
• 16:19
  But
• 16:19
  here's
• 16:19
  the
• 16:19
  way
• 16:19
  they
• 16:20
  basically
• 16:21
  handled
• 16:21
  this
• 16:21
  whole
• 16:22
  not
• 16:22
  taxing
• 16:23
  Social
• 16:23
  Security.
• 16:24
  There's
• 16:24
  now
• 16:24
  a
• 16:24
  new
• 16:25
  temporary
• 16:25
  deduction
• 16:26
  for
• 16:26
  up
• 16:26
  to
• 16:27
  $6,000
• 16:28
  per
• 16:28
  individual.
• 16:29
  Now,
• 16:29
  they
• 16:29
  made
• 16:29
  this
• 16:30
  $12,000
• 16:31
  for
• 16:31
  married
• 16:31
  couples.
• 16:32
  Now
• 16:32
  listen,
• 16:32
  here's
• 16:32
  the
• 16:32
  key.
• 16:33
  If
• 16:33
  Both
• 16:34
  are
• 16:34
  over
• 16:34
  65.
• 16:35
  So
• 16:35
  big
• 16:35
  deal
• 16:36
  here.
• 16:36
  Again,
• 16:37
  again,
• 16:37
  we
• 16:37
  say
• 16:37
  this
• 16:37
  is
• 16:38
  a
• 16:38
  permanent
• 16:38
  tax
• 16:38
  change.
• 16:39
  Again,
• 16:39
  it's
• 16:39
  not.
• 16:40
  It's
• 16:40
  from
• 16:40
  2025
• 16:42
  to
• 16:42
  2028,
• 16:43
  and
• 16:43
  basically
• 16:44
  it's
• 16:44
  $6,000
• 16:45
  worth
• 16:45
  of.
• 16:45
  You
• 16:46
  can
• 16:46
  look
• 16:46
  at
• 16:46
  it
• 16:46
  like
• 16:46
  this.
• 16:47
  It's
• 16:47
  basically
• 16:47
  an
• 16:48
  additional
• 16:48
  standard
• 16:49
  deduction
• 16:50
  because
• 16:50
  this
• 16:51
  deduction
• 16:51
  applies
• 16:52
  to
• 16:52
  your
• 16:52
  overall
• 16:53
  income,
• 16:53
  not
• 16:53
  just
• 16:54
  Social
• 16:54
  Security.
• 16:54
  So
• 16:55
  if
• 16:55
  you're
• 16:55
  a
• 16:55
  married
• 16:56
  filing
• 16:56
  joint,
• 16:56
  you're
• 16:57
  over
• 16:57
  65,
• 16:58
  both
• 16:58
  of
• 16:58
  you,
• 16:59
  you
• 16:59
  basically
• 16:59
  have
• 16:59
  an
• 17:00
  additional
• 17:00
  $12,000
• 17:01
  worth
• 17:01
  of,
• 17:01
  I'll
• 17:02
  call
• 17:02
  it
• 17:02
  free
• 17:02
  money
• 17:03
  or
• 17:03
  reduction
• 17:04
  in
• 17:04
  taxable
• 17:04
  income.
• 17:05
  And
• 17:05
  again,
• 17:06
  this
• 17:06
  phases
• 17:06
  out.
• 17:06
  Now,
• 17:07
  this
• 17:07
  one
• 17:07
  is
• 17:07
  interesting.
• 17:08
  They
• 17:08
  actually
• 17:09
  phase
• 17:09
  this
• 17:10
  one
• 17:10
  out
• 17:10
  at
• 17:11
  $75,000
• 17:12
  for
• 17:12
  single
• 17:13
  filers
• 17:13
  and
• 17:14
  $150,000
• 17:15
  for
• 17:15
  married
• 17:16
  couples.
• 17:16
  So
• 17:16
  that's
• 17:16
  just
• 17:16
  a
• 17:16
  planning
• 17:17
  tip.
• 17:17
  The
• 17:17
  other
• 17:18
  ones
• 17:18
  were
• 17:18
  at
• 17:18
  150
• 17:19
  and
• 17:19
  300.
• 17:20
  This
• 17:20
  one
• 17:20
  is
• 17:20
  at
• 17:21
  75
• 17:21
  and
• 17:21
  150.
• 17:23
  So
• 17:23
  basically
• 17:23
  what
• 17:23
  this
• 17:24
  is
• 17:24
  going
• 17:24
  to
• 17:24
  do
• 17:24
  is,
• 17:25
  is
• 17:25
  this
• 17:25
  is
• 17:25
  going
• 17:25
  to
• 17:26
  lower
• 17:26
  taxes
• 17:26
  for
• 17:27
  anybody
• 17:27
  over
• 17:28
  65
• 17:29
  by.
• 17:29
  By
• 17:30
  $6,000
• 17:31
  individually
• 17:31
  or
• 17:32
  12,000.
• 17:32
  Now,
• 17:33
  I
• 17:33
  say
• 17:33
  lower
• 17:33
  taxes.
• 17:34
  What
• 17:34
  I
• 17:34
  mean
• 17:34
  is
• 17:34
  lower
• 17:35
  their
• 17:35
  taxable
• 17:35
  income,
• 17:36
  which
• 17:36
  will
• 17:36
  trickle
• 17:37
  down
• 17:37
  to
• 17:37
  lowering
• 17:37
  their
• 17:37
  taxes.
• 17:38
  But
• 17:38
  basically
• 17:39
  it's
• 17:39
  going
• 17:39
  to
• 17:39
  reduce
• 17:40
  taxes.
• 17:40
  It's
• 17:40
  not
• 17:41
  necessarily
• 17:42
  cutting
• 17:42
  back
• 17:42
  tax
• 17:43
  on
• 17:43
  Social
• 17:43
  Security.
• 17:44
  The
• 17:44
  benefit
• 17:44
  to
• 17:45
  this
• 17:45
  is
• 17:45
  it's
• 17:46
  actually
• 17:46
  cutting
• 17:46
  your
• 17:46
  taxes
• 17:47
  overall.
• 17:47
  So
• 17:48
  this
• 17:48
  is
• 17:48
  sort
• 17:48
  of
• 17:48
  a.
• 17:49
  A
• 17:49
  good
• 17:49
  and
• 17:49
  a
• 17:50
  bad
• 17:50
  at
• 17:50
  the
• 17:50
  same
• 17:50
  time.
• 17:51
  I
• 17:51
  was
• 17:51
  really
• 17:51
  hoping
• 17:52
  they
• 17:52
  were
• 17:52
  just
• 17:52
  going
• 17:52
  to
• 17:52
  eliminate
• 17:53
  the
• 17:53
  tax
• 17:53
  on
• 17:53
  Social
• 17:53
  Security.
• 17:54
  But.
• 17:54
  But
• 17:54
  what
• 17:55
  they've
• 17:55
  effectively
• 17:55
  done
• 17:55
  is
• 17:55
  they've
• 17:56
  thrown
• 17:56
  a
• 17:56
  little
• 17:56
  carrot
• 17:57
  or
• 17:57
  a
• 17:57
  little
• 17:57
  bonus
• 17:58
  to
• 17:58
  our
• 17:58
  friends
• 17:58
  who
• 17:59
  are
• 17:59
  65
• 17:59
  and
• 18:00
  older
• 18:00
  and
• 18:00
  giving
• 18:01
  them
• 18:01
  $6,000
• 18:02
  worth
• 18:02
  additional
• 18:03
  deductions.
• 18:04
  So
• 18:05
  that's
• 18:05
  kind
• 18:05
  of
• 18:05
  the.
• 18:06
  To
• 18:06
  sum
• 18:06
  up
• 18:06
  the
• 18:07
  individual
• 18:07
  tax
• 18:08
  stuff.
• 18:08
  And
• 18:08
  I'm
• 18:09
  going
• 18:09
  to
• 18:09
  talk
• 18:09
  about
• 18:09
  some
• 18:09
  planning
• 18:10
  techniques
• 18:10
  here
• 18:10
  in
• 18:10
  a
• 18:11
  few
• 18:11
  minutes.
• 18:11
  But
• 18:11
  I
• 18:12
  want
• 18:12
  to
• 18:12
  move
• 18:12
  into
• 18:12
  some
• 18:12
  Small
• 18:13
  business,
• 18:13
  because
• 18:13
  there's
• 18:14
  some
• 18:14
  small
• 18:14
  business
• 18:15
  things
• 18:15
  in
• 18:15
  here,
• 18:15
  what
• 18:16
  we
• 18:16
  really
• 18:16
  need
• 18:16
  to
• 18:16
  talk
• 18:16
  about.
• 18:17
  So
• 18:17
  if
• 18:17
  you're
• 18:17
  listening
• 18:17
  right
• 18:18
  now
• 18:18
  and
• 18:18
  you're
• 18:18
  a
• 18:19
  small
• 18:19
  business
• 18:19
  owner,
• 18:19
  or
• 18:20
  maybe
• 18:20
  you're
• 18:20
  thinking
• 18:20
  about
• 18:20
  becoming
• 18:21
  a
• 18:21
  small
• 18:21
  business
• 18:22
  owner,
• 18:22
  this
• 18:22
  bill
• 18:23
  has
• 18:23
  some
• 18:23
  significant
• 18:24
  incentives
• 18:24
  designed
• 18:25
  to
• 18:25
  help
• 18:25
  you
• 18:25
  build
• 18:26
  and
• 18:26
  thrive
• 18:27
  a
• 18:28
  profitable
• 18:28
  business.
• 18:28
  Now,
• 18:29
  one
• 18:29
  of
• 18:29
  the
• 18:29
  big
• 18:29
  ones,
• 18:30
  and
• 18:30
  this
• 18:30
  is
• 18:30
  what
• 18:31
  President
• 18:31
  Trump
• 18:31
  brought
• 18:32
  in
• 18:32
  the
• 18:32
  first
• 18:32
  time
• 18:32
  he
• 18:32
  was
• 18:33
  around
• 18:33
  this
• 18:33
  thing
• 18:34
  called
• 18:34
  the
• 18:34
  qbi,
• 18:35
  which
• 18:35
  is
• 18:35
  basically
• 18:35
  a
• 18:35
  qualified
• 18:36
  business
• 18:37
  income
• 18:37
  deduction.
• 18:38
  If
• 18:38
  you're
• 18:38
  real.
• 18:38
  Technically,
• 18:39
  you
• 18:39
  might
• 18:39
  have
• 18:39
  heard
• 18:39
  it
• 18:40
  called
• 18:40
  a
• 18:40
  199A.
• 18:41
  Now
• 18:41
  when
• 18:42
  this
• 18:42
  was
• 18:42
  first
• 18:42
  put
• 18:42
  in
• 18:43
  back
• 18:43
  in
• 18:43
  2017,
• 18:44
  again,
• 18:45
  this
• 18:45
  was
• 18:45
  a
• 18:45
  temporary
• 18:46
  thing.
• 18:46
  It
• 18:46
  was
• 18:46
  going
• 18:47
  to
• 18:47
  sunset
• 18:47
  in
• 18:48
  2025.
• 18:48
  Well,
• 18:49
  now
• 18:49
  that's
• 18:49
  permanent.
• 18:50
  But
• 18:50
  here's
• 18:50
  the
• 18:50
  even
• 18:50
  better
• 18:51
  part.
• 18:51
  They've
• 18:52
  even
• 18:52
  made
• 18:52
  it
• 18:52
  bigger.
• 18:53
  So
• 18:54
  this
• 18:54
  is
• 18:54
  a
• 18:54
  key
• 18:54
  deduction
• 18:55
  for
• 18:55
  those
• 18:55
  of
• 18:55
  you
• 18:55
  who
• 18:55
  are
• 18:56
  LLCs
• 18:57
  or
• 18:57
  subchapter
• 18:58
  S
• 18:58
  corporations.
• 18:59
  It's
• 18:59
  just
• 18:59
  a
• 18:59
  fancy
• 19:00
  way
• 19:00
  of
• 19:00
  saying
• 19:00
  businesses
• 19:01
  like
• 19:01
  yours
• 19:01
  where
• 19:01
  the
• 19:02
  profits
• 19:02
  are
• 19:02
  taxed
• 19:03
  on
• 19:03
  your
• 19:03
  personal
• 19:03
  tax
• 19:04
  return,
• 19:04
  not
• 19:04
  at
• 19:04
  the
• 19:05
  corporate
• 19:05
  level.
• 19:05
  It's
• 19:05
  a
• 19:06
  pass
• 19:06
  through.
• 19:06
  Again,
• 19:06
  I
• 19:07
  don't
• 19:07
  want
• 19:07
  to
• 19:07
  get
• 19:07
  lost
• 19:07
  in
• 19:07
  the
• 19:08
  details,
• 19:08
  but
• 19:08
  if
• 19:09
  you
• 19:09
  own
• 19:09
  an
• 19:09
  S
• 19:09
  corp
• 19:10
  or
• 19:10
  you
• 19:10
  own
• 19:10
  an
• 19:10
  llc,
• 19:11
  you're
• 19:12
  taxed
• 19:12
  not
• 19:12
  at
• 19:12
  the
• 19:12
  company
• 19:13
  level,
• 19:13
  but
• 19:13
  at
• 19:14
  your
• 19:14
  personal
• 19:14
  level.
• 19:15
  Again,
• 19:15
  this
• 19:15
  was
• 19:15
  set
• 19:15
  to
• 19:16
  expire,
• 19:17
  so
• 19:17
  now
• 19:17
  it's
• 19:17
  permanent.
• 19:17
  But
• 19:18
  here's
• 19:18
  the
• 19:18
  beautiful
• 19:18
  part,
• 19:19
  they've
• 19:19
  increased
• 19:20
  it
• 19:20
  from
• 19:20
  20%
• 19:21
  to
• 19:21
  23%
• 19:23
  beginning
• 19:23
  after
• 19:24
  this
• 19:24
  year.
• 19:24
  So
• 19:25
  that's
• 19:25
  interesting
• 19:25
  planning
• 19:26
  technique
• 19:26
  as
• 19:26
  well.
• 19:27
  So
• 19:27
  it's
• 19:27
  not
• 19:27
  going
• 19:27
  to
• 19:27
  be
• 19:28
  effective
• 19:28
  for
• 19:28
  2025,
• 19:29
  but
• 19:30
  starting
• 19:30
  in
• 19:30
  2026,
• 19:31
  you're
• 19:32
  so
• 19:32
  you're
• 19:32
  going
• 19:32
  to
• 19:32
  still
• 19:32
  get
• 19:32
  it
• 19:33
  to
• 19:33
  20%
• 19:33
  deduction
• 19:34
  in
• 19:34
  2025,
• 19:35
  but
• 19:36
  starting
• 19:36
  in
• 19:36
  2026
• 19:37
  it's
• 19:38
  going
• 19:38
  to
• 19:38
  go
• 19:38
  up
• 19:38
  to
• 19:38
  23%,
• 19:39
  which
• 19:39
  basically
• 19:40
  means
• 19:40
  a
• 19:41
  larger
• 19:41
  portion
• 19:41
  of
• 19:42
  your
• 19:42
  business
• 19:42
  profits
• 19:43
  are
• 19:43
  going
• 19:43
  to
• 19:43
  be
• 19:43
  tax
• 19:43
  free,
• 19:44
  which
• 19:44
  puts
• 19:45
  money
• 19:45
  directly
• 19:45
  back
• 19:45
  into
• 19:46
  your
• 19:46
  company
• 19:46
  because
• 19:46
  you're
• 19:47
  not
• 19:47
  going
• 19:47
  to
• 19:47
  have
• 19:47
  to
• 19:47
  pay
• 19:48
  taxes
• 19:49
  on
• 19:49
  that
• 19:50
  20%
• 19:50
  in
• 19:51
  2025
• 19:52
  or
• 19:52
  23%
• 19:53
  moving
• 19:53
  forward.
• 19:54
  And
• 19:54
  really,
• 19:55
  when
• 19:55
  I
• 19:55
  think
• 19:55
  about
• 19:55
  it,
• 19:55
  I
• 19:55
  got
• 19:56
  a
• 19:56
  lot
• 19:56
  of
• 19:56
  small
• 19:56
  business
• 19:56
  clients.
• 19:57
  This
• 19:57
  is
• 19:57
  really
• 19:58
  a
• 19:58
  huge
• 19:58
  win
• 19:58
  for
• 19:59
  small
• 19:59
  business
• 19:59
  clients
• 19:59
  and
• 20:00
  their
• 20:00
  cash
• 20:00
  flow.
• 20:01
  Another
• 20:01
  big
• 20:02
  thing
• 20:02
  it
• 20:02
  did
• 20:03
  for
• 20:03
  businesses
• 20:03
  that
• 20:03
  buy
• 20:04
  equipment
• 20:04
  or
• 20:04
  machinery,
• 20:05
  the
• 20:05
  a
• 20:05
  hundred
• 20:06
  percent
• 20:06
  bonus
• 20:06
  depreciation
• 20:07
  is
• 20:07
  back
• 20:08
  and
• 20:08
  it's
• 20:08
  permanent.
• 20:09
  Now
• 20:09
  you
• 20:10
  might
• 20:10
  be
• 20:10
  saying,
• 20:10
  Ralph,
• 20:10
  I
• 20:11
  have
• 20:11
  no
• 20:11
  idea
• 20:11
  what
• 20:11
  you're
• 20:11
  talking
• 20:12
  about.
• 20:12
  Bonus
• 20:12
  depreciation.
• 20:13
  Think
• 20:13
  of
• 20:13
  it
• 20:13
  like
• 20:13
  this.
• 20:14
  Let's
• 20:14
  say
• 20:14
  you
• 20:14
  buy
• 20:14
  a
• 20:14
  $50,000
• 20:15
  piece
• 20:15
  of
• 20:16
  equipment
• 20:16
  for
• 20:16
  your
• 20:16
  business.
• 20:17
  You
• 20:17
  need
• 20:18
  a
• 20:18
  new
• 20:18
  Machine
• 20:19
  need
• 20:19
  a
• 20:19
  vehicle,
• 20:20
  something
• 20:20
  like
• 20:20
  that.
• 20:21
  And
• 20:21
  the
• 20:21
  government
• 20:22
  says,
• 20:22
  great,
• 20:22
  here's
• 20:22
  the
• 20:23
  best
• 20:23
  part
• 20:23
  of
• 20:23
  this.
• 20:23
  With
• 20:23
  this
• 20:24
  bonus
• 20:24
  depreciation,
• 20:25
  you
• 20:25
  can
• 20:26
  instantly
• 20:26
  wipe
• 20:26
  $50,000
• 20:27
  off
• 20:28
  of
• 20:28
  your
• 20:28
  taxable
• 20:28
  income
• 20:29
  this
• 20:29
  year.
• 20:29
  So
• 20:29
  if
• 20:30
  that
• 20:30
  equipment
• 20:30
  is
• 20:30
  50
• 20:31
  grand,
• 20:31
  guess
• 20:31
  what
• 20:31
  that
• 20:31
  does.
• 20:32
  Even
• 20:32
  if
• 20:32
  you
• 20:32
  didn't
• 20:33
  pay
• 20:33
  for
• 20:33
  it,
• 20:33
  you
• 20:34
  can
• 20:34
  get
• 20:34
  a
• 20:34
  loan
• 20:34
  for
• 20:35
  it.
• 20:35
  You
• 20:35
  can
• 20:35
  be
• 20:36
  paying
• 20:36
  over
• 20:36
  time.
• 20:37
  You
• 20:37
  can
• 20:37
  take
• 20:37
  that
• 20:38
  and
• 20:38
  knock
• 20:38
  that
• 20:39
  right
• 20:39
  off
• 20:39
  of
• 20:39
  your
• 20:39
  business
• 20:40
  income.
• 20:41
  So
• 20:41
  this
• 20:41
  means
• 20:41
  if
• 20:42
  you
• 20:42
  buy
• 20:42
  qualified
• 20:42
  property
• 20:43
  for
• 20:43
  your
• 20:43
  business,
• 20:43
  things
• 20:44
  like
• 20:44
  new
• 20:44
  vehicles,
• 20:45
  maybe
• 20:45
  you
• 20:45
  need
• 20:45
  a
• 20:46
  new
• 20:46
  service
• 20:46
  vehicle
• 20:47
  or
• 20:47
  computers
• 20:48
  or
• 20:48
  any
• 20:49
  specialized
• 20:49
  equipment,
• 20:50
  or
• 20:50
  even
• 20:51
  certain
• 20:51
  property
• 20:52
  improvements,
• 20:52
  like
• 20:52
  leasehold
• 20:53
  improvements.
• 20:53
  Again,
• 20:53
  I'm
• 20:54
  not
• 20:54
  going
• 20:54
  to
• 20:54
  get
• 20:54
  into
• 20:54
  the
• 20:54
  minutiae
• 20:55
  with
• 20:55
  that,
• 20:55
  but
• 20:56
  you
• 20:56
  can
• 20:56
  now
• 20:56
  immediately
• 20:57
  deduct
• 20:57
  the
• 20:58
  entire
• 20:58
  cost
• 20:58
  of
• 20:59
  that
• 20:59
  item
• 20:59
  in
• 20:59
  the
• 21:00
  year
• 21:00
  that
• 21:00
  you
• 21:00
  put
• 21:00
  this
• 21:01
  into
• 21:01
  service.
• 21:02
  So
• 21:02
  this
• 21:02
  is
• 21:02
  a
• 21:03
  powerful
• 21:03
  financial
• 21:04
  tool
• 21:04
  that
• 21:04
  significantly
• 21:05
  lowers
• 21:05
  your
• 21:05
  taxable
• 21:05
  income.
• 21:06
  This
• 21:06
  provision
• 21:07
  is
• 21:07
  effective.
• 21:08
  And
• 21:08
  again,
• 21:09
  we're
• 21:09
  playing
• 21:09
  games
• 21:09
  with
• 21:09
  dates.
• 21:10
  It
• 21:11
  cracks
• 21:11
  me
• 21:11
  up
• 21:11
  when
• 21:11
  they
• 21:11
  do
• 21:12
  this.
• 21:12
  But
• 21:12
  this
• 21:13
  is
• 21:13
  effective
• 21:13
  for
• 21:13
  any
• 21:14
  property
• 21:14
  acquired
• 21:15
  and
• 21:15
  placed
• 21:15
  in
• 21:15
  service
• 21:16
  after
• 21:16
  January
• 21:17
  19,
• 21:17
  2025.
• 21:19
  Again,
• 21:19
  I'm
• 21:20
  not
• 21:20
  sure
• 21:20
  why
• 21:20
  they
• 21:20
  picked
• 21:20
  the
• 21:21
  19th.
• 21:21
  I
• 21:21
  think
• 21:21
  it
• 21:21
  has
• 21:21
  to
• 21:22
  do
• 21:22
  with
• 21:22
  when
• 21:22
  President
• 21:22
  Trump
• 21:23
  was
• 21:23
  sworn
• 21:23
  into
• 21:23
  office.
• 21:24
  Again,
• 21:24
  but
• 21:25
  anyway,
• 21:25
  and
• 21:26
  honestly,
• 21:26
  at
• 21:26
  this
• 21:26
  point,
• 21:27
  here's
• 21:27
  the
• 21:28
  problem.
• 21:28
  If
• 21:28
  you
• 21:28
  bought
• 21:28
  something
• 21:28
  before
• 21:29
  January
• 21:29
  19th,
• 21:30
  you
• 21:30
  still
• 21:30
  have
• 21:30
  to
• 21:30
  live
• 21:30
  under
• 21:30
  their
• 21:31
  old
• 21:31
  rules.
• 21:32
  But
• 21:32
  from
• 21:32
  this
• 21:33
  point
• 21:33
  forward,
• 21:33
  you
• 21:33
  can
• 21:34
  live
• 21:34
  under
• 21:34
  these
• 21:34
  new
• 21:34
  rules.
• 21:35
  And
• 21:35
  this
• 21:35
  is
• 21:35
  a
• 21:35
  tremendous
• 21:36
  incentive
• 21:36
  to
• 21:36
  invest
• 21:37
  in
• 21:37
  your
• 21:37
  business's
• 21:38
  growth
• 21:38
  and
• 21:39
  modernization.
• 21:39
  So
• 21:40
  if
• 21:40
  there's
• 21:40
  equipment
• 21:41
  that
• 21:41
  you
• 21:41
  need
• 21:41
  to
• 21:41
  buy,
• 21:41
  like,
• 21:42
  this
• 21:42
  is
• 21:42
  the
• 21:42
  kind
• 21:42
  of
• 21:42
  conversation
• 21:43
  I
• 21:43
  have
• 21:43
  with
• 21:44
  my
• 21:44
  small
• 21:44
  business
• 21:44
  clients
• 21:45
  all
• 21:45
  the
• 21:45
  time.
• 21:45
  Hey,
• 21:46
  Ralph,
• 21:46
  I'm
• 21:46
  thinking
• 21:47
  about
• 21:47
  buying
• 21:47
  a
• 21:47
  new
• 21:47
  service
• 21:48
  truck
• 21:48
  or
• 21:48
  hey,
• 21:49
  Ralph,
• 21:49
  I
• 21:49
  need
• 21:49
  to
• 21:49
  buy
• 21:49
  this
• 21:50
  machine
• 21:50
  to
• 21:51
  do
• 21:51
  what
• 21:51
  we
• 21:51
  do
• 21:51
  on
• 21:51
  our
• 21:52
  business.
• 21:52
  How
• 21:52
  does
• 21:53
  that
• 21:53
  impact
• 21:53
  my
• 21:53
  taxes?
• 21:54
  Well,
• 21:54
  now
• 21:55
  you're
• 21:55
  going
• 21:55
  to
• 21:55
  be
• 21:55
  able
• 21:55
  to
• 21:55
  get
• 21:55
  that
• 21:56
  100%
• 21:56
  bonus
• 21:57
  depreciation.
• 21:57
  So
• 21:58
  again,
• 21:58
  you
• 21:58
  don't
• 21:58
  have
• 21:59
  to
• 21:59
  spend
• 21:59
  the
• 21:59
  money
• 21:59
  for
• 21:59
  it.
• 22:00
  You
• 22:00
  can
• 22:00
  get
• 22:01
  a
• 22:01
  loan
• 22:01
  for
• 22:01
  that,
• 22:01
  you
• 22:02
  can
• 22:02
  get
• 22:02
  that,
• 22:02
  you
• 22:03
  know,
• 22:03
  pay
• 22:03
  it
• 22:03
  over
• 22:03
  time.
• 22:03
  A
• 22:04
  lot
• 22:04
  of
• 22:04
  people
• 22:04
  don't
• 22:04
  understand
• 22:04
  that,
• 22:05
  but
• 22:05
  this
• 22:06
  is
• 22:06
  a
• 22:06
  great
• 22:06
  incentive
• 22:07
  to
• 22:07
  invest
• 22:08
  in
• 22:08
  your
• 22:08
  business.
• 22:08
  Now,
• 22:09
  I
• 22:09
  want
• 22:10
  to
• 22:10
  move
• 22:10
  on
• 22:11
  to
• 22:11
  some
• 22:11
  things
• 22:12
  beyond
• 22:12
  these
• 22:12
  major
• 22:13
  individual
• 22:13
  and
• 22:14
  business
• 22:14
  tax
• 22:15
  changes,
• 22:15
  because
• 22:16
  this
• 22:16
  is
• 22:16
  stuff
• 22:16
  you've
• 22:16
  been
• 22:17
  hearing
• 22:17
  a
• 22:17
  lot
• 22:17
  about
• 22:17
  in
• 22:17
  the
• 22:18
  news
• 22:18
  and
• 22:18
  people
• 22:18
  have
• 22:18
  been
• 22:19
  spreading
• 22:19
  all
• 22:20
  kinds
• 22:20
  of
• 22:20
  misinformation.
• 22:22
  But
• 22:22
  the
• 22:22
  one
• 22:22
  big
• 22:23
  beautiful
• 22:23
  bill
• 22:23
  does
• 22:24
  include
• 22:24
  several
• 22:24
  other
• 22:25
  impactful
• 22:25
  provisions
• 22:26
  that
• 22:26
  you
• 22:26
  should
• 22:26
  know
• 22:26
  about.
• 22:27
  Now,
• 22:27
  one
• 22:27
  of
• 22:27
  the
• 22:27
  ones
• 22:27
  that,
• 22:28
  that
• 22:28
  you
• 22:28
  may
• 22:28
  have
• 22:28
  heard
• 22:28
  about
• 22:29
  is
• 22:29
  this
• 22:29
  thing
• 22:29
  called
• 22:29
  the
• 22:30
  salt
• 22:30
  cap.
• 22:30
  Basically
• 22:31
  that
• 22:31
  state
• 22:32
  and
• 22:32
  local
• 22:32
  income
• 22:33
  taxes
• 22:34
  right
• 22:34
  now,
• 22:34
  there's
• 22:35
  been
• 22:35
  since
• 22:35
  2017
• 22:36
  when
• 22:36
  they
• 22:36
  increased
• 22:37
  the
• 22:37
  standard
• 22:38
  deduction,
• 22:38
  they
• 22:38
  put
• 22:39
  a
• 22:39
  cap
• 22:39
  on
• 22:40
  state
• 22:40
  and
• 22:40
  local
• 22:40
  income
• 22:41
  taxes.
• 22:41
  And
• 22:41
  it's
• 22:41
  been
• 22:42
  really
• 22:42
  controversial
• 22:43
  for
• 22:43
  those
• 22:43
  people
• 22:43
  who
• 22:43
  live
• 22:44
  in
• 22:44
  high
• 22:44
  income
• 22:45
  tax
• 22:45
  states
• 22:45
  like
• 22:46
  New
• 22:46
  York
• 22:46
  or
• 22:46
  California.
• 22:48
  And
• 22:48
  basically
• 22:48
  what
• 22:49
  that
• 22:49
  did
• 22:49
  is
• 22:49
  it
• 22:49
  said,
• 22:49
  okay,
• 22:50
  that's
• 22:50
  fine,
• 22:50
  but
• 22:50
  you
• 22:50
  can
• 22:50
  only
• 22:51
  deduct
• 22:51
  up
• 22:51
  to
• 22:51
  $10,000.
• 22:53
  Here's
• 22:53
  what
• 22:53
  they've
• 22:54
  done.
• 22:54
  And
• 22:54
  again,
• 22:54
  crazy
• 22:55
  dates
• 22:56
  for
• 22:56
  tax
• 22:56
  years
• 22:56
  2025
• 22:58
  through
• 22:58
  2029,
• 22:59
  they're
• 23:00
  going
• 23:00
  to
• 23:00
  take
• 23:00
  that
• 23:00
  cap
• 23:00
  and
• 23:01
  expand
• 23:01
  it
• 23:01
  to
• 23:02
  $40,000
• 23:03
  again
• 23:04
  for
• 23:04
  people
• 23:05
  with
• 23:05
  modified
• 23:05
  adjusted
• 23:06
  gross
• 23:06
  income
• 23:07
  below
• 23:07
  $500,000.
• 23:09
  So
• 23:09
  this
• 23:09
  is
• 23:09
  a
• 23:10
  huge
• 23:10
  temporary
• 23:11
  boost
• 23:11
  for
• 23:12
  homeowners
• 23:12
  in
• 23:12
  high
• 23:13
  tax
• 23:13
  states.
• 23:14
  So
• 23:15
  if
• 23:15
  you
• 23:15
  live
• 23:15
  in
• 23:16
  a
• 23:16
  state
• 23:16
  like
• 23:16
  New
• 23:16
  York
• 23:17
  or
• 23:17
  New
• 23:17
  Jersey,
• 23:18
  I'm
• 23:18
  just
• 23:18
  using
• 23:18
  those
• 23:18
  as
• 23:19
  examples.
• 23:19
  I'm
• 23:19
  here
• 23:19
  on
• 23:19
  the
• 23:20
  east
• 23:20
  coast
• 23:20
  and
• 23:20
  I
• 23:20
  do
• 23:20
  a
• 23:20
  lot
• 23:20
  of
• 23:21
  tax
• 23:21
  returns
• 23:21
  in
• 23:21
  those
• 23:22
  states.
• 23:22
  But
• 23:22
  if
• 23:23
  your
• 23:23
  state
• 23:23
  income
• 23:23
  taxes
• 23:24
  are
• 23:24
  higher,
• 23:24
  you
• 23:24
  happen
• 23:25
  to
• 23:25
  have
• 23:25
  pretty
• 23:25
  good
• 23:26
  income.
• 23:27
  You've
• 23:27
  been
• 23:27
  capped
• 23:27
  at
• 23:28
  $10,000.
• 23:29
  But
• 23:29
  now
• 23:29
  all
• 23:29
  of
• 23:30
  a
• 23:30
  sudden
• 23:30
  they're
• 23:30
  going
• 23:30
  to
• 23:30
  expand
• 23:31
  that.
• 23:31
  So
• 23:31
  basically
• 23:31
  what
• 23:31
  that
• 23:32
  means
• 23:32
  is
• 23:33
  that
• 23:33
  more
• 23:33
  people
• 23:34
  may
• 23:34
  actually
• 23:34
  be
• 23:35
  able
• 23:35
  to
• 23:35
  itemize
• 23:36
  if
• 23:36
  they
• 23:37
  live
• 23:37
  in
• 23:37
  those
• 23:37
  states.
• 23:37
  So
• 23:38
  it's
• 23:38
  going
• 23:38
  to
• 23:38
  make
• 23:38
  taxes
• 23:38
  a
• 23:38
  little
• 23:39
  more
• 23:39
  complicated,
• 23:40
  but
• 23:40
  it's
• 23:40
  going
• 23:40
  to
• 23:40
  be
• 23:41
  a
• 23:41
  tax
• 23:41
  windfall
• 23:42
  for
• 23:42
  those
• 23:42
  folks.
• 23:43
  Now,
• 23:43
  unfortunately,
• 23:44
  after
• 23:44
  2029,
• 23:45
  this
• 23:46
  thing
• 23:46
  goes
• 23:46
  back
• 23:47
  to
• 23:47
  $10,000.
• 23:47
  So
• 23:48
  I'm
• 23:48
  going
• 23:48
  to
• 23:48
  tell
• 23:48
  you
• 23:48
  one
• 23:49
  of
• 23:49
  the
• 23:49
  commentaries
• 23:50
  I
• 23:50
  read
• 23:50
  on
• 23:50
  this
• 23:50
  was
• 23:51
  enjoy
• 23:51
  this
• 23:51
  tax
• 23:51
  relief
• 23:52
  while
• 23:52
  it
• 23:52
  lasts,
• 23:53
  but
• 23:53
  plan
• 23:53
  for
• 23:54
  now.
• 23:54
  Perhaps
• 23:55
  this
• 23:55
  is
• 23:55
  going
• 23:55
  to
• 23:56
  be
• 23:56
  a
• 23:56
  down
• 23:56
  the
• 23:56
  road
• 23:57
  tax
• 23:57
  bill
• 23:57
  where
• 23:57
  they're
• 23:58
  going
• 23:58
  to
• 23:58
  kick
• 23:58
  that
• 23:58
  can
• 23:59
  up
• 23:59
  a
• 23:59
  little
• 23:59
  farther.
• 24:00
  Again,
• 24:00
  they
• 24:00
  picked
• 24:00
  to
• 24:01
  28
• 24:01
  on
• 24:01
  the
• 24:01
  other
• 24:01
  ones,
• 24:02
  picked
• 24:02
  a
• 24:02
  29
• 24:03
  on
• 24:03
  this
• 24:03
  one
• 24:04
  they
• 24:04
  made
• 24:04
  the
• 24:04
  income
• 24:05
  threshold
• 24:05
  500,000,
• 24:06
  where
• 24:06
  the
• 24:06
  rest
• 24:06
  of
• 24:07
  them
• 24:07
  were
• 24:07
  300,000.
• 24:08
  Who
• 24:08
  knows?
• 24:09
  I'm
• 24:09
  not
• 24:09
  at
• 24:10
  that
• 24:10
  pay
• 24:10
  grade
• 24:10
  to
• 24:10
  understand
• 24:11
  this.
• 24:12
  Well,
• 24:12
  let's
• 24:12
  move
• 24:12
  on
• 24:12
  to
• 24:12
  another
• 24:13
  provision
• 24:13
  and
• 24:13
  that's
• 24:14
  in
• 24:14
  the
• 24:14
  area
• 24:14
  of
• 24:14
  estate
• 24:15
  and
• 24:15
  gift
• 24:15
  taxes.
• 24:16
  So
• 24:17
  the
• 24:17
  higher
• 24:17
  estate
• 24:18
  and
• 24:18
  gift
• 24:18
  tax
• 24:18
  exemption
• 24:19
  amounts
• 24:19
  from
• 24:19
  2017
• 24:20
  were
• 24:20
  also
• 24:21
  set
• 24:21
  to
• 24:21
  expire,
• 24:22
  but
• 24:23
  this
• 24:23
  bill
• 24:23
  again
• 24:23
  makes
• 24:24
  them
• 24:24
  permanent.
• 24:25
  So
• 24:25
  this
• 24:25
  is
• 24:26
  a
• 24:26
  big
• 24:26
  one
• 24:26
  as
• 24:26
  well.
• 24:27
  Basically
• 24:27
  what
• 24:28
  this
• 24:28
  means,
• 24:28
  because
• 24:29
  I
• 24:29
  can
• 24:29
  get
• 24:29
  into
• 24:29
  all
• 24:29
  kinds
• 24:30
  of,
• 24:30
  you
• 24:30
  know,
• 24:30
  sideways
• 24:31
  discussion,
• 24:31
  but
• 24:32
  basically
• 24:32
  what
• 24:32
  this
• 24:32
  means
• 24:33
  is
• 24:33
  if
• 24:33
  you
• 24:33
  have
• 24:34
  less
• 24:34
  than
• 24:34
  $14
• 24:35
  million
• 24:36
  in
• 24:36
  your
• 24:36
  estate
• 24:36
  when
• 24:37
  you
• 24:37
  pass
• 24:37
  away,
• 24:37
  there
• 24:38
  is
• 24:38
  zero
• 24:38
  income
• 24:39
  tax
• 24:39
  at
• 24:39
  the
• 24:39
  federal
• 24:40
  level.
• 24:41
  Now
• 24:41
  it's
• 24:41
  28
• 24:42
  million
• 24:42
  for
• 24:42
  married
• 24:42
  couples.
• 24:43
  And
• 24:43
  again,
• 24:43
  this
• 24:44
  is
• 24:44
  just
• 24:44
  with
• 24:44
  inflation,
• 24:45
  this
• 24:46
  isn't
• 24:46
  going
• 24:46
  to
• 24:46
  affect
• 24:47
  most
• 24:47
  people
• 24:47
  this
• 24:47
  is
• 24:48
  only
• 24:48
  going
• 24:48
  to
• 24:48
  affect
• 24:49
  high
• 24:49
  net
• 24:49
  worth
• 24:49
  individuals
• 24:50
  and,
• 24:51
  and
• 24:51
  people
• 24:51
  planning
• 24:52
  for
• 24:52
  those
• 24:52
  wealth
• 24:53
  transfers.
• 24:53
  So
• 24:53
  again,
• 24:54
  what
• 24:54
  they
• 24:54
  basically
• 24:55
  done,
• 24:55
  what
• 24:55
  this
• 24:56
  was
• 24:56
  going
• 24:56
  to
• 24:56
  do
• 24:56
  before
• 24:57
  is
• 24:57
  it
• 24:57
  was
• 24:57
  going
• 24:57
  to
• 24:57
  go
• 24:57
  back
• 24:58
  down
• 24:58
  to
• 24:58
  a
• 24:58
  lower
• 24:58
  rate.
• 24:59
  I
• 24:59
  think
• 24:59
  it
• 24:59
  was
• 24:59
  around
• 24:59
  five
• 25:00
  and
• 25:00
  a
• 25:00
  half
• 25:00
  million
• 25:00
  dollars,
• 25:01
  but
• 25:01
  basically
• 25:01
  it's
• 25:02
  going
• 25:02
  to
• 25:02
  stay
• 25:02
  at
• 25:02
  14
• 25:02
  million.
• 25:03
  So
• 25:03
  for
• 25:03
  most
• 25:03
  of
• 25:03
  us,
• 25:04
  me
• 25:04
  included,
• 25:05
  never
• 25:05
  going
• 25:05
  to
• 25:05
  be
• 25:06
  an
• 25:06
  option
• 25:06
  because
• 25:06
  I
• 25:07
  can't
• 25:07
  see
• 25:07
  my
• 25:07
  estate
• 25:07
  being
• 25:08
  worth
• 25:08
  more
• 25:08
  than
• 25:09
  $14
• 25:09
  million.
• 25:09
  But
• 25:10
  if
• 25:10
  you
• 25:10
  happen
• 25:10
  to
• 25:10
  be
• 25:10
  one
• 25:10
  of
• 25:10
  those
• 25:10
  people
• 25:11
  listening,
• 25:12
  fantastic.
• 25:12
  It's
• 25:13
  going
• 25:13
  to
• 25:13
  stay
• 25:13
  at
• 25:13
  14
• 25:14
  million
• 25:14
  and
• 25:15
  28
• 25:15
  million
• 25:15
  for
• 25:15
  a
• 25:16
  married
• 25:16
  couple.
• 25:16
  Now
• 25:17
  here's
• 25:17
  one
• 25:17
  of
• 25:17
  the
• 25:17
  new
• 25:17
  things
• 25:18
  that
• 25:18
  comes
• 25:18
  around.
• 25:19
  These
• 25:19
  are
• 25:19
  called
• 25:19
  Trump
• 25:20
  accounts.
• 25:20
  There's
• 25:21
  a
• 25:21
  new
• 25:21
  savings
• 25:22
  account
• 25:22
  for
• 25:22
  children.
• 25:23
  So
• 25:23
  this
• 25:23
  bill,
• 25:24
  and
• 25:24
  this
• 25:24
  is
• 25:24
  brand
• 25:24
  new,
• 25:24
  this
• 25:25
  is
• 25:25
  not
• 25:25
  current
• 25:25
  tax
• 25:26
  law,
• 25:26
  this
• 25:26
  is
• 25:26
  something
• 25:27
  brand
• 25:27
  new.
• 25:27
  This
• 25:28
  bill
• 25:28
  creates
• 25:28
  a
• 25:28
  new
• 25:29
  tax
• 25:29
  deferred
• 25:29
  savings
• 25:30
  account
• 25:30
  for
• 25:30
  children.
• 25:31
  A
• 25:31
  lot
• 25:31
  of
• 25:31
  people
• 25:31
  have
• 25:31
  called
• 25:32
  this
• 25:32
  the
• 25:32
  Trump
• 25:32
  accounts.
• 25:33
  Let
• 25:33
  me
• 25:33
  get
• 25:34
  into
• 25:34
  the
• 25:34
  details
• 25:34
  of
• 25:35
  this.
• 25:35
  These
• 25:35
  accounts
• 25:35
  can
• 25:36
  be
• 25:36
  open
• 25:36
  for
• 25:36
  children
• 25:37
  age
• 25:37
  8
• 25:37
  or
• 25:37
  under.
• 25:38
  So
• 25:38
  that's
• 25:38
  the
• 25:38
  big
• 25:39
  key.
• 25:39
  And
• 25:39
  it
• 25:39
  allows
• 25:40
  for
• 25:40
  contributions
• 25:41
  up
• 25:41
  to
• 25:41
  $5,000
• 25:42
  per
• 25:42
  year,
• 25:43
  with
• 25:43
  some
• 25:44
  exceptions,
• 25:44
  until
• 25:45
  the
• 25:45
  child
• 25:45
  turns
• 25:46
  18.
• 25:47
  So
• 25:47
  basically
• 25:47
  these
• 25:47
  accounts
• 25:48
  can
• 25:48
  be
• 25:48
  open
• 25:48
  for
• 25:48
  children
• 25:49
  age
• 25:49
  8
• 25:49
  or
• 25:49
  under
• 25:50
  and
• 25:50
  allows
• 25:51
  contributions
• 25:51
  up
• 25:52
  to
• 25:52
  $5,000
• 25:53
  per
• 25:53
  year
• 25:53
  until
• 25:54
  the
• 25:54
  child
• 25:54
  turns
• 25:55
  18.
• 25:55
  So
• 25:56
  what's
• 25:56
  the
• 25:57
  point
• 25:57
  of
• 25:57
  this?
• 25:57
  Well,
• 25:57
  contributions
• 25:58
  here
• 25:58
  are
• 25:58
  similar
• 25:59
  to
• 25:59
  those
• 25:59
  non
• 26:00
  deductible
• 26:00
  IRA
• 26:01
  contributions.
• 26:02
  And
• 26:02
  when
• 26:02
  the
• 26:02
  child
• 26:03
  turns
• 26:03
  18,
• 26:03
  the
• 26:03
  account
• 26:04
  would
• 26:04
  effectively
• 26:04
  convert
• 26:05
  to
• 26:05
  a
• 26:05
  traditional
• 26:06
  IRA.
• 26:07
  You
• 26:07
  might
• 26:08
  be
• 26:08
  saying,
• 26:08
  Ralph,
• 26:08
  I
• 26:08
  don't
• 26:09
  get
• 26:09
  it.
• 26:09
  Well,
• 26:09
  here's
• 26:10
  a
• 26:10
  unique
• 26:10
  feature
• 26:10
  of
• 26:10
  this.
• 26:11
  Parents
• 26:12
  of
• 26:12
  newborns.
• 26:12
  And
• 26:12
  again,
• 26:13
  again,
• 26:13
  why
• 26:13
  we
• 26:14
  carve
• 26:14
  out
• 26:14
  these
• 26:14
  little
• 26:14
  nuanced
• 26:15
  things,
• 26:15
  I
• 26:16
  have
• 26:16
  no
• 26:16
  idea.
• 26:17
  A
• 26:17
  unique
• 26:18
  feature
• 26:18
  of
• 26:18
  this.
• 26:18
  Parents
• 26:19
  of
• 26:19
  newborns
• 26:19
  born
• 26:20
  between
• 26:20
  January
• 26:20
  1,
• 26:21
  2025
• 26:22
  and
• 26:23
  December
• 26:23
  31,
• 26:24
  2028
• 26:25
  could
• 26:25
  also
• 26:25
  qualify
• 26:26
  for
• 26:26
  $1,000
• 26:27
  in
• 26:27
  what
• 26:28
  they
• 26:28
  call
• 26:28
  federal
• 26:28
  seed
• 26:29
  money
• 26:29
  to
• 26:29
  start
• 26:30
  the
• 26:30
  account.
• 26:30
  So
• 26:30
  basically
• 26:31
  it's
• 26:31
  going
• 26:31
  to
• 26:31
  be
• 26:31
  free
• 26:31
  money.
• 26:32
  This
• 26:32
  is
• 26:33
  a
• 26:33
  new
• 26:33
  long
• 26:33
  term
• 26:34
  savings
• 26:34
  option
• 26:35
  for
• 26:35
  families.
• 26:36
  So
• 26:36
  again,
• 26:37
  if
• 26:37
  this
• 26:37
  applies
• 26:37
  to
• 26:38
  you,
• 26:38
  I
• 26:38
  don't
• 26:38
  have
• 26:38
  a
• 26:38
  lot
• 26:39
  of
• 26:39
  details
• 26:39
  on
• 26:39
  this,
• 26:40
  but
• 26:40
  it
• 26:40
  sounds
• 26:41
  like
• 26:41
  you're
• 26:41
  basically
• 26:42
  going
• 26:42
  to.
• 26:42
  If
• 26:42
  you
• 26:42
  have
• 26:43
  a
• 26:43
  child
• 26:43
  born
• 26:44
  either
• 26:44
  in
• 26:45
  25,
• 26:45
  26,
• 26:46
  27
• 26:47
  or
• 26:47
  28,
• 26:47
  it
• 26:48
  sounds
• 26:48
  like
• 26:48
  the
• 26:48
  government's
• 26:49
  going
• 26:49
  to
• 26:49
  give
• 26:49
  you
• 26:49
  a
• 26:49
  grand
• 26:49
  to
• 26:50
  start,
• 26:50
  to
• 26:50
  start
• 26:50
  this.
• 26:51
  So
• 26:51
  hey,
• 26:51
  that's
• 26:51
  money
• 26:51
  on
• 26:52
  the
• 26:52
  table,
• 26:52
  so
• 26:52
  don't
• 26:52
  lose
• 26:53
  sight
• 26:53
  of
• 26:53
  that.
• 26:53
  I'll
• 26:54
  keep
• 26:54
  you
• 26:54
  up
• 26:54
  to
• 26:54
  date
• 26:54
  with
• 26:55
  new
• 26:55
  ideas
• 26:55
  on
• 26:55
  this.
• 26:55
  But
• 26:56
  basically
• 26:56
  it's
• 26:56
  $1,000
• 26:57
  worth
• 26:57
  of
• 26:57
  free
• 26:57
  money.
• 26:58
  Now
• 26:58
  Another
• 26:59
  thing
• 26:59
  that
• 26:59
  this
• 26:59
  bill
• 27:00
  has
• 27:00
  done,
• 27:00
  and
• 27:00
  this
• 27:00
  is
• 27:00
  again
• 27:01
  for
• 27:01
  non
• 27:02
  itemizers.
• 27:02
  So
• 27:02
  if
• 27:03
  you're
• 27:03
  like
• 27:03
  most
• 27:03
  people,
• 27:04
  you
• 27:04
  found
• 27:04
  yourself
• 27:05
  in
• 27:05
  that
• 27:05
  standard
• 27:06
  deduction
• 27:06
  is
• 27:06
  just
• 27:07
  too
• 27:07
  high
• 27:08
  for
• 27:08
  those
• 27:08
  who
• 27:08
  take
• 27:09
  the
• 27:09
  standard
• 27:09
  deduction,
• 27:10
  which
• 27:10
  again
• 27:10
  I
• 27:10
  mentioned
• 27:10
  a
• 27:10
  few
• 27:11
  minutes
• 27:11
  ago,
• 27:11
  for
• 27:11
  most
• 27:11
  taxpayers,
• 27:13
  this
• 27:13
  bill
• 27:13
  establishes
• 27:14
  a
• 27:14
  new
• 27:14
  temporary
• 27:15
  universal
• 27:15
  charitable
• 27:16
  contribution
• 27:16
  deduction.
• 27:17
  Now
• 27:18
  this
• 27:18
  was
• 27:18
  common.
• 27:19
  They
• 27:19
  did
• 27:19
  this
• 27:19
  during
• 27:19
  the
• 27:20
  pandemic.
• 27:21
  So
• 27:21
  what
• 27:21
  they
• 27:21
  were
• 27:21
  doing
• 27:22
  back
• 27:22
  then
• 27:22
  is
• 27:22
  you
• 27:23
  could
• 27:23
  deduct
• 27:23
  up
• 27:23
  to
• 27:23
  $1,000
• 27:24
  for
• 27:24
  individuals
• 27:25
  and
• 27:25
  $2,000
• 27:26
  for
• 27:26
  married
• 27:27
  couples.
• 27:27
  Well,
• 27:27
  they
• 27:27
  brought
• 27:28
  that
• 27:28
  back.
• 27:28
  So
• 27:29
  now,
• 27:29
  and
• 27:29
  I
• 27:29
  think
• 27:29
  back
• 27:30
  then
• 27:30
  it
• 27:30
  was
• 27:30
  $600
• 27:31
  or
• 27:31
  300,
• 27:31
  600,
• 27:32
  don't
• 27:32
  remember
• 27:32
  exactly.
• 27:33
  But
• 27:33
  basically
• 27:33
  what
• 27:34
  this
• 27:34
  does
• 27:35
  is
• 27:35
  it
• 27:35
  allows
• 27:35
  you
• 27:35
  to
• 27:36
  deduct
• 27:36
  $1,000.
• 27:37
  So
• 27:37
  even
• 27:37
  if
• 27:37
  you,
• 27:38
  even
• 27:38
  if
• 27:38
  you
• 27:38
  don't
• 27:38
  itemize,
• 27:39
  even
• 27:39
  if
• 27:39
  you
• 27:39
  take
• 27:40
  the
• 27:40
  standard
• 27:40
  deduction,
• 27:41
  you
• 27:41
  can
• 27:41
  still
• 27:42
  deduct
• 27:42
  $1,000
• 27:43
  for
• 27:43
  individuals
• 27:44
  and
• 27:44
  $2,000
• 27:45
  for
• 27:45
  married
• 27:46
  couples
• 27:46
  in
• 27:47
  cash
• 27:47
  contributions
• 27:48
  to
• 27:48
  qualifying
• 27:49
  charities,
• 27:49
  even
• 27:50
  if
• 27:50
  you
• 27:50
  don't
• 27:50
  itemize.
• 27:51
  And
• 27:51
  again,
• 27:51
  this
• 27:52
  is
• 27:52
  not
• 27:52
  permanent.
• 27:52
  This
• 27:53
  is
• 27:53
  through
• 27:53
  2028.
• 27:55
  You
• 27:55
  might
• 27:55
  be
• 27:55
  saying,
• 27:55
  ralph,
• 27:56
  why
• 27:56
  does
• 27:56
  this
• 27:56
  matter?
• 27:56
  Well,
• 27:56
  here's
• 27:57
  why
• 27:57
  I
• 27:57
  think
• 27:57
  it
• 27:57
  matters.
• 27:58
  It
• 27:58
  really
• 27:58
  could
• 27:58
  encourage
• 27:59
  more
• 27:59
  giving
• 27:59
  from
• 28:00
  average
• 28:00
  Americans.
• 28:01
  Average
• 28:01
  American,
• 28:01
  the
• 28:02
  person
• 28:02
  who
• 28:02
  doesn't
• 28:02
  have
• 28:03
  high
• 28:03
  interest
• 28:04
  on
• 28:04
  their
• 28:04
  mortgage
• 28:05
  doesn't
• 28:05
  pay
• 28:05
  high
• 28:06
  state
• 28:06
  and
• 28:06
  local
• 28:07
  income
• 28:07
  taxes.
• 28:08
  Now
• 28:08
  that
• 28:08
  we
• 28:08
  have
• 28:08
  that
• 28:08
  SALT
• 28:09
  limit,
• 28:10
  you're
• 28:10
  going
• 28:10
  to
• 28:10
  be
• 28:11
  able
• 28:11
  to
• 28:11
  deduct
• 28:11
  to
• 28:11
  that.
• 28:12
  So
• 28:12
  this
• 28:12
  is
• 28:12
  one
• 28:12
  of
• 28:12
  the
• 28:12
  things
• 28:13
  that,
• 28:13
  that
• 28:13
  might
• 28:13
  be
• 28:14
  helpful.
• 28:14
  However,
• 28:15
  I
• 28:16
  want
• 28:16
  to
• 28:16
  make
• 28:16
  this
• 28:16
  note,
• 28:17
  other
• 28:17
  provisions
• 28:18
  in
• 28:18
  a
• 28:18
  bill
• 28:18
  might
• 28:18
  reduce
• 28:19
  the
• 28:19
  incentive
• 28:19
  for
• 28:19
  large
• 28:20
  charitable
• 28:20
  gifts
• 28:20
  from
• 28:20
  high
• 28:21
  income
• 28:21
  itemizers
• 28:22
  and
• 28:22
  corporations.
• 28:23
  So
• 28:23
  that's
• 28:23
  just
• 28:23
  a
• 28:23
  little
• 28:23
  caveat
• 28:24
  that
• 28:25
  I
• 28:25
  wanted
• 28:25
  to
• 28:25
  mention
• 28:26
  because
• 28:26
  it's
• 28:26
  something.
• 28:27
  But
• 28:27
  basically
• 28:27
  what
• 28:28
  this
• 28:28
  basically
• 28:28
  means
• 28:28
  in
• 28:29
  real,
• 28:29
  everyday
• 28:30
  realistic
• 28:30
  terms
• 28:31
  is
• 28:31
  if
• 28:31
  you
• 28:32
  itemize
• 28:33
  now,
• 28:33
  if
• 28:33
  you're
• 28:33
  single,
• 28:34
  you're
• 28:34
  going
• 28:34
  to
• 28:34
  be
• 28:34
  able
• 28:34
  to
• 28:34
  deduct
• 28:35
  a
• 28:35
  thousand
• 28:35
  dollars
• 28:36
  and
• 28:36
  if
• 28:36
  you're
• 28:37
  married,
• 28:37
  filing
• 28:37
  jointly,
• 28:38
  $2,000.
• 28:38
  So
• 28:38
  big
• 28:39
  planning
• 28:39
  tip.
• 28:40
  If
• 28:40
  you're
• 28:40
  a
• 28:40
  lot
• 28:40
  of
• 28:41
  people,
• 28:41
  a
• 28:41
  lot
• 28:41
  of
• 28:41
  my
• 28:41
  clients
• 28:41
  say
• 28:41
  rap,
• 28:42
  I
• 28:42
  don't
• 28:42
  keep
• 28:42
  track
• 28:42
  of
• 28:42
  that
• 28:42
  stuff
• 28:43
  anymore.
• 28:43
  Well,
• 28:43
  now
• 28:43
  you
• 28:43
  want
• 28:44
  to
• 28:44
  keep
• 28:44
  track
• 28:44
  of
• 28:44
  it
• 28:45
  because
• 28:45
  now
• 28:45
  you're
• 28:45
  going
• 28:45
  to
• 28:46
  be
• 28:46
  able
• 28:46
  to
• 28:46
  deduct
• 28:46
  it.
• 28:46
  So
• 28:47
  hint,
• 28:47
  hint,
• 28:47
  keep
• 28:48
  receipts
• 28:48
  of
• 28:49
  any
• 28:49
  cash
• 28:49
  donations.
• 28:50
  Now
• 28:50
  when
• 28:50
  I
• 28:51
  say
• 28:51
  cash,
• 28:51
  that
• 28:51
  means
• 28:51
  a
• 28:51
  check
• 28:52
  or
• 28:52
  any
• 28:52
  kind
• 28:53
  of
• 28:53
  giving
• 28:53
  platform.
• 28:54
  We're
• 28:54
  not
• 28:54
  talking
• 28:54
  about
• 28:55
  stuff,
• 28:55
  we're
• 28:55
  not
• 28:56
  talking
• 28:56
  about
• 28:56
  the
• 28:56
  goodwill
• 28:57
  or
• 28:57
  the
• 28:57
  charity,
• 28:58
  any
• 28:58
  kind
• 28:58
  of
• 28:58
  stuff
• 28:58
  that
• 28:59
  you
• 28:59
  give,
• 28:59
  like
• 28:59
  used
• 29:00
  goods
• 29:00
  and
• 29:00
  things
• 29:00
  like
• 29:00
  that.
• 29:01
  This
• 29:01
  is
• 29:01
  cash
• 29:01
  or
• 29:02
  cash
• 29:02
  equivalents.
• 29:02
  So
• 29:03
  just
• 29:03
  keep
• 29:03
  track
• 29:03
  of
• 29:03
  those
• 29:04
  Receipts.
• 29:04
  Now
• 29:05
  here's
• 29:05
  another
• 29:05
  provision,
• 29:06
  and
• 29:06
  this
• 29:06
  is
• 29:06
  another
• 29:06
  temporary
• 29:07
  one.
• 29:08
  There's
• 29:08
  a
• 29:08
  thing
• 29:08
  called
• 29:09
  the
• 29:09
  vehicle
• 29:09
  loan
• 29:09
  interest
• 29:10
  deduction.
• 29:10
  This
• 29:10
  is
• 29:10
  a
• 29:11
  new
• 29:11
  temporary
• 29:11
  deduction
• 29:12
  for
• 29:12
  interest
• 29:12
  paid
• 29:12
  on
• 29:13
  car
• 29:13
  loans.
• 29:14
  This
• 29:14
  is
• 29:14
  included
• 29:14
  in
• 29:15
  this.
• 29:15
  And
• 29:15
  I
• 29:15
  remember
• 29:16
  when
• 29:16
  I
• 29:16
  was
• 29:16
  just
• 29:16
  a
• 29:16
  wee
• 29:17
  little
• 29:17
  lad,
• 29:17
  I
• 29:17
  was,
• 29:18
  if
• 29:18
  you've
• 29:18
  listened
• 29:18
  to
• 29:18
  my
• 29:18
  show,
• 29:19
  you
• 29:19
  know,
• 29:19
  I
• 29:19
  started
• 29:19
  doing
• 29:19
  taxes
• 29:20
  when
• 29:20
  I
• 29:20
  was
• 29:20
  around
• 29:20
  8
• 29:21
  or
• 29:21
  9
• 29:21
  years
• 29:21
  old.
• 29:21
  And
• 29:21
  I
• 29:21
  remember
• 29:22
  back
• 29:22
  then
• 29:22
  you
• 29:23
  used
• 29:23
  to
• 29:23
  be
• 29:23
  able
• 29:23
  to
• 29:23
  deduct
• 29:24
  some
• 29:24
  interest
• 29:25
  from
• 29:25
  other
• 29:25
  things.
• 29:26
  So
• 29:26
  now
• 29:26
  for
• 29:26
  the
• 29:26
  next
• 29:27
  four
• 29:27
  years,
• 29:27
  again,
• 29:28
  here's
• 29:28
  another
• 29:28
  one
• 29:28
  of
• 29:28
  those
• 29:29
  provisions.
• 29:29
  From
• 29:29
  25
• 29:30
  to
• 29:30
  28,
• 29:31
  you
• 29:31
  can
• 29:31
  deduct
• 29:31
  up
• 29:32
  to
• 29:32
  $10,000
• 29:33
  in
• 29:33
  car
• 29:33
  loan
• 29:34
  interest
• 29:34
  payments
• 29:34
  for
• 29:35
  vehicles.
• 29:35
  Now
• 29:35
  here's
• 29:36
  the,
• 29:36
  here's
• 29:36
  the
• 29:36
  catch.
• 29:37
  And
• 29:38
  being
• 29:38
  an
• 29:38
  American,
• 29:38
  I'm
• 29:39
  cool
• 29:39
  with
• 29:39
  this.
• 29:40
  But
• 29:40
  you
• 29:40
  can
• 29:40
  deduct
• 29:41
  up
• 29:41
  to
• 29:41
  $10,000
• 29:42
  in
• 29:42
  car
• 29:42
  loans
• 29:43
  interest
• 29:43
  payments
• 29:43
  for
• 29:44
  vehicles
• 29:44
  whose
• 29:44
  final
• 29:45
  assembly
• 29:45
  took
• 29:46
  place
• 29:46
  in
• 29:46
  the
• 29:46
  US
• 29:47
  this
• 29:48
  is
• 29:48
  a
• 29:48
  big
• 29:48
  windfall
• 29:48
  if
• 29:48
  you
• 29:49
  think
• 29:49
  about
• 29:49
  it.
• 29:49
  So
• 29:50
  now
• 29:50
  $10,000
• 29:51
  in
• 29:51
  car
• 29:52
  loan
• 29:52
  interest
• 29:52
  is
• 29:52
  deductible.
• 29:53
  Now
• 29:53
  this
• 29:54
  deduction
• 29:54
  applies
• 29:54
  to
• 29:55
  single
• 29:55
  taxpayers.
• 29:56
  Now
• 29:56
  again,
• 29:57
  more
• 29:57
  arbitrary
• 29:58
  numbers
• 29:59
  for
• 29:59
  single
• 29:59
  taxpayers
• 30:00
  who
• 30:00
  have
• 30:00
  modified
• 30:02
  adjusted
• 30:02
  gross
• 30:02
  income
• 30:03
  of
• 30:03
  $100,000
• 30:04
  or
• 30:04
  less
• 30:05
  or
• 30:05
  $200,000
• 30:06
  or
• 30:07
  less
• 30:07
  for
• 30:07
  married
• 30:08
  couples.
• 30:09
  So
• 30:09
  this
• 30:09
  could
• 30:09
  really
• 30:09
  be
• 30:10
  a
• 30:10
  huge
• 30:10
  savings
• 30:11
  for
• 30:11
  those,
• 30:11
  for
• 30:11
  those
• 30:11
  financing
• 30:12
  new
• 30:12
  American
• 30:13
  made
• 30:13
  vehicles.
• 30:14
  So
• 30:15
  another
• 30:15
  good
• 30:15
  one.
• 30:16
  I
• 30:16
  like
• 30:16
  this
• 30:16
  one.
• 30:16
  Again,
• 30:17
  there's
• 30:17
  certain
• 30:17
  phase
• 30:18
  outs.
• 30:18
  It's
• 30:19
  very
• 30:19
  clear
• 30:19
  to
• 30:19
  me
• 30:20
  that
• 30:20
  the
• 30:20
  main
• 30:21
  target
• 30:21
  of
• 30:21
  this
• 30:22
  was
• 30:22
  not
• 30:22
  high
• 30:23
  income
• 30:23
  individuals.
• 30:23
  So
• 30:24
  again,
• 30:24
  I
• 30:24
  want
• 30:24
  to
• 30:24
  get
• 30:24
  political,
• 30:25
  don't
• 30:25
  want
• 30:25
  to
• 30:25
  go
• 30:25
  down
• 30:26
  that
• 30:26
  road.
• 30:26
  But
• 30:27
  the
• 30:27
  truth
• 30:27
  of
• 30:27
  the
• 30:27
  matter
• 30:27
  is,
• 30:28
  besides
• 30:28
  the
• 30:28
  estate
• 30:29
  taxes
• 30:29
  staying
• 30:30
  where
• 30:30
  they
• 30:30
  already
• 30:30
  were,
• 30:31
  every
• 30:32
  single
• 30:32
  one
• 30:32
  of
• 30:32
  these
• 30:33
  provisions
• 30:33
  is
• 30:34
  really
• 30:34
  impacting
• 30:35
  people
• 30:35
  who
• 30:35
  make
• 30:36
  less
• 30:36
  than
• 30:36
  $100,000
• 30:37
  a
• 30:37
  year
• 30:38
  if
• 30:38
  they're
• 30:38
  single
• 30:39
  and
• 30:39
  $200,000
• 30:40
  a
• 30:40
  year
• 30:41
  if
• 30:41
  they're
• 30:41
  joint.
• 30:41
  So
• 30:42
  if
• 30:42
  you
• 30:42
  hear
• 30:42
  in
• 30:42
  the
• 30:42
  news
• 30:43
  that
• 30:43
  this
• 30:43
  is
• 30:43
  only
• 30:43
  helping
• 30:44
  the
• 30:44
  rich,
• 30:44
  that's
• 30:45
  nonsense.
• 30:45
  You
• 30:46
  can
• 30:46
  say,
• 30:46
  hey,
• 30:46
  I
• 30:47
  listened
• 30:47
  to
• 30:47
  Ralph's
• 30:47
  show
• 30:47
  and
• 30:47
  he
• 30:48
  told
• 30:48
  me
• 30:48
  otherwise.
• 30:49
  But
• 30:49
  now
• 30:49
  I
• 30:50
  want
• 30:50
  to
• 30:50
  give
• 30:50
  you
• 30:50
  the
• 30:50
  full
• 30:50
  honest
• 30:51
  picture.
• 30:51
  I
• 30:52
  told
• 30:52
  you
• 30:52
  at
• 30:52
  the
• 30:52
  beginning
• 30:53
  I
• 30:53
  wasn't
• 30:53
  going
• 30:53
  to
• 30:53
  get
• 30:54
  political.
• 30:54
  I
• 30:54
  told
• 30:54
  you
• 30:55
  I
• 30:55
  wasn't
• 30:55
  going
• 30:55
  to
• 30:55
  get
• 30:55
  biased
• 30:56
  on
• 30:56
  anything
• 30:56
  like
• 30:57
  this.
• 30:57
  So
• 30:58
  I
• 30:58
  want
• 30:58
  to
• 30:58
  give
• 30:58
  you
• 30:58
  the
• 30:58
  full
• 30:58
  honest
• 30:59
  picture.
• 31:00
  And
• 31:00
  here's
• 31:00
  the
• 31:00
  truth.
• 31:01
  Any
• 31:01
  major
• 31:02
  bill
• 31:02
  this
• 31:02
  large
• 31:03
  has
• 31:03
  different
• 31:03
  impacts
• 31:04
  and
• 31:04
  it's
• 31:04
  important
• 31:05
  to
• 31:05
  be
• 31:05
  aware
• 31:05
  of
• 31:05
  them.
• 31:06
  It
• 31:06
  just
• 31:07
  does.
• 31:07
  And
• 31:07
  people.
• 31:08
  And
• 31:08
  listen,
• 31:08
  this
• 31:09
  is
• 31:09
  all
• 31:09
  brand
• 31:09
  new.
• 31:10
  Most
• 31:10
  of
• 31:10
  the
• 31:10
  details
• 31:11
  that
• 31:11
  I
• 31:11
  got
• 31:11
  from
• 31:11
  this
• 31:12
  are
• 31:12
  still
• 31:12
  being
• 31:13
  hashed
• 31:13
  out.
• 31:13
  This
• 31:13
  thing's
• 31:14
  900
• 31:14
  and
• 31:14
  some
• 31:14
  pages
• 31:15
  long.
• 31:15
  And
• 31:15
  again
• 31:16
  Congress
• 31:16
  approves
• 31:17
  it,
• 31:17
  the
• 31:17
  president
• 31:18
  signs
• 31:18
  it,
• 31:18
  but
• 31:19
  then
• 31:19
  the
• 31:19
  IRS
• 31:19
  has
• 31:20
  to
• 31:20
  actually
• 31:20
  implement
• 31:20
  this.
• 31:21
  So
• 31:21
  there's
• 31:21
  going
• 31:21
  to
• 31:21
  be
• 31:22
  some
• 31:22
  back
• 31:22
  and
• 31:22
  forth
• 31:23
  things
• 31:23
  on
• 31:23
  it.
• 31:23
  But
• 31:23
  this
• 31:24
  one
• 31:24
  big
• 31:24
  beautiful
• 31:25
  bill
• 31:25
  also
• 31:25
  does
• 31:26
  include
• 31:26
  some
• 31:26
  things
• 31:26
  that
• 31:27
  you've
• 31:27
  heard
• 31:27
  about
• 31:27
  in
• 31:27
  the
• 31:27
  news.
• 31:28
  There
• 31:28
  is
• 31:29
  a
• 31:29
  significant
• 31:29
  reduction
• 31:30
  in
• 31:30
  funding
• 31:30
  for
• 31:31
  certain
• 31:31
  social
• 31:31
  support
• 31:32
  programs.
• 31:33
  Yes,
• 31:33
  there
• 31:33
  is
• 31:33
  for
• 31:34
  Medicaid
• 31:34
  and
• 31:35
  for
• 31:35
  the
• 31:35
  Supplemental
• 31:36
  Nutrition
• 31:36
  Assistance
• 31:37
  Program.
• 31:37
  A
• 31:37
  lot
• 31:37
  of
• 31:37
  people
• 31:38
  call
• 31:38
  that
• 31:38
  SNAP
• 31:39
  or
• 31:39
  food
• 31:39
  stamps.
• 31:40
  There
• 31:40
  is
• 31:40
  in
• 31:41
  that.
• 31:41
  And
• 31:41
  it
• 31:41
  also
• 31:42
  adds
• 31:42
  new
• 31:42
  work
• 31:43
  or
• 31:43
  community
• 31:43
  engagement
• 31:44
  requirements
• 31:44
  for
• 31:44
  some
• 31:45
  of
• 31:45
  these
• 31:45
  programs
• 31:46
  and
• 31:46
  increase
• 31:46
  state
• 31:47
  responsibilities
• 31:48
  for
• 31:48
  funding.
• 31:49
  Now,
• 31:49
  listen,
• 31:50
  I
• 31:50
  said
• 31:50
  I
• 31:50
  wouldn't
• 31:50
  get
• 31:51
  political.
• 31:51
  I'm
• 31:52
  going
• 31:52
  to
• 31:52
  say
• 31:52
  this.
• 31:53
  I
• 31:53
  have
• 31:53
  no
• 31:53
  objection
• 31:54
  to
• 31:54
  these
• 31:54
  things.
• 31:55
  Basically
• 31:55
  what
• 31:55
  they're
• 31:56
  doing
• 31:56
  is
• 31:56
  they're
• 31:56
  encouraging
• 31:57
  people
• 31:57
  to
• 31:58
  be
• 31:58
  involved
• 31:58
  in
• 31:58
  work.
• 31:59
  And
• 31:59
  I
• 31:59
  don't
• 31:59
  have
• 31:59
  all
• 31:59
  the
• 31:59
  details.
• 32:00
  I'm
• 32:00
  not
• 32:00
  going
• 32:00
  to
• 32:00
  get
• 32:01
  into
• 32:01
  a
• 32:01
  contest
• 32:02
  of,
• 32:02
  well,
• 32:02
  Ralph,
• 32:02
  you
• 32:03
  said
• 32:03
  this.
• 32:03
  No,
• 32:03
  that's
• 32:03
  not
• 32:03
  what
• 32:03
  I'm
• 32:04
  saying.
• 32:04
  But
• 32:04
  it
• 32:04
  does
• 32:05
  encourage
• 32:05
  people
• 32:06
  to
• 32:06
  look
• 32:06
  for
• 32:06
  work
• 32:07
  and,
• 32:07
  and
• 32:07
  to
• 32:07
  get
• 32:07
  engaged
• 32:08
  with
• 32:08
  their
• 32:08
  community
• 32:09
  in
• 32:09
  order
• 32:09
  to
• 32:09
  qualify
• 32:10
  for
• 32:10
  these
• 32:10
  programs.
• 32:11
  And
• 32:11
  it
• 32:11
  pushes
• 32:12
  a
• 32:12
  lot
• 32:12
  of
• 32:12
  this
• 32:12
  back
• 32:12
  to
• 32:12
  the
• 32:13
  states,
• 32:13
  which
• 32:13
  in
• 32:13
  my
• 32:13
  personal
• 32:14
  opinion
• 32:14
  is
• 32:15
  not
• 32:15
  a
• 32:15
  bad
• 32:15
  thing.
• 32:16
  So
• 32:17
  there
• 32:17
  are
• 32:17
  tax
• 32:17
  benefits
• 32:18
  in
• 32:18
  some
• 32:18
  areas,
• 32:19
  but
• 32:19
  there
• 32:19
  are
• 32:19
  also
• 32:20
  shifts
• 32:20
  in
• 32:20
  government
• 32:21
  spending
• 32:21
  on
• 32:21
  social
• 32:22
  safety
• 32:22
  nets
• 32:23
  that
• 32:23
  will
• 32:23
  affect
• 32:24
  people.
• 32:25
  That's
• 32:25
  just
• 32:25
  the
• 32:25
  truth.
• 32:27
  I'm
• 32:27
  just
• 32:28
  saying
• 32:28
  that
• 32:28
  you
• 32:29
  get
• 32:29
  into
• 32:29
  the
• 32:29
  details
• 32:30
  of
• 32:30
  it,
• 32:30
  but
• 32:30
  that
• 32:31
  is
• 32:31
  just
• 32:31
  the
• 32:31
  truth.
• 32:31
  And
• 32:32
  additionally,
• 32:32
  it's
• 32:33
  important
• 32:33
  to
• 32:33
  note
• 32:33
  that
• 32:33
  many
• 32:34
  financial
• 32:34
  analysis
• 32:35
  project
• 32:35
  and
• 32:35
  here's
• 32:36
  another
• 32:36
  big
• 32:36
  one,
• 32:36
  I
• 32:36
  want
• 32:36
  to
• 32:37
  just,
• 32:37
  I
• 32:37
  want
• 32:37
  to
• 32:37
  lay
• 32:37
  this
• 32:37
  out
• 32:38
  for
• 32:38
  you
• 32:38
  because
• 32:39
  again,
• 32:39
  I
• 32:40
  told
• 32:40
  you
• 32:40
  I
• 32:40
  wouldn't.
• 32:40
  I
• 32:41
  was
• 32:41
  going
• 32:41
  to
• 32:41
  cut
• 32:41
  through
• 32:41
  the
• 32:41
  nonsense
• 32:42
  many
• 32:43
  financial
• 32:44
  analysis
• 32:44
  project
• 32:45
  that
• 32:45
  these
• 32:45
  tax
• 32:45
  cuts
• 32:46
  along
• 32:46
  with
• 32:46
  other
• 32:46
  spending
• 32:47
  increases
• 32:48
  will
• 32:48
  add
• 32:49
  substantial
• 32:49
  amount
• 32:49
  to
• 32:50
  the
• 32:50
  national
• 32:50
  debt.
• 32:50
  Now
• 32:51
  you
• 32:51
  can
• 32:51
  listen
• 32:51
  to
• 32:51
  the
• 32:51
  Republicans,
• 32:52
  you
• 32:52
  can
• 32:53
  listen
• 32:53
  to
• 32:53
  the
• 32:53
  Democrats,
• 32:54
  you
• 32:54
  can
• 32:54
  listen
• 32:54
  to
• 32:55
  the
• 32:55
  independents,
• 32:56
  but
• 32:57
  many
• 32:57
  people,
• 32:58
  and
• 32:58
  again,
• 32:58
  I
• 32:58
  haven't
• 32:59
  got
• 32:59
  into
• 32:59
  the
• 32:59
  details,
• 33:00
  so
• 33:00
  I
• 33:00
  can't
• 33:00
  comment
• 33:00
  on
• 33:00
  this
• 33:01
  directly,
• 33:01
  but
• 33:02
  some
• 33:02
  analysis
• 33:03
  estimate
• 33:03
  it
• 33:03
  will
• 33:03
  be
• 33:04
  over
• 33:04
  $3
• 33:04
  trillion
• 33:05
  in
• 33:05
  debt
• 33:05
  over
• 33:06
  the
• 33:06
  next
• 33:06
  decade.
• 33:07
  So
• 33:07
  you
• 33:08
  need
• 33:08
  to
• 33:08
  understand
• 33:08
  that
• 33:09
  if
• 33:09
  you're
• 33:09
  one
• 33:10
  of
• 33:10
  these
• 33:10
  people
• 33:10
  that's
• 33:10
  a
• 33:10
  budget
• 33:11
  hawk
• 33:11
  and
• 33:11
  you're
• 33:11
  really
• 33:11
  trying
• 33:12
  to
• 33:12
  reduce
• 33:12
  the
• 33:12
  deficit,
• 33:13
  this
• 33:13
  bill
• 33:13
  appears
• 33:14
  to
• 33:14
  go
• 33:14
  in
• 33:14
  the
• 33:14
  other
• 33:15
  direction.
• 33:16
  Now,
• 33:16
  a
• 33:16
  lot
• 33:16
  of
• 33:16
  people
• 33:16
  can
• 33:17
  argue,
• 33:17
  and
• 33:17
  I
• 33:17
  actually
• 33:18
  take
• 33:18
  this
• 33:18
  side
• 33:18
  of
• 33:19
  the
• 33:19
  fence,
• 33:20
  that
• 33:20
  by
• 33:20
  generating
• 33:21
  more
• 33:22
  stimulus
• 33:22
  to
• 33:22
  the
• 33:23
  economy,
• 33:23
  you
• 33:24
  actually
• 33:24
  grow
• 33:24
  revenue.
• 33:26
  So
• 33:26
  again,
• 33:27
  the
• 33:27
  jury's
• 33:27
  out
• 33:27
  on
• 33:28
  that.
• 33:28
  But
• 33:28
  it
• 33:28
  could
• 33:29
  impact
• 33:30
  the
• 33:30
  financial
• 33:30
  implications
• 33:31
  for
• 33:32
  the
• 33:32
  national
• 33:32
  debt.
• 33:33
  Now,
• 33:34
  I
• 33:34
  gave
• 33:34
  you
• 33:34
  all
• 33:34
  the
• 33:34
  details,
• 33:36
  but
• 33:36
  now
• 33:36
  I
• 33:36
  really
• 33:36
  want
• 33:37
  to
• 33:37
  get
• 33:37
  into
• 33:37
  the,
• 33:38
  the
• 33:38
  action
• 33:38
  plans
• 33:39
  that
• 33:39
  you
• 33:39
  can
• 33:39
  do
• 33:39
  right
• 33:40
  now
• 33:40
  because
• 33:40
  you
• 33:40
  might
• 33:41
  be
• 33:41
  saying,
• 33:41
  Ralph,
• 33:41
  what
• 33:41
  does
• 33:41
  all
• 33:42
  this
• 33:42
  mean
• 33:42
  for
• 33:42
  me?
• 33:43
  And
• 33:43
  what
• 33:43
  practical
• 33:44
  actionable
• 33:44
  steps
• 33:45
  can
• 33:45
  I
• 33:45
  take
• 33:45
  to
• 33:46
  really
• 33:46
  manage
• 33:47
  effectively
• 33:47
  given
• 33:48
  these
• 33:48
  new
• 33:48
  rules?
• 33:49
  Because
• 33:49
  there
• 33:49
  are
• 33:49
  some
• 33:50
  new
• 33:50
  rules,
• 33:50
  there
• 33:50
  are
• 33:50
  some
• 33:51
  extensions,
• 33:51
  but
• 33:52
  I
• 33:52
  want
• 33:52
  to
• 33:52
  get
• 33:52
  into
• 33:52
  that
• 33:53
  right
• 33:53
  now
• 33:53
  and
• 33:53
  tell
• 33:53
  you
• 33:54
  what
• 33:54
  some
• 33:54
  things
• 33:54
  are
• 33:54
  that
• 33:55
  you
• 33:55
  can
• 33:55
  do.
• 33:55
  Action
• 33:56
  step
• 33:56
  number
• 33:56
  one,
• 33:57
  and
• 33:58
  this
• 33:58
  is
• 33:58
  really
• 33:58
  important,
• 33:59
  you've
• 33:59
  got
• 33:59
  to
• 34:00
  review
• 34:00
  your
• 34:00
  tax
• 34:00
  withholding
• 34:01
  or
• 34:01
  estimated
• 34:02
  payments
• 34:02
  immediately.
• 34:03
  So
• 34:03
  if
• 34:03
  you're
• 34:04
  an
• 34:04
  employee,
• 34:04
  this
• 34:05
  is
• 34:05
  a
• 34:05
  great
• 34:05
  time
• 34:05
  to
• 34:05
  take
• 34:05
  a
• 34:05
  look
• 34:06
  at
• 34:06
  your
• 34:06
  W4
• 34:06
  form.
• 34:07
  That's
• 34:07
  the
• 34:07
  form
• 34:07
  that
• 34:08
  you
• 34:08
  give
• 34:08
  your
• 34:08
  employer
• 34:09
  to
• 34:09
  tell
• 34:09
  you
• 34:09
  how
• 34:09
  much
• 34:10
  you
• 34:10
  want
• 34:10
  withheld
• 34:10
  from
• 34:11
  your
• 34:11
  paycheck.
• 34:12
  It
• 34:12
  might
• 34:12
  be
• 34:12
  an
• 34:12
  opportunity
• 34:13
  to
• 34:13
  adjust
• 34:14
  it
• 34:14
  so
• 34:14
  less
• 34:14
  tax
• 34:14
  is
• 34:15
  taken
• 34:15
  out
• 34:15
  each
• 34:16
  paycheck.
• 34:17
  You
• 34:17
  might
• 34:17
  be
• 34:17
  able
• 34:18
  to
• 34:18
  do
• 34:18
  that
• 34:18
  because
• 34:18
  now
• 34:19
  you've
• 34:19
  got
• 34:19
  a
• 34:19
  $2,500
• 34:20
  child
• 34:20
  tax
• 34:21
  credit.
• 34:22
  Maybe
• 34:22
  you
• 34:22
  live
• 34:22
  in
• 34:22
  one
• 34:22
  of
• 34:22
  those
• 34:23
  high
• 34:23
  income
• 34:24
  tax
• 34:24
  states
• 34:24
  where
• 34:24
  the
• 34:25
  salt
• 34:25
  cap
• 34:25
  is
• 34:25
  going
• 34:25
  to
• 34:25
  go
• 34:25
  to
• 34:26
  40,000.
• 34:27
  It
• 34:27
  might
• 34:27
  be
• 34:28
  an
• 34:28
  opportunity
• 34:28
  to
• 34:28
  reduce
• 34:29
  your
• 34:29
  withholding
• 34:29
  and
• 34:30
  put
• 34:30
  some
• 34:30
  more
• 34:30
  money
• 34:30
  in
• 34:31
  your
• 34:31
  pocket.
• 34:32
  And
• 34:32
  if
• 34:32
  you're
• 34:32
  self
• 34:32
  employed,
• 34:33
  if
• 34:33
  you're
• 34:33
  an
• 34:33
  individual
• 34:34
  or
• 34:34
  a
• 34:34
  small
• 34:34
  business
• 34:35
  owner,
• 34:35
  it's
• 34:35
  another
• 34:36
  time
• 34:36
  to
• 34:36
  check
• 34:36
  those
• 34:36
  estimated
• 34:37
  tax
• 34:37
  payments
• 34:38
  because
• 34:38
  you
• 34:39
  may
• 34:39
  not
• 34:39
  have
• 34:39
  to
• 34:39
  be
• 34:39
  paying
• 34:40
  in
• 34:40
  so
• 34:40
  much.
• 34:40
  If
• 34:40
  you've
• 34:41
  got,
• 34:41
  you
• 34:41
  know,
• 34:41
  lure
• 34:42
  with
• 34:42
  the
• 34:43
  lower
• 34:43
  permanent
• 34:43
  rates
• 34:44
  and
• 34:44
  higher
• 34:44
  deductions,
• 34:45
  you
• 34:45
  might
• 34:45
  be
• 34:45
  overpaying
• 34:46
  your
• 34:46
  taxes
• 34:46
  throughout
• 34:46
  the
• 34:47
  year.
• 34:47
  So
• 34:47
  here's
• 34:48
  a
• 34:48
  hint,
• 34:48
  here's
• 34:48
  a
• 34:49
  planning
• 34:49
  thing.
• 34:49
  You
• 34:50
  can
• 34:50
  adjust
• 34:50
  your
• 34:50
  withholding
• 34:51
  or
• 34:51
  your
• 34:51
  estimated
• 34:52
  payments
• 34:52
  and
• 34:53
  that
• 34:53
  could
• 34:53
  truly
• 34:53
  mean
• 34:53
  more
• 34:53
  money
• 34:54
  in
• 34:54
  your
• 34:54
  bank
• 34:54
  account
• 34:55
  each
• 34:55
  month.
• 34:56
  Now,
• 34:56
  of
• 34:56
  course,
• 34:56
  you
• 34:56
  can
• 34:56
  also
• 34:57
  wait.
• 34:57
  A
• 34:57
  lot
• 34:57
  of
• 34:57
  my
• 34:57
  clients
• 34:58
  are
• 34:58
  take
• 34:58
  the
• 34:58
  position
• 34:58
  of
• 34:59
  Ralph,
• 34:59
  I'll
• 34:59
  just
• 34:59
  wait.
• 34:59
  It'll
• 35:00
  be
• 35:00
  a
• 35:00
  bonus
• 35:00
  at
• 35:01
  tax
• 35:01
  time.
• 35:01
  You
• 35:01
  can
• 35:01
  do
• 35:02
  that.
• 35:02
  You're
• 35:02
  not
• 35:02
  going
• 35:02
  to
• 35:02
  lose
• 35:02
  the
• 35:03
  money.
• 35:03
  But
• 35:04
  if
• 35:04
  you
• 35:04
  want
• 35:04
  to
• 35:04
  be
• 35:04
  keen
• 35:05
  about
• 35:05
  planning,
• 35:06
  you
• 35:06
  could
• 35:06
  revisit
• 35:07
  that.
• 35:07
  Maybe
• 35:07
  schedule
• 35:08
  an
• 35:08
  appointment
• 35:08
  with
• 35:08
  somebody
• 35:09
  like
• 35:09
  me
• 35:09
  and
• 35:09
  sit
• 35:09
  down
• 35:10
  and
• 35:10
  do
• 35:10
  a
• 35:10
  mid
• 35:10
  year
• 35:10
  tax
• 35:11
  plan
• 35:11
  and
• 35:11
  determine
• 35:12
  how
• 35:12
  this
• 35:12
  is
• 35:12
  going
• 35:12
  to
• 35:13
  impact
• 35:13
  you.
• 35:14
  Well,
• 35:15
  and
• 35:15
  this
• 35:15
  is
• 35:15
  important
• 35:16
  because
• 35:16
  it
• 35:16
  helps
• 35:16
  you
• 35:16
  manage
• 35:17
  your
• 35:17
  cash
• 35:17
  flow
• 35:17
  more
• 35:18
  effectively.
• 35:18
  You're
• 35:19
  not
• 35:19
  waiting
• 35:19
  till
• 35:19
  tax
• 35:20
  time.
• 35:20
  Keep
• 35:21
  more
• 35:21
  of
• 35:21
  your
• 35:21
  money
• 35:21
  now
• 35:22
  so
• 35:22
  you
• 35:22
  have
• 35:22
  it
• 35:22
  available
• 35:23
  to
• 35:23
  pay
• 35:23
  down
• 35:23
  your
• 35:24
  debt
• 35:24
  or
• 35:24
  build
• 35:24
  up
• 35:25
  that
• 35:25
  emergency
• 35:25
  savings
• 35:26
  fund
• 35:26
  I
• 35:26
  talk
• 35:26
  about
• 35:27
  on
• 35:27
  the
• 35:27
  show
• 35:27
  or
• 35:27
  maybe
• 35:28
  do
• 35:28
  some
• 35:28
  investing
• 35:29
  rather
• 35:29
  than
• 35:30
  giving
• 35:30
  the
• 35:30
  government
• 35:30
  an
• 35:31
  interest
• 35:31
  free
• 35:31
  loan.
• 35:32
  It's
• 35:32
  a
• 35:32
  little
• 35:32
  row
• 35:32
  for
• 35:33
  it.
• 35:33
  So
• 35:33
  many
• 35:34
  clients.
• 35:34
  And
• 35:35
  when
• 35:35
  I
• 35:35
  was
• 35:35
  young
• 35:36
  in
• 35:36
  my
• 35:36
  practice,
• 35:36
  I
• 35:37
  would
• 35:37
  always
• 35:37
  sort
• 35:37
  of
• 35:38
  get
• 35:38
  an
• 35:38
  attitude
• 35:39
  when
• 35:39
  they
• 35:39
  Come
• 35:39
  in
• 35:39
  to
• 35:39
  get
• 35:39
  their
• 35:39
  taxes
• 35:40
  done,
• 35:40
  they'd
• 35:40
  be
• 35:40
  getting
• 35:40
  this
• 35:41
  huge
• 35:41
  refund.
• 35:42
  And
• 35:42
  I
• 35:42
  would
• 35:42
  say
• 35:42
  to
• 35:43
  them,
• 35:43
  hey,
• 35:43
  you
• 35:43
  know,
• 35:43
  you're
• 35:43
  getting
• 35:44
  this
• 35:44
  huge
• 35:44
  refund,
• 35:45
  you
• 35:45
  don't
• 35:45
  really
• 35:45
  need
• 35:46
  to
• 35:46
  give
• 35:46
  the
• 35:46
  government
• 35:46
  your
• 35:47
  money
• 35:47
  all
• 35:47
  year
• 35:47
  long.
• 35:47
  Oh
• 35:48
  Ralph,
• 35:48
  that's
• 35:48
  the
• 35:48
  only
• 35:48
  way
• 35:48
  we
• 35:48
  can
• 35:49
  save
• 35:49
  it.
• 35:49
  And
• 35:49
  I
• 35:49
  used
• 35:49
  to
• 35:49
  really
• 35:50
  battle
• 35:50
  them.
• 35:51
  But
• 35:51
  it
• 35:51
  is
• 35:52
  true.
• 35:52
  If
• 35:52
  you're
• 35:53
  getting
• 35:53
  a
• 35:53
  big
• 35:53
  refund
• 35:54
  and
• 35:54
  I'm
• 35:54
  going
• 35:54
  to
• 35:54
  stop
• 35:54
  here,
• 35:55
  I'm
• 35:55
  not
• 35:55
  going,
• 35:55
  I'm
• 35:55
  going
• 35:55
  to
• 35:55
  end
• 35:55
  the
• 35:55
  Ralph
• 35:56
  rant
• 35:56
  a
• 35:56
  little
• 35:56
  bit.
• 35:57
  But
• 35:57
  if
• 35:57
  you're
• 35:57
  getting
• 35:57
  a
• 35:58
  big
• 35:58
  refund,
• 35:58
  that
• 35:58
  means
• 35:59
  the
• 35:59
  IRS
• 35:59
  is
• 36:00
  or
• 36:00
  the
• 36:00
  government
• 36:00
  more,
• 36:01
  more
• 36:01
  closely
• 36:01
  is
• 36:02
  using
• 36:02
  your
• 36:02
  money
• 36:03
  as
• 36:03
  an
• 36:03
  interest
• 36:03
  free
• 36:03
  loan.
• 36:04
  So
• 36:04
  action
• 36:05
  step
• 36:05
  here
• 36:05
  is
• 36:06
  take
• 36:06
  a
• 36:06
  look
• 36:06
  at
• 36:06
  your
• 36:06
  withholding,
• 36:07
  take
• 36:07
  a
• 36:07
  look
• 36:07
  at
• 36:07
  your
• 36:08
  estimated
• 36:08
  tax
• 36:08
  payments.
• 36:09
  Maybe
• 36:09
  you
• 36:10
  can
• 36:10
  free
• 36:10
  up
• 36:10
  some
• 36:11
  of
• 36:11
  that
• 36:11
  and
• 36:11
  give
• 36:11
  yourself
• 36:12
  some
• 36:12
  more
• 36:12
  take
• 36:12
  home
• 36:12
  pay.
• 36:13
  Second
• 36:14
  action
• 36:14
  step
• 36:14
  now
• 36:14
  this
• 36:15
  applies
• 36:15
  to
• 36:15
  small
• 36:15
  business
• 36:16
  owners.
• 36:16
  It's
• 36:17
  really
• 36:17
  a
• 36:17
  time
• 36:18
  to
• 36:18
  evaluate
• 36:18
  some
• 36:18
  investment
• 36:19
  opportunities
• 36:20
  and
• 36:20
  discuss
• 36:20
  them
• 36:21
  with
• 36:21
  your
• 36:21
  tax
• 36:21
  advisor.
• 36:22
  So
• 36:22
  if
• 36:22
  you've
• 36:22
  been
• 36:23
  thinking
• 36:23
  about
• 36:23
  buying
• 36:24
  a
• 36:24
  new
• 36:24
  equipment
• 36:24
  or
• 36:24
  a
• 36:25
  new
• 36:25
  vehicle
• 36:25
  or
• 36:26
  maybe
• 36:26
  making
• 36:26
  some
• 36:26
  significant
• 36:27
  improvements
• 36:27
  to
• 36:28
  your
• 36:28
  business,
• 36:28
  now
• 36:29
  is
• 36:29
  a
• 36:29
  prime
• 36:30
  time
• 36:30
  to
• 36:30
  act.
• 36:30
  With
• 36:31
  that
• 36:31
  100%
• 36:31
  bonus
• 36:32
  depreciation
• 36:32
  now
• 36:33
  permanently
• 36:33
  available
• 36:34
  because
• 36:34
  you
• 36:34
  can
• 36:35
  essentially
• 36:35
  deduct
• 36:35
  the
• 36:35
  entire
• 36:36
  cost
• 36:36
  in
• 36:36
  a
• 36:37
  year,
• 36:37
  you
• 36:37
  buy
• 36:37
  it.
• 36:38
  And
• 36:38
  with
• 36:38
  that
• 36:38
  qbi,
• 36:39
  that's
• 36:39
  that
• 36:39
  qualified
• 36:40
  business
• 36:40
  deduction
• 36:41
  increasing,
• 36:42
  more
• 36:42
  of
• 36:42
  your
• 36:42
  profits
• 36:43
  are
• 36:43
  going
• 36:43
  to
• 36:43
  stay
• 36:43
  in
• 36:43
  your
• 36:43
  business.
• 36:45
  Why
• 36:45
  does
• 36:45
  this
• 36:45
  matter?
• 36:46
  Well,
• 36:46
  smart
• 36:46
  investments
• 36:47
  timed
• 36:47
  correctly
• 36:48
  with
• 36:48
  these
• 36:48
  tax
• 36:48
  incentives
• 36:49
  can
• 36:49
  lead
• 36:50
  to
• 36:50
  business
• 36:50
  growth.
• 36:51
  They
• 36:51
  can
• 36:51
  lead
• 36:51
  to
• 36:52
  increased
• 36:52
  efficiency
• 36:53
  and
• 36:53
  significantly
• 36:54
  lower
• 36:54
  taxable
• 36:55
  income
• 36:55
  for
• 36:55
  the
• 36:55
  year,
• 36:56
  which
• 36:56
  in
• 36:56
  the
• 36:56
  end
• 36:57
  boost
• 36:57
  your
• 36:57
  overall
• 36:57
  profitability.
• 36:58
  So
• 36:59
  that's
• 36:59
  the
• 36:59
  big
• 36:59
  business
• 37:00
  thing.
• 37:00
  Now
• 37:00
  let's
• 37:00
  talk
• 37:01
  about
• 37:01
  some
• 37:01
  action
• 37:02
  steps
• 37:02
  for
• 37:02
  families
• 37:03
  to,
• 37:03
  to
• 37:03
  maximize
• 37:04
  your
• 37:04
  child
• 37:04
  related
• 37:05
  tax
• 37:05
  benefits
• 37:05
  and
• 37:06
  explore
• 37:06
  new
• 37:07
  savings
• 37:07
  options.
• 37:07
  So
• 37:08
  if
• 37:08
  you
• 37:08
  have
• 37:08
  children,
• 37:09
  make
• 37:09
  sure
• 37:09
  you
• 37:10
  understand
• 37:10
  that
• 37:11
  boosted
• 37:11
  child
• 37:11
  tax
• 37:12
  credit,
• 37:12
  especially
• 37:13
  that
• 37:13
  increase
• 37:14
  to
• 37:14
  $2,500.
• 37:15
  Like
• 37:15
  I
• 37:16
  said,
• 37:16
  it's
• 37:16
  going
• 37:16
  from
• 37:17
  2,000
• 37:17
  to
• 37:18
  2,500.
• 37:18
  Understand
• 37:19
  what
• 37:19
  that
• 37:19
  means?
• 37:20
  That's
• 37:20
  an
• 37:20
  additional
• 37:21
  $500
• 37:21
  tax
• 37:22
  credit.
• 37:22
  That's
• 37:23
  real
• 37:23
  tax
• 37:23
  dollars.
• 37:24
  You
• 37:24
  also
• 37:25
  want
• 37:25
  to
• 37:25
  look
• 37:25
  at
• 37:25
  the
• 37:25
  529
• 37:26
  plans,
• 37:26
  talk
• 37:27
  with
• 37:27
  your
• 37:27
  investment
• 37:27
  advisor
• 37:28
  or
• 37:28
  your
• 37:28
  broker
• 37:29
  and
• 37:29
  see
• 37:29
  whether
• 37:29
  it
• 37:30
  makes
• 37:30
  sense
• 37:30
  to
• 37:30
  start
• 37:30
  doing
• 37:31
  those
• 37:31
  now
• 37:31
  that
• 37:31
  you
• 37:31
  can
• 37:31
  use
• 37:32
  those
• 37:32
  for
• 37:32
  more,
• 37:32
  more
• 37:32
  things.
• 37:33
  And
• 37:33
  also
• 37:34
  consider
• 37:34
  that
• 37:34
  new
• 37:34
  Trump
• 37:35
  account
• 37:35
  and
• 37:35
  again
• 37:36
  I'm
• 37:36
  calling
• 37:36
  them
• 37:37
  what
• 37:37
  the
• 37:37
  commentators
• 37:38
  are
• 37:38
  calling
• 37:38
  it
• 37:38
  for
• 37:39
  children
• 37:39
  might
• 37:40
  make
• 37:40
  sense
• 37:40
  for
• 37:40
  your
• 37:40
  long
• 37:41
  term
• 37:41
  saving
• 37:41
  strategy.
• 37:42
  And
• 37:42
  don't
• 37:42
  forget
• 37:42
  about
• 37:42
  that
• 37:43
  extra
• 37:43
  grand
• 37:44
  which
• 37:44
  could
• 37:44
  be
• 37:44
  free
• 37:44
  money
• 37:45
  to
• 37:45
  you
• 37:45
  see
• 37:46
  utilizing
• 37:46
  these
• 37:47
  tax
• 37:47
  benefits
• 37:47
  and
• 37:48
  Savings
• 37:48
  tools
• 37:48
  can
• 37:48
  free
• 37:49
  up
• 37:49
  money
• 37:49
  in
• 37:49
  your
• 37:49
  household
• 37:50
  budget.
• 37:50
  I
• 37:50
  talk
• 37:51
  on
• 37:51
  the
• 37:51
  show
• 37:51
  all
• 37:51
  the
• 37:51
  time
• 37:52
  about
• 37:52
  living
• 37:52
  within
• 37:53
  your
• 37:53
  means
• 37:53
  and
• 37:53
  how
• 37:54
  to
• 37:54
  maximize
• 37:55
  your
• 37:55
  budget.
• 37:55
  Well,
• 37:56
  you
• 37:56
  can
• 37:56
  allocate
• 37:57
  these
• 37:57
  savings
• 37:58
  to
• 37:58
  critical
• 37:58
  financial
• 37:59
  goals
• 37:59
  like
• 37:59
  saving
• 38:00
  for
• 38:00
  your
• 38:00
  home
• 38:00
  or
• 38:01
  putting
• 38:01
  more
• 38:01
  in
• 38:01
  retirement
• 38:02
  or
• 38:02
  simply
• 38:03
  managing
• 38:03
  your
• 38:03
  daily
• 38:04
  expenses
• 38:04
  where
• 38:05
  more
• 38:05
  comfortable.
• 38:05
  What
• 38:06
  I
• 38:06
  talk
• 38:06
  about
• 38:06
  on
• 38:06
  the
• 38:06
  show
• 38:06
  all
• 38:06
  the
• 38:07
  time,
• 38:07
  more
• 38:07
  cushion
• 38:08
  or
• 38:08
  more
• 38:08
  margin.
• 38:09
  Action
• 38:10
  step
• 38:10
  number
• 38:11
  four.
• 38:11
  If
• 38:11
  you
• 38:11
  get
• 38:11
  tips
• 38:12
  or
• 38:12
  overtime,
• 38:13
  this
• 38:13
  is
• 38:13
  the
• 38:14
  time
• 38:14
  to
• 38:14
  maintain
• 38:14
  meticulous
• 38:15
  records,
• 38:15
  like
• 38:16
  if
• 38:16
  you're
• 38:16
  a
• 38:16
  server
• 38:16
  or
• 38:17
  if
• 38:17
  you're
• 38:17
  a
• 38:17
  delivery
• 38:18
  driver
• 38:18
  or
• 38:18
  anyone
• 38:18
  else
• 38:19
  who
• 38:19
  gets
• 38:19
  tips
• 38:19
  or
• 38:20
  if
• 38:20
  you,
• 38:20
  if
• 38:21
  you
• 38:21
  earn
• 38:21
  a
• 38:21
  lot
• 38:21
  of
• 38:21
  overtime.
• 38:22
  And
• 38:22
  this
• 38:22
  is
• 38:22
  the
• 38:22
  critical
• 38:23
  time
• 38:23
  to
• 38:23
  keep
• 38:24
  excellent
• 38:24
  detailed
• 38:25
  records
• 38:25
  of
• 38:25
  all
• 38:25
  your
• 38:26
  income.
• 38:26
  Like
• 38:26
  I
• 38:26
  talked
• 38:26
  about
• 38:27
  as
• 38:27
  we
• 38:27
  were
• 38:27
  going
• 38:28
  through
• 38:28
  that,
• 38:28
  these
• 38:29
  new
• 38:29
  temporary
• 38:29
  deductions
• 38:30
  for
• 38:30
  tips
• 38:30
  in
• 38:30
  overtime
• 38:31
  are
• 38:31
  valuable,
• 38:32
  but
• 38:32
  you're
• 38:32
  going
• 38:32
  to
• 38:32
  need
• 38:33
  accurate
• 38:33
  documentation
• 38:34
  to
• 38:34
  claim
• 38:34
  them
• 38:34
  correctly
• 38:35
  on
• 38:35
  your
• 38:35
  tax
• 38:36
  return.
• 38:37
  So
• 38:37
  make
• 38:37
  sure
• 38:37
  you
• 38:37
  understand
• 38:38
  what
• 38:38
  I
• 38:38
  was
• 38:38
  talking
• 38:39
  about.
• 38:39
  Keeping
• 38:39
  track
• 38:39
  of
• 38:39
  your
• 38:40
  tips,
• 38:40
  maybe
• 38:40
  deciding
• 38:41
  to
• 38:41
  report
• 38:41
  more
• 38:41
  of
• 38:41
  those
• 38:42
  and
• 38:42
  really
• 38:43
  making
• 38:43
  sure
• 38:43
  that
• 38:43
  your
• 38:44
  employer
• 38:45
  is
• 38:45
  keeping
• 38:45
  track
• 38:46
  of
• 38:46
  that
• 38:46
  overtime.
• 38:47
  I
• 38:47
  know
• 38:47
  a
• 38:47
  lot
• 38:47
  of
• 38:48
  small
• 38:48
  business
• 38:48
  clients
• 38:49
  or
• 38:49
  business
• 38:50
  people,
• 38:50
  they
• 38:50
  just
• 38:50
  throw
• 38:50
  it
• 38:50
  on
• 38:51
  the
• 38:51
  W2
• 38:51
  or
• 38:51
  they
• 38:52
  just
• 38:52
  throw
• 38:52
  in
• 38:52
  your
• 38:52
  pay.
• 38:52
  Stubborn,
• 38:53
  but
• 38:53
  they're
• 38:53
  not
• 38:53
  really
• 38:54
  segregating
• 38:54
  out,
• 38:55
  which
• 38:55
  is
• 38:55
  overtime.
• 38:56
  And
• 38:56
  that's
• 38:57
  why
• 38:57
  this
• 38:57
  proper
• 38:57
  record
• 38:58
  keeping
• 38:58
  ensures
• 38:59
  that
• 38:59
  you
• 38:59
  can
• 38:59
  take
• 38:59
  full
• 39:00
  advantage
• 39:00
  of
• 39:00
  legitimate
• 39:01
  tax
• 39:01
  deductions.
• 39:02
  Hey,
• 39:02
  and
• 39:02
  in
• 39:03
  the
• 39:03
  end
• 39:03
  that
• 39:03
  allows
• 39:04
  you
• 39:04
  to
• 39:04
  keep
• 39:04
  more
• 39:04
  of
• 39:04
  your
• 39:04
  hard
• 39:04
  earned
• 39:05
  money
• 39:05
  and
• 39:05
  avoid
• 39:06
  IRS
• 39:06
  issues.
• 39:08
  Let's
• 39:08
  talk
• 39:08
  about
• 39:08
  an
• 39:09
  action
• 39:09
  step
• 39:09
  for
• 39:09
  seniors.
• 39:10
  I
• 39:10
  want
• 39:11
  you
• 39:11
  seniors
• 39:12
  to
• 39:12
  really
• 39:12
  understand
• 39:13
  a
• 39:13
  temporary
• 39:13
  income
• 39:14
  deduction
• 39:14
  and
• 39:14
  the
• 39:15
  existing
• 39:15
  benefits.
• 39:16
  So
• 39:16
  again,
• 39:16
  I'm
• 39:16
  going
• 39:16
  to
• 39:16
  go
• 39:16
  back
• 39:17
  and
• 39:17
  kind
• 39:17
  of
• 39:17
  rehash
• 39:18
  this
• 39:18
  a
• 39:18
  little
• 39:18
  bit.
• 39:19
  But
• 39:19
  if
• 39:19
  you're
• 39:19
  65
• 39:19
  or
• 39:20
  older
• 39:20
  and
• 39:20
  especially
• 39:21
  if
• 39:21
  your
• 39:21
  income
• 39:21
  is
• 39:22
  below
• 39:22
  those
• 39:22
  thresholds,
• 39:23
  and
• 39:23
  again,
• 39:23
  remember
• 39:23
  this
• 39:24
  threshold
• 39:24
  was
• 39:25
  75,000
• 39:25
  for
• 39:26
  single
• 39:26
  and
• 39:26
  150,000
• 39:27
  for
• 39:28
  joint.
• 39:29
  Investigate
• 39:29
  how
• 39:29
  this
• 39:30
  new
• 39:30
  temporary
• 39:30
  $6,000
• 39:31
  or
• 39:31
  $12,000
• 39:32
  deduction,
• 39:33
  and
• 39:34
  the
• 39:34
  truth
• 39:34
  is
• 39:34
  it
• 39:34
  will
• 39:34
  significantly
• 39:35
  lower
• 39:35
  your
• 39:35
  taxable
• 39:36
  income.
• 39:37
  And
• 39:37
  remember,
• 39:38
  you
• 39:38
  still
• 39:39
  get
• 39:39
  the
• 39:39
  existing
• 39:40
  standard
• 39:40
  deduction
• 39:40
  for
• 39:41
  seniors.
• 39:41
  So
• 39:42
  basically
• 39:42
  your
• 39:43
  standard
• 39:43
  deduction
• 39:43
  is
• 39:44
  going
• 39:44
  to
• 39:44
  be
• 39:44
  supersized.
• 39:46
  And
• 39:46
  it
• 39:46
  really
• 39:46
  the
• 39:47
  thing
• 39:47
  I
• 39:47
  like
• 39:47
  about
• 39:47
  this,
• 39:47
  I
• 39:48
  really
• 39:48
  wish
• 39:48
  they
• 39:48
  had
• 39:48
  gone
• 39:49
  the
• 39:49
  extra
• 39:49
  step
• 39:49
  and
• 39:50
  actually
• 39:50
  said,
• 39:50
  listen,
• 39:51
  we're
• 39:51
  not
• 39:51
  going
• 39:51
  to
• 39:51
  tax
• 39:51
  Social
• 39:52
  Security,
• 39:52
  but
• 39:53
  I
• 39:53
  truly
• 39:53
  believe
• 39:54
  this
• 39:54
  is
• 39:54
  at
• 39:54
  least
• 39:54
  a
• 39:54
  step
• 39:55
  in
• 39:55
  the
• 39:55
  right
• 39:55
  direction.
• 39:56
  And
• 39:56
  this
• 39:56
  can
• 39:56
  help
• 39:56
  you
• 39:57
  maintain
• 39:57
  your
• 39:57
  financial
• 39:58
  stability
• 39:58
  in
• 39:58
  retirement,
• 39:59
  preserve
• 40:00
  your
• 40:00
  savings
• 40:00
  and
• 40:00
  provide
• 40:01
  more
• 40:01
  flexibility
• 40:02
  in
• 40:02
  your
• 40:02
  budget.
• 40:03
  Now,
• 40:03
  for
• 40:03
  homeowners
• 40:04
  and
• 40:04
  car
• 40:04
  buyers,
• 40:05
  remember
• 40:05
  what
• 40:05
  we
• 40:05
  talked
• 40:06
  about
• 40:06
  there?
• 40:06
  So
• 40:06
  if
• 40:06
  you
• 40:06
  own
• 40:06
  a
• 40:07
  home,
• 40:07
  especially
• 40:07
  in
• 40:08
  one
• 40:08
  of
• 40:08
  those
• 40:08
  high
• 40:08
  state,
• 40:09
  those
• 40:09
  high
• 40:09
  income
• 40:10
  tax
• 40:10
  states,
• 40:11
  be
• 40:11
  aware
• 40:11
  of
• 40:11
  the
• 40:12
  temporary
• 40:12
  increase
• 40:13
  in
• 40:13
  that
• 40:13
  SALT
• 40:13
  deduction.
• 40:14
  So
• 40:15
  now
• 40:15
  why
• 40:15
  you
• 40:16
  might,
• 40:16
  why
• 40:16
  a
• 40:16
  lot
• 40:16
  of
• 40:16
  people
• 40:16
  don't
• 40:17
  over
• 40:17
  overthink
• 40:17
  this,
• 40:18
  you
• 40:18
  might
• 40:18
  be
• 40:18
  like,
• 40:18
  oh,
• 40:18
  you
• 40:18
  know,
• 40:18
  I
• 40:19
  go
• 40:19
  see
• 40:19
  my
• 40:19
  tax
• 40:19
  guide
• 40:19
  at
• 40:19
  the
• 40:19
  end
• 40:20
  of
• 40:20
  year,
• 40:20
  Ralph,
• 40:20
  I
• 40:20
  never
• 40:21
  have
• 40:21
  enough
• 40:21
  to
• 40:21
  itemize,
• 40:22
  so
• 40:22
  I
• 40:22
  don't
• 40:22
  even
• 40:22
  bother.
• 40:22
  Well,
• 40:22
  now
• 40:23
  you
• 40:23
  might
• 40:23
  be
• 40:23
  able
• 40:23
  to.
• 40:24
  So
• 40:24
  now
• 40:24
  it's
• 40:25
  time
• 40:25
  to
• 40:25
  start
• 40:25
  keeping
• 40:25
  track
• 40:26
  of
• 40:26
  those
• 40:26
  medical
• 40:26
  deductions
• 40:27
  again.
• 40:27
  Keeping
• 40:28
  track
• 40:28
  of
• 40:28
  the
• 40:28
  state
• 40:28
  and
• 40:29
  local
• 40:29
  income
• 40:29
  taxes,
• 40:30
  keep
• 40:30
  track
• 40:30
  of
• 40:30
  the
• 40:30
  mortgage
• 40:31
  interest,
• 40:31
  keep
• 40:31
  track
• 40:32
  of
• 40:32
  those
• 40:32
  charitable
• 40:33
  contributions.
• 40:34
  Because
• 40:34
  now
• 40:35
  with
• 40:35
  that
• 40:35
  SALT
• 40:35
  cap
• 40:36
  increasing,
• 40:37
  you
• 40:37
  may
• 40:37
  actually
• 40:37
  be
• 40:37
  able
• 40:38
  to
• 40:38
  itemize
• 40:38
  again.
• 40:38
  I
• 40:39
  think
• 40:39
  there's
• 40:39
  a
• 40:39
  lot
• 40:39
  of
• 40:39
  people
• 40:39
  are
• 40:39
  going
• 40:40
  to
• 40:40
  miss
• 40:40
  out
• 40:40
  on
• 40:40
  this
• 40:41
  if
• 40:41
  you're
• 40:41
  not
• 40:41
  careful.
• 40:42
  And
• 40:42
  if
• 40:43
  you're
• 40:43
  planning
• 40:43
  to
• 40:43
  buy
• 40:44
  an
• 40:44
  American
• 40:44
  assembled
• 40:45
  car
• 40:45
  with
• 40:45
  it,
• 40:45
  with
• 40:46
  a
• 40:46
  loan,
• 40:46
  you
• 40:47
  can
• 40:47
  deduct
• 40:47
  that
• 40:47
  new
• 40:48
  temporary
• 40:48
  car
• 40:48
  loan
• 40:49
  interest
• 40:49
  deduction.
• 40:50
  Now
• 40:50
  again,
• 40:51
  these
• 40:51
  are
• 40:51
  targeted
• 40:51
  deductions
• 40:52
  that
• 40:52
  can
• 40:53
  provide
• 40:53
  significant
• 40:53
  savings
• 40:54
  for
• 40:54
  specific
• 40:54
  group
• 40:55
  of
• 40:55
  taxpayers
• 40:56
  putting
• 40:56
  more
• 40:57
  money
• 40:57
  back
• 40:57
  in
• 40:57
  your
• 40:57
  pocket.
• 40:59
  Now
• 40:59
  here's
• 40:59
  an
• 41:00
  action
• 41:00
  step
• 41:01
  for
• 41:01
  everyone
• 41:03
  and
• 41:03
  I
• 41:03
  want
• 41:03
  to
• 41:03
  just
• 41:03
  take
• 41:03
  a
• 41:04
  minute
• 41:04
  and
• 41:04
  pause
• 41:04
  here.
• 41:06
  This
• 41:06
  is
• 41:06
  a
• 41:06
  time
• 41:06
  to
• 41:07
  use
• 41:07
  this
• 41:07
  bill
• 41:08
  as
• 41:08
  a
• 41:08
  catalyst
• 41:08
  to
• 41:09
  review
• 41:09
  your
• 41:09
  entire
• 41:09
  financial
• 41:10
  plan.
• 41:12
  This
• 41:12
  is
• 41:12
  a
• 41:12
  great
• 41:12
  time
• 41:13
  to
• 41:13
  do
• 41:13
  this.
• 41:14
  See,
• 41:14
  when
• 41:14
  any
• 41:15
  major
• 41:15
  change
• 41:15
  in
• 41:16
  tax
• 41:16
  law
• 41:16
  happens,
• 41:17
  it's
• 41:17
  a
• 41:17
  perfect
• 41:18
  time
• 41:18
  to
• 41:19
  sit
• 41:19
  down
• 41:19
  and
• 41:19
  thoroughly
• 41:20
  review
• 41:20
  your
• 41:21
  entire
• 41:21
  financial
• 41:21
  situation.
• 41:23
  A
• 41:23
  lot
• 41:23
  of
• 41:23
  us
• 41:23
  live
• 41:23
  in
• 41:24
  this
• 41:24
  situation.
• 41:24
  We
• 41:24
  just
• 41:25
  kind
• 41:25
  of
• 41:25
  do
• 41:25
  the
• 41:25
  same
• 41:25
  thing
• 41:26
  every
• 41:26
  year.
• 41:26
  I
• 41:27
  see
• 41:27
  clients
• 41:27
  at
• 41:27
  tax
• 41:28
  time,
• 41:28
  they
• 41:28
  kind
• 41:28
  of
• 41:29
  do
• 41:29
  the
• 41:29
  same
• 41:29
  things.
• 41:29
  But
• 41:30
  this
• 41:30
  is
• 41:30
  a
• 41:30
  time
• 41:31
  to
• 41:31
  really
• 41:31
  say,
• 41:31
  you
• 41:31
  know
• 41:31
  what,
• 41:32
  let's
• 41:32
  think
• 41:32
  about
• 41:33
  how
• 41:33
  does
• 41:33
  this
• 41:33
  impact
• 41:34
  me?
• 41:34
  What
• 41:34
  are
• 41:35
  the
• 41:35
  changes
• 41:35
  here?
• 41:35
  What
• 41:35
  is
• 41:36
  this
• 41:36
  going
• 41:36
  to
• 41:36
  look
• 41:36
  like
• 41:36
  for
• 41:37
  me?
• 41:37
  It's
• 41:37
  a
• 41:37
  great
• 41:38
  time
• 41:38
  to
• 41:38
  look
• 41:38
  at
• 41:38
  your
• 41:38
  budget,
• 41:39
  to
• 41:39
  look
• 41:39
  at
• 41:39
  your
• 41:40
  debt
• 41:40
  repayment
• 41:40
  strategies
• 41:41
  and
• 41:41
  even
• 41:42
  your
• 41:42
  emergency
• 41:43
  savings
• 41:43
  plan
• 41:43
  and
• 41:44
  your
• 41:44
  investment
• 41:44
  plans
• 41:45
  and
• 41:45
  see,
• 41:45
  can
• 41:45
  I
• 41:45
  tweak
• 41:46
  some
• 41:46
  things?
• 41:47
  Has
• 41:47
  this
• 41:47
  bill
• 41:48
  given
• 41:48
  me
• 41:48
  some
• 41:48
  more
• 41:48
  take
• 41:49
  home
• 41:49
  pay?
• 41:50
  Because
• 41:50
  you
• 41:51
  might
• 41:51
  find
• 41:51
  that
• 41:51
  you've
• 41:51
  got
• 41:52
  more
• 41:52
  disposable
• 41:52
  income
• 41:53
  due
• 41:53
  to
• 41:53
  these
• 41:53
  changes.
• 41:55
  And
• 41:55
  rather
• 41:55
  than
• 41:55
  just
• 41:55
  say,
• 41:55
  hey,
• 41:56
  it's
• 41:56
  a
• 41:56
  windfall,
• 41:56
  let's
• 41:56
  go
• 41:57
  have
• 41:57
  some
• 41:57
  impulse
• 41:58
  shopping
• 41:58
  buys.
• 41:59
  It
• 41:59
  might
• 41:59
  be
• 41:59
  an
• 41:59
  opportunity
• 42:00
  to
• 42:00
  strategically
• 42:01
  use
• 42:01
  it.
• 42:02
  Maybe
• 42:02
  this
• 42:03
  is
• 42:03
  a
• 42:03
  time
• 42:03
  to
• 42:03
  pay
• 42:03
  off
• 42:03
  some
• 42:04
  high
• 42:04
  interest
• 42:04
  debt
• 42:05
  faster
• 42:05
  or
• 42:05
  to
• 42:06
  build
• 42:06
  up
• 42:06
  that
• 42:06
  emergency
• 42:07
  fund
• 42:07
  from
• 42:07
  maybe
• 42:08
  three
• 42:08
  months
• 42:08
  to
• 42:08
  six
• 42:09
  months.
• 42:09
  Maybe
• 42:10
  this
• 42:10
  is
• 42:10
  a
• 42:10
  great
• 42:10
  time
• 42:10
  to
• 42:11
  finally
• 42:11
  increase
• 42:11
  that
• 42:12
  401k
• 42:12
  at
• 42:13
  work
• 42:13
  or
• 42:13
  that
• 42:13
  IRA
• 42:14
  that
• 42:14
  you
• 42:14
  have.
• 42:14
  Or
• 42:15
  maybe
• 42:15
  this
• 42:15
  is
• 42:15
  going
• 42:16
  to
• 42:16
  be
• 42:16
  a
• 42:16
  catalyst
• 42:16
  to
• 42:17
  save
• 42:17
  for
• 42:17
  that
• 42:17
  down
• 42:18
  payment
• 42:18
  for
• 42:18
  that
• 42:18
  house
• 42:19
  you've
• 42:19
  always
• 42:19
  wanted
• 42:19
  to.
• 42:21
  And
• 42:21
  this
• 42:21
  matters
• 42:21
  because
• 42:22
  proactive
• 42:22
  financial
• 42:23
  planning
• 42:23
  is
• 42:23
  essential
• 42:24
  to
• 42:24
  building
• 42:25
  wealth
• 42:25
  and
• 42:25
  achieving
• 42:26
  financial
• 42:26
  freedom.
• 42:27
  So
• 42:27
  don't
• 42:27
  just
• 42:28
  let
• 42:28
  these
• 42:28
  potential
• 42:29
  tax
• 42:29
  savings
• 42:29
  disappear.
• 42:30
  It's.
• 42:30
  It
• 42:30
  will
• 42:30
  be
• 42:30
  real
• 42:31
  easy
• 42:31
  to
• 42:31
  just
• 42:31
  kind
• 42:31
  of
• 42:31
  say,
• 42:32
  yeah,
• 42:32
  you
• 42:32
  know,
• 42:32
  status
• 42:33
  quo,
• 42:33
  Ralph.
• 42:33
  Yeah,
• 42:34
  we're
• 42:34
  going
• 42:34
  to
• 42:34
  have
• 42:34
  some
• 42:34
  tax
• 42:35
  reductions,
• 42:36
  but
• 42:36
  don't
• 42:36
  let
• 42:37
  that
• 42:37
  happen.
• 42:38
  You
• 42:38
  know,
• 42:38
  direct
• 42:38
  them
• 42:39
  towards
• 42:39
  your
• 42:39
  most
• 42:39
  important
• 42:40
  financial
• 42:41
  objectives.
• 42:42
  And
• 42:43
  don't
• 42:43
  hesitate
• 42:44
  to
• 42:44
  seek
• 42:44
  professional
• 42:45
  guidance
• 42:45
  here.
• 42:46
  As
• 42:46
  I've
• 42:47
  said
• 42:47
  a
• 42:47
  couple
• 42:47
  times
• 42:47
  today,
• 42:48
  I've
• 42:48
  been
• 42:48
  doing
• 42:49
  this
• 42:49
  for
• 42:49
  over
• 42:49
  30
• 42:50
  years.
• 42:50
  Tax
• 42:51
  law
• 42:51
  can
• 42:51
  be
• 42:52
  complex,
• 42:53
  and
• 42:53
  I've
• 42:53
  given
• 42:53
  you
• 42:53
  a
• 42:53
  comprehensive
• 42:54
  view.
• 42:54
  I've
• 42:55
  laid
• 42:55
  a
• 42:55
  lot
• 42:55
  of
• 42:55
  it
• 42:55
  out
• 42:55
  for
• 42:56
  you.
• 42:56
  Your
• 42:57
  specific
• 42:57
  financial
• 42:58
  situation
• 42:58
  is
• 42:59
  unique.
• 42:59
  It's
• 43:00
  one
• 43:00
  of
• 43:00
  the
• 43:00
  things
• 43:00
  I
• 43:00
  talk
• 43:00
  about
• 43:00
  on
• 43:01
  my
• 43:01
  show
• 43:01
  all
• 43:01
  the
• 43:01
  time.
• 43:02
  It's
• 43:02
  not
• 43:02
  simple.
• 43:03
  It's
• 43:03
  not,
• 43:03
  hey,
• 43:03
  well,
• 43:04
  everybody's
• 43:04
  going
• 43:04
  to
• 43:04
  be
• 43:04
  affected
• 43:04
  by
• 43:05
  this.
• 43:05
  So
• 43:05
  I'm
• 43:05
  going
• 43:06
  to
• 43:06
  again,
• 43:06
  encourage
• 43:07
  you
• 43:07
  to
• 43:07
  consult
• 43:07
  with
• 43:08
  a
• 43:08
  qualified
• 43:08
  tax
• 43:09
  professional,
• 43:09
  somebody
• 43:09
  like
• 43:10
  me,
• 43:10
  a
• 43:10
  public
• 43:10
  accountant
• 43:11
  or
• 43:11
  a
• 43:12
  financial
• 43:12
  advisor,
• 43:13
  because
• 43:14
  we
• 43:14
  can
• 43:14
  provide
• 43:14
  personalized
• 43:15
  advice
• 43:15
  tailored
• 43:16
  to
• 43:16
  your
• 43:16
  specific
• 43:17
  individual
• 43:17
  income,
• 43:18
  to
• 43:18
  your
• 43:18
  family
• 43:19
  situation,
• 43:20
  and
• 43:20
  to
• 43:20
  your
• 43:20
  business
• 43:20
  structure.
• 43:21
  I'll
• 43:21
  put
• 43:21
  some
• 43:21
  links
• 43:22
  in
• 43:22
  the
• 43:22
  show
• 43:22
  notes
• 43:22
  if
• 43:23
  you
• 43:23
  want
• 43:23
  to
• 43:23
  schedule
• 43:23
  an
• 43:24
  appointment
• 43:24
  with
• 43:24
  me
• 43:24
  to
• 43:25
  sit
• 43:25
  down
• 43:25
  and
• 43:25
  go
• 43:25
  over
• 43:25
  this.
• 43:26
  Because
• 43:27
  expert
• 43:27
  advice
• 43:27
  can
• 43:28
  help
• 43:28
  you
• 43:28
  navigate
• 43:29
  complex
• 43:29
  tax
• 43:30
  rules,
• 43:30
  ensure
• 43:30
  you're
• 43:31
  taking
• 43:31
  advantage
• 43:32
  of
• 43:32
  all
• 43:32
  the
• 43:32
  applicable
• 43:33
  benefits,
• 43:33
  and
• 43:34
  here's
• 43:34
  the
• 43:34
  big
• 43:34
  part.
• 43:35
  And
• 43:35
  avoid
• 43:35
  costly
• 43:36
  mistakes.
• 43:37
  See
• 43:37
  when
• 43:38
  there's
• 43:38
  opportunities,
• 43:38
  also
• 43:39
  threats
• 43:39
  and
• 43:39
  mistakes
• 43:40
  to
• 43:40
  ultimately
• 43:41
  optimize
• 43:42
  your
• 43:42
  financial
• 43:43
  outcomes.
• 43:44
  So
• 43:44
  there
• 43:44
  you
• 43:45
  have
• 43:45
  it,
• 43:45
  friends.
• 43:45
  A
• 43:46
  whole
• 43:46
  lot
• 43:46
  of
• 43:47
  stuff
• 43:47
  in
• 43:47
  this
• 43:47
  one
• 43:48
  big,
• 43:48
  beautiful
• 43:48
  bill
• 43:49
  is
• 43:49
  now
• 43:49
  law.
• 43:50
  It's
• 43:50
  the
• 43:50
  law
• 43:50
  of
• 43:50
  the
• 43:50
  land.
• 43:51
  It's
• 43:51
  been
• 43:51
  signed.
• 43:52
  It
• 43:52
  is
• 43:52
  happening.
• 43:53
  It's
• 43:53
  where
• 43:53
  we
• 43:54
  are.
• 43:54
  And
• 43:54
  it's
• 43:55
  going
• 43:55
  to
• 43:55
  impact
• 43:55
  our
• 43:55
  finances
• 43:56
  in
• 43:56
  various
• 43:56
  ways.
• 43:56
  So
• 43:57
  you
• 43:57
  need
• 43:57
  to
• 43:57
  understand
• 43:57
  those
• 43:58
  things.
• 43:58
  Your
• 43:59
  responsibility
• 43:59
  is
• 44:00
  to
• 44:00
  understand
• 44:00
  these
• 44:01
  changes
• 44:01
  and
• 44:02
  take
• 44:02
  those
• 44:02
  proactive
• 44:03
  steps
• 44:03
  to
• 44:04
  manage
• 44:04
  your
• 44:04
  money
• 44:05
  effectively.
• 44:06
  Now,
• 44:06
  before
• 44:07
  I
• 44:07
  sign
• 44:07
  off
• 44:07
  today,
• 44:07
  I
• 44:08
  want
• 44:08
  you
• 44:08
  to
• 44:08
  do
• 44:09
  something
• 44:09
  for
• 44:09
  me.
• 44:09
  If
• 44:09
  you
• 44:10
  found
• 44:10
  this
• 44:10
  episode
• 44:11
  helpful,
• 44:11
  maybe
• 44:11
  you
• 44:12
  learned
• 44:12
  something
• 44:12
  that
• 44:12
  can
• 44:13
  truly
• 44:13
  impact
• 44:13
  your
• 44:14
  financial
• 44:14
  future.
• 44:15
  Well,
• 44:15
  do
• 44:15
  me
• 44:16
  a
• 44:16
  favor.
• 44:16
  Share
• 44:17
  this
• 44:17
  episode
• 44:17
  with
• 44:17
  someone
• 44:17
  else
• 44:18
  that
• 44:18
  you
• 44:18
  care
• 44:18
  about,
• 44:19
  someone
• 44:19
  else
• 44:20
  that
• 44:20
  maybe
• 44:20
  a
• 44:20
  friend
• 44:20
  or
• 44:21
  a
• 44:21
  family
• 44:21
  member,
• 44:21
  hey,
• 44:22
  even
• 44:22
  maybe
• 44:22
  a
• 44:22
  business
• 44:23
  colleague.
• 44:24
  If
• 44:24
  you
• 44:24
  know
• 44:24
  a
• 44:24
  small
• 44:24
  business
• 44:25
  owner
• 44:25
  worried
• 44:26
  about
• 44:26
  their
• 44:26
  bottom
• 44:26
  line,
• 44:27
  send
• 44:27
  them
• 44:27
  this
• 44:27
  episode.
• 44:28
  Or
• 44:28
  maybe
• 44:29
  you've
• 44:29
  got
• 44:29
  a
• 44:29
  friend
• 44:29
  with
• 44:30
  kids
• 44:30
  who
• 44:30
  could
• 44:30
  really
• 44:30
  use
• 44:31
  that
• 44:31
  child
• 44:31
  tax
• 44:32
  credit
• 44:32
  boost.
• 44:32
  They'll
• 44:33
  text
• 44:33
  them
• 44:33
  the
• 44:33
  link.
• 44:34
  Help
• 44:35
  us
• 44:35
  all
• 44:35
  cut
• 44:35
  through
• 44:36
  the
• 44:36
  confusion,
• 44:36
  because
• 44:37
  here's
• 44:37
  the
• 44:37
  truth.
• 44:38
  A
• 44:38
  simple
• 44:38
  share
• 44:39
  can
• 44:39
  make
• 44:39
  a
• 44:39
  huge
• 44:39
  difference
• 44:40
  for
• 44:40
  someone's
• 44:40
  financial
• 44:41
  confidence.
• 44:42
  And
• 44:43
  remember
• 44:43
  this,
• 44:44
  our
• 44:44
  brand
• 44:45
  promise
• 44:45
  here
• 44:45
  at
• 44:46
  Financially
• 44:46
  Confident
• 44:47
  Christian
• 44:48
  is
• 44:48
  to
• 44:48
  help
• 44:48
  you
• 44:49
  truly
• 44:49
  be
• 44:49
  a
• 44:50
  financially
• 44:51
  confident
• 44:51
  Christian.
• 44:52
  So
• 44:52
  just
• 44:52
  share
• 44:52
  them
• 44:53
  our
• 44:53
  website,
• 44:53
  that's
• 44:54
  financially
• 44:55
  confidentchristian.com
• 44:58
  and
• 44:58
  you
• 44:58
  know,
• 44:58
  the
• 44:58
  truth
• 44:59
  is,
• 45:00
  this
• 45:01
  goal
• 45:01
  of
• 45:01
  this
• 45:01
  show
• 45:02
  is
• 45:03
  all
• 45:03
  about
• 45:03
  helping
• 45:04
  you
• 45:04
  better
• 45:04
  understand
• 45:04
  and
• 45:05
  manage
• 45:05
  your
• 45:05
  finances
• 45:06
  in
• 45:06
  a
• 45:06
  more
• 45:06
  secure
• 45:07
  and
• 45:07
  prosperous
• 45:08
  way.
• 45:08
  So
• 45:08
  as
• 45:08
  I
• 45:09
  close
• 45:09
  today,
• 45:09
  I
• 45:09
  hope
• 45:09
  this
• 45:10
  special
• 45:10
  episode
• 45:11
  has
• 45:11
  provided
• 45:11
  you
• 45:12
  with
• 45:12
  clear
• 45:12
  I
• 45:12
  know
• 45:12
  it's
• 45:12
  gotten
• 45:13
  a
• 45:13
  little
• 45:13
  bit
• 45:13
  into
• 45:13
  the
• 45:13
  weeds
• 45:14
  at
• 45:14
  times,
• 45:14
  but
• 45:14
  I
• 45:15
  really
• 45:15
  wanted
• 45:15
  to
• 45:15
  put
• 45:15
  this
• 45:16
  out
• 45:16
  there
• 45:16
  because
• 45:16
  there
• 45:16
  is
• 45:16
  so
• 45:17
  much
• 45:17
  misinformation.
• 45:19
  So
• 45:19
  put
• 45:19
  this
• 45:20
  knowledge
• 45:20
  to
• 45:20
  work
• 45:20
  for
• 45:20
  your
• 45:21
  financial
• 45:21
  benefit.
• 45:22
  And
• 45:22
  as
• 45:22
  I
• 45:22
  always
• 45:23
  end
• 45:23
  this
• 45:23
  show,
• 45:24
  until
• 45:24
  next
• 45:25
  time,
• 45:25
  be
• 45:25
  well,
• 45:26
  be
• 45:26
  financially
• 45:27
  wise,
• 45:27
  be
• 45:27
  financially
• 45:28
  savvy,
• 45:28
  and
• 45:29
  stay
• 45:29
  confident
• 45:30
  in
• 45:30
  your
• 45:30
  financial
• 45:31
  journey.
• 45:31
  God
• 45:32
  bless
• 45:32
  you
• 45:32
  and
• 45:32
  you
• 45:32
  have
• 45:33
  a
• 45:33
  great
• 45:33
  day
• 45:33
  today.