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Last-Minute Tax Moves: What You Can STILL Do Before April 15th · The Jon Sanchez Show

• Jon G. Sanchez, CEO: Good Monday afternoon to you. Welcome to the Jon Sanchez Show on News Talk It's a pleasure to be with you. I hope you had a great, great Easter. Mine was incredible, and I hope the same for you. Well, of Easter and the Easter weekend, were you as astonished as I was Saturday, or me, Easter morning, yesterday morning, when the president came out with, let's just call it some pretty harsh profanity against Iran? And I gotta tell ya, shocked me. And I'm gonna read to you, and obviously we will ⁓ read the exact profanity, as the FCC would not be too happy with that, nor would you. But set the tone coming into today. Then the president came out at 11, 1130 right around there, did a press conference. It lasted quite a while. Spent a lot of time talking about the incredible rescue of the airmen that they were looking for over the And God bless soul and all the men and women that were responsible for ⁓ finding him. They did an absolutely incredible job. The president spent a lot of time talking about that. But he also spent a lot of time about something that This market just, I guess, is believing every single word that he says. And that is, has until 5 p.m. Eastern Standard Time tomorrow, so obviously, three or excuse me, two o'clock our time tomorrow, that if they don't open the strait, if they don't basically come with a ceasefire, then he's bombing the infrastructure sites. the utility plants, the desalinization plants, all those things I've been talking about. The way the market reacted today, it was like, don't think he's gonna do it. We think it's a bluff. And I think that's the situation that we find ourselves in at this point, that the market is you know what, we're not believing a lot of things. All we are believing is this thing is gonna come to an end sooner rather than later, and therefore, let's bid this market up. Let's go back to the fundamentals. Let's go back to earnings. Let's go back to inflation. Let's go back to interest rates. Let's go back to all the things that we would be talking about normally on this show if it were not for the Iran situation. Because again, I'm going to use the term. I sat here and I scratched my head today. I watched the futures sell off heavily last night, come in this morning, down a little bit, close to where we get to the market open, almost positive on the Dow side. Nasdaq's did go positive. I'm thinking to myself, wait a minute, after these comments that were made by the president on Easter morning, And this deadline of tomorrow, this market's kind of freaked out. Oil prices were actually down this morning. But they ended up not staying that way as the president spoke. And kind of looked at it and then, OK, maybe he's a little bit more serious this time. Now why is tomorrow so critical? Two issue going on here. Number one, I don't think anybody believes that he's going to bomb the bridges ⁓ again the infrastructure sites. Because once again, as I've said many, many times, many of his advisors are saying if you do this, this could be a war crime for you and Hegseth and everybody else involved with it. And again, I think the second part of the question is, Is this just another threat that we've experienced during this war going on? the way the streets interpreted it, yeah, it's just a threat. It's not gonna happen. So that's why I wanted to start the show by saying, okay, here's the comments that I'll share with you in a moment that he posted yesterday morning. Again, reiterated them today during this press conference. But yet the market ⁓ rallies the news. I mean, a good day today. It really was. ⁓ It was day where... Like I said, you would have thought, oh, there's nothing going on in the world or anything. Gain 165 points on the Dow Jones Industrial Leverage, 0.36%. NASDAQ rose 117, a little over a half a percent, 0.54 to be exact. S &P 500 gaining 29 points or 0.44%. And this is on a day where oil prices rose 77 cents. They were up well over a dollar during his press conference and closed at $112.28 a barrel. Man, was I wrong. I'll be the first to admit it. I warned you over the last couple of weeks, if we got a couple consecutive days of oil closing above $100 a barrel, we're in trouble. Did not happen. I apologize for what should have been common sense, this market. Like I said, I just, and again, I am so grateful this market is being as resilient as it is. But you take someone with my knowledge and my experience that has been doing this for so long, and you literally have to throw out common sense right now. And I know I'm not alone on this, because I read other institutional portfolio managers' comments and market strategists and things, and everyone's of the same opinion. It's like, this shouldn't be. There is no way in the world as bad as $112 oil is going to be for this economy, there's no way in the world this market should be going up. Fourth consecutive day today that the S &P 500 rose. Fourth consecutive day. But it's being resilient. And once again, it's on the hopes this thing is gonna come to an end. And as I said on some of the days last week with this market rose, you can see the areas that will probably rally the most. mean, again, be really optimistic. Let's say tomorrow, the deadline comes and goes, we don't do any infrastructure bombing. And this deal that I'll tell you about that was proposed today, a 45 day ceasefire that Pakistan is brokering comes true. or some version of it. Well, we've heard these deals over and over again. Nothing's happened at this point. The bombing still continues or bombings still continue. The missiles are still flying. But this market just has this hope and this optimism that something is going to happen positively. And when it doesn't, when it as the saying goes, when the can gets kicked down the road, market says, okay, you know what? Hey, because Trump will come out if tomorrow doesn't happen. which God help us that it doesn't, he'll come out and say something positive, the market will adapt to it. And he'll say, all right, we're in talks, so we're not gonna, this is what I think is gonna happen tomorrow. I think he's gonna come out tomorrow or someone from his administration and say, the talks are going, right, we've heard this one, but this would be the third time if this happens. talks are going very well, therefore we are not going to go their infrastructure. They're in good faith, and he said this a couple times today, they're in good faith negotiating. So therefore, you know, we're gonna wait a little bit, just like we've heard over and over again. But you just wonder again, how long can this go on? How long can investors say, all right, enough is enough. Promise after promise has been broken. Nothing's changed other than oil prices skyrocketing. You and I paying the price at the pump at the grocery store and everywhere else that oil's affecting our lives. And then, At some point, this thing will come to an end and this market will rally and it will rally hard. Like I said, I'm shocked, I'm pleased, but I'm shocked. It makes no common sense whatsoever. Like I said earlier, I would have bet my bottom dollar ever if we had oil above $100 a barrel, we'd be down significantly. But instead, we've gained four days in a row on the S &P 500. So I've used this analogy and I'll say it again, the little engine that could. Now, let me tell you what I have lined up for you, because I'm not going to spend all day talking about oil prices. I've been doing it every day and I apologize, but of course it's what's moving your portfolio. So here we are today, April the 6th. We've got nine days April 15th, the infamous tax day. But if you think it's too late do anything, you don't wanna miss today's Because I'm gonna do for you is I'm gonna make you aware of some last minute tax strategies. As long as you haven't filed your return or even if you have, if the tax strategies I'm gonna lay out for you were not brought to your attention by your tax preparer and they could result or if they resulted in some significant tax savings, there's nothing wrong with doing amended return. but it's not too late. And that's why I want to kind of wrap up this tax season by telling you that. what I'm going to be focusing on after I give you the stock market recap today, I'm to give you the last minute tax moves. Last minute tax moves that can save you, again, some substantial money. But I'm going to also emphasize that any time after January 1st of a new year is not the time to be doing tax planning. You need to be doing it months and months. Matter of fact, you have any net worth, you need to be doing tax planning throughout the entire year. It's not just a, I'm gonna do it in October or November as I talk a lot about. It really, again, if you have substantial net worth and a lot of taxable investments and high income, et cetera, most people will be doing it year or month after month throughout the entire year. They don't wait till the last minute because again, ⁓ no time to do anything, especially if you wait until the following year. So not only am I gonna give you some great strategies that could potentially help you on your 2025 tax return, but I also wanna emphasize and go through some ideas that you need to be thinking about. mean, we're only, again, April the 9th of the year, or I'm sorry, April 6th of the year, we still have obviously majority of 2026 ahead of us. So let's get into a great routine for next year. So we're not waiting till the last minute to do it. I've come across more people that have waited till again, kind of the last minute to get this done. is you're gonna find there's not a tremendous amount, but there are some things that you can do to help out that 2025 tax bill if you find yourself having one. right, so that'll be my topic. We're gonna come back. I'm gonna get into the market. Well, I'll share with you the president's comments yesterday on Easter morning, get what happened today, and then we'll get into our tax topic today. Last-minute moves, which you can still do before April the 15th. Let's turn it over to Kristen Snow. She's in the Right Now Traffic Center. Hello, Kristen. Welcome back to the Jon Sanchez Show on New Stock 780K. Always hope you had a great weekend and a great Monday to start the week off. Alright, market good way to start the week. As I said, strong gains here 165 gain on the Dow 0.36%. Nasdaq rose 117.54 % and the S &P gaining 29 points. Well, as I mentioned, 77 cent rise to $1,121.00. How about that? How about $112.28 a barrel? There we go. Oh my goodness. Hope that's not a Freudian slip there. Gold for the day at four bucks, 4,168.20 down two basis points on the Tenure Treasury. yield close, excuse me, ⁓ 4.33%. Okay, once again, I'll get it when we come back from the bottom of the break, get into our topic last minute tax tips for you, right? Nine days to the infamous April 15th. But first, let's go back to yesterday morning, Easter morning. Everyone's in a pretty mood, I'm assuming. I know I was, I had a great time. And here comes at 8 a.m. Eastern time, so obviously 5 a.m. our time. President was not in a good mood, jumped on social media, true social. And I sat there on the couch as I was having my coffee yesterday morning and I think I had to read this about four times, I'm like, you gotta be kidding me. I've never seen something like this come out of a president, but obviously he's very unique. Now can't say the words that he said in his truth social post. but I'll give you a hint and you'll, you're all smart. You'll figure this out. It was two social posts yesterday morning. The president said, the, starts with a F and ends in a G, straight. You crazy, starts with a B, ends with an S. Or be living in hell. Just watch. Ending his message with praise be to Allah. So that's how the day yesterday got started. So no surprise that the futures were going a little bit crazy yesterday evening, right? That's what we thought was ahead of us today. But again, Mark just brushed it aside. Now let's fast forward to today and bring you up to date on what the president had to say at this news conference. So we had hints early this morning there was a ceasefire that was in the works, a day ceasefire between the United States and Iran. Pakistan was the mediator of this. So the details of what we know at this point, 45 days ceasefire, obviously to lead to a permanent end to the war. But many analysts are saying, even if this happens, even if it's side degree, there's no way it can happen by the deadline of tomorrow. Once again, 5 p.m. Eastern Standard Time. Trump says that he is bombing infrastructure sites. But then he went on to confirm something I have said over and over again while we're in this war. I'll share that with you in just a moment. Now Reuters reported today that Iran and the US have received the plan and if agreed would result in the immediate ceasefire and the reopening of the Strait of Hormuz. and put together by Pakistan. During his press conference, the president echoed these comments. But he also said the US will destroy Iran's power plants and bridges in the Middle Eastern country if it does not open the Strait of Hormuz by again, p.m. Pardon I keep saying it's 8 Eastern time, so obviously 5 p.m. our time tomorrow. He also said that while he wants to take Iran's oil, he quote, won't go further. And I've said this all along, I think many of you have agreed with me. We're not in this thing to stop nuclear bombs. We're in it for the oil. There's no doubt in my mind. I said that from the beginning. Here's what the president said at his news conference. He said, what would I like to do? Take the oil, because it's there for the taking. There's not a thing they can do about it. Unfortunately, the American people would like to see us come home. Unfortunately, the American people would like to see us come So now we know a little bit more what this whole thing is about. It is about the oil. I've said it, like I said, from day one. Because if you notice, really has not been much talk in the last couple of weeks about nuclear bombs and wars and and all the things that we were told while we over there. It's all about the oil side of things. So. I don't have the exact comments of Iran, but basically they didn't say anything real positive today about the 45-day ceasefire. you know, and we'll see what happens as night falls and more missiles fly into surrounding countries, cetera. But this market just says, hey, you know what? Something's going to happen. So let's bid this thing up. It's bizarre. I know it is. living in very, very unique times right now. But that's where we sit at this point. All right, nothing we can do about it. All we can do is talk about it, have a diversified portfolio, and wait for this thing to calm down. Who knows what will happen? God willing, know, again, five o'clock our time comes tomorrow and nothing happens. Like I said at the beginning of the show, I think that's exactly what's gonna happen. I think the president will come out tomorrow and say, negotiations going well, ⁓ and not gonna bomb their infrastructure. they'll kick it down the road for a little bit. And then the market should be very happy with that. Just like it has been every other time we've been told things are going well and negotiations are going well and the straight's gonna open and these things that nothing's happened at this point. There supposedly, read some great stories ⁓ today, 15 a day. That's it. ⁓ A small compared to the normal 100 per day that are finding their way through the Strait of Hormuz. They're getting cleared through Iran. Iran has to approve them to come through. They're going dark, meaning their AIS system, which is the satellite system I told you about that all commercial vessels are supposed to have. They turned it off, so you can't track them. No one can really see based upon AIS broadcast who's going through and where the is flagged and all that. All the ⁓ press is at this point is there's about, according to observers, 15 ships going through. They don't know what the cargo is. But again, still a small fraction. Marcus seems okay with that. All right, when we come back, let's talk about something we can control, the tax side, well, at least a little bit we can. So I've got some great last minute tax moves for you, what you can still do before April the 15th. I'll cover that for you when we return, but first let's turn it over to Jack Saban. He's got news, traffic, and weather. Hello, Jack. Back to the Jon Sanchez show a new stock 780 k which all right, let's get into some last minute tax tips. You got nine days till the infamous October April 15. I say October because I go on extension each year and that's my deadline October 15th. We'll talk about extensions here in a little bit. Once again, if you're just joining us, a decent day in the market considering everything that happened over the weekend and some comments by the president today. Marko Bresa doll side today. We're in this game up 165 on the Dow. Nasdaq rose 117. The S &P higher by 29. Oil for the day once again, 77 cent rise to $112.28 a barrel. All right, here's one of the biggest myths as we get so close to the April 15th deadline. It's too late, I can't do anything. Well, I'm gonna solve that issue. I'm gonna prove those of you that say that or that are wrong. Nah, just curious. There's a lot of things you can do, but not as many things by all means if you were doing proper tax planning throughout the entire year of 2025. And once again, if you're going, hey, I'm too late for this, I'm too late for that, that's all right. you can do is focus on 2026 and not make some of the same mistakes of not planning for last year. All so the biggest ⁓ myth again, it's too late. Well, again, not true. There's certainly, as I'm gonna share with you, there's many things that you can do. All right, go to one of the most basic tax strategies used ⁓ doing year the tax year comes to an end, okay? So once again, just to be real clear. I'm focusing at least for the first portion of this for 2025. And then I'll lay out some things for 2026. Okay, many people are not aware of this. Here's one of the most basic things you can do. You can still fund your IRA accounts traditional or Roth up until April the 15th. Now I wanna put a little caveat. That's the textbook answer. The real life answer, us included. Very few brokerage firms will allow you to fund your IRA on April the 15th. Most of them will have a cutoff a week or so before 15th. Why? Because especially if don't have an existing IRA account, the brokerage firm has to set up the account. It's got to funded. You got to figure out a way to get the funds over there. The funds have to clear ⁓ on and on on. So ⁓ don't wait until 15th. I mean, I'm talking maybe like in the couple of days, if you're going to fund your IRA and you don't have an existing brokerage account, get it done now. So you have plenty of time because the last thing you want to do is Tell your accountant, yeah, I funded my IRA and it didn't happen because you missed the deadline because the brokerage firm couldn't get the IRA open. once again, let's go over the limits for 2025. So if you're under age 50, you could put $7,000 into your traditional or your Roth. If you're 50 year older, you can do $1,000 catch up. So total of 8,000 obviously. Pretty good. Now remember, we're talking taxes. How can this help on the tax side? ⁓ So remember the rules, and I don't have time to get into the details of the IRA rules, I've done many shows on this, but many of you will find that you are not able to deduct your IRA contributions. Now what are the rules? If you hit a certain income threshold, if you're single, if you're married, if you exceed that income threshold, the tax deductibility of the IRA, I'm talking traditional, is disallowed. The other thing that a lot of people don't know is if you are offered, you don't have to participate, but if you are offered a 401K plan, through your employer, again, you don't have to participate, that disallows your tax deductibility of the IRA account. So those are the two things. Once again, you wanna run this past your accountant and see if you're eligible or not. But if those two rules don't apply, if you're under the income threshold and you don't have a plan available to you, talk to your accountant, you should be able to do the IRA contribution. Again, 7,000 if you're under age 50 for 2025 and $1,000 catch up, so total of 8,000 if you're 50 or older. Those same contribution limits apply to the Roth. Now the Roth is gonna give you zero tax deductions, right? Even if you don't have income or the 401k requirements. But what you're doing is of course you're funding it with after-tax dollars, growing tax deferred and coming out tax-free as long as you hold it for five years or age 59 and a half, whichever is longer. So it's more of a move in the future than it is for 2025 tax year. So don't... rule it out, right? Again, you have until legally until April 15th, but real life is get it open, get it done, at least here in the next few days. So the brokerage firm has time to open up that account. If you have an existing IRA, I don't know what even know what our deadline is probably around the, I'm guessing probably around the 11th or 12th. I didn't check with my staff before the show, but I'm guessing probably around the 11th or 12th just to make sure. Okay, now we talked about the Roth side of things. So let's move on to another little hidden gem that people are not aware of, HSAs. Health savings accounts. are those accounts that your employer, as long as they don't have a high deductible ⁓ plan, offers you as an employee. This allows you to put money in pre-tax, grow and take it out tax-free as long as the money is used for eligible medical expenses. Now, what's in industry over the years is our industry finally woke up and said, hey, you know what? These things are almost like having another IRA, right? Pretty good contribution limits that I'll share with you, tax-deferred growth. comes out tax-free as long as it's used for medical expenses. Well, here's a little trick for you. You can still fund your HSA for 2025 up until, again, April 15th. Same rules are gonna apply though for the real lifetime period, know, least a week ahead of time. Okay, so tax deductible, tax deferred growth, tax-free withdrawals as long as it's used for medical. And the list is very vast, by the way, of what medical expenses will qualify for that HSA deduction. But what's our contribution limits? Pretty generous, actually. So if you are single, you can contribute for 2025 $4,300. If you are married or you have a family as they define it, you can put an $8,550 into your HSA. So look at that. Just told you can do 7,000 plus $1,000 contribution into your IRA. Now you can do either 4,300 or 8550 into your HSA. Pretty substantial. And of course, a little catch up. This is where some confusion comes in. The up for a ⁓ HSA not age 50 like an IRA, it's age 55. The dollar amount, 1,000. So again, you can put in quite a bit of money, 4,300 single, 85.50 for the family. Over age you another $1,000 catch up. Okay, so that's it for those of you that are, I'll call it ⁓ W-2 earners. Now I'm going to transition to those of you that are 1099 owners, you small business owners. One of the best, and I've done these for so many years, one of the very best and easiest forms to if the numbers work out, dramatically reduce your tax liability for the year is what's called a SEP IRA, Self-Employed Pension IRA. Very to set up. Again, we're talking, can still do it this year. Matter of I'm gonna sweeten the pot even more. You business owners, you can set up a SEP IRA. And if you go on extension all the way to October 15th of 2026 for tax year 2025, you have until you file your taxes even on an extension to set up the SEP IRA that I'll cover here with you in a moment. So literally you could wait until, you know, let's call it again the first week of October to give the brokerage firm enough time to set up the SEP IRA. And again, get a dramatic reduction. Listen to these numbers. So for the SEP IRA, you can still put in up to a maximum of 70 thousand dollars pre-tax. Now how we've done this for our clients in the past is they'll go get their taxes done, know, January, February, accountant comes back and says, okay, you owe X amount of dollars. Then we will weigh out, because it's not always a slam dunk, we will then weigh out whether a SEP IRA contribution makes sense. So let's say they have a tax liability of, I don't know, $20,000. So the rough numbers for a SEP contribution, there's a formula. So I can't give you the exact numbers because, like I said, it's a pretty long formula. The rules state that you can put in 25 % of your adjusted gross income. But you have to deduct for Social Security and da-da-da-da-da. That's what I mean. That's part of this formula. So a rough number, and again, rough number, is about 20 % of your adjusted gross income. So if your adjusted gross income comes in at, let's say, $200,000, you business owners, 20 % obviously is $40,000. That would be the maximum that you could put into that set. But guess what? If you had, let's say, $200,000 of taxable income that you were going to pay taxes on, and depending upon what bracket you fall into, you're probably looking 25%, 30 % tax liability on that money. So let's say $60,000. Well, if you could put that $40,000 into the SEP IRA, now your tax liability is that $30,000, $40,000 less that SEP contribution. Now, do you want to pay the IRS, or do you want to pay yourself and save for retirement? That's the beauty of a SEP IRA. What can they be invested in? Pretty much anything. like an IRA. Stocks, bonds, mutual funds, you can even get into some sophisticated things. I'll share a few other shows down the road where you can invest it into real estate, you can lend it, you can do all kinds of different things with it. But it's a great plan. But there is a caveat. A SEP IRA was very prominent in early 90s when I got started in this business. But they changed the rules over the years and I'll just cut to the chase. Don't do a SEP IRA if you have any employees. because it will kill you because the same contribution percentage that you put into the SEP IRA for yourself, you have to do the same thing for your employees. So if you're putting in 25 % of your adjusted gross income for yourself, you got to do 25 % for your employees and it can get really expensive. That's where other plans like 401ks, for this year for 2026 can make a lot more sense. So max you can put in 70,000, max income is 350,000. So even if you made a million, Max you could put in would be 70,000 because that's again, your threshold is 350,000. But they are great. They're easy to set up. There's no, in most cases, no real formal filing, what we call the 5,500 test and all these other things. They're just really simple and real inexpensive to set up. And again, they can be invested into anything, but they're a great last minute. You can't find your 401k for 2025 now, but you can with a SEP IRA. So big chunks of money you can put in. Now, who are they designed for? Husband and wife or single person? Single person business, proprietor. And again, I say sole proprietor just from the body count. You can be an LLC, you can be a sub-ass, you can be a, you know, so on and so forth. Can't be a C-corp, but sole proprietor, et cetera. Partnership, it also works there. But if you have employees, the SEP is just gonna, it's gonna be way too much money for you, okay? Love it how you can, again, defer it all the way up until you do your final tax return. And know April 15th deadline if you go on extension. Now another one I love doing for small business owners, I love doing this for, let's see, real estate agents or real estate professionals, architects, some attorneys that are kind of one man or one woman businesses, and that's called the Solo 401K. Same thing, those can be deferred all the way up until you file the federal tax return. So your Solo 401K, depending upon the setup timing, et cetera, for last year you could put in $23,500 pre-tax. If you're 50 or older, you could add another 7,500. So that gives you what, $31,000. And then remember, as I've gone over a few times this year, there's this little caveat out there right now. If you're age 60 to age 63, you don't have to do the $7,500 catch up. You can do $11,250 catch up. But again, age 60 to 63. So if we take our 23.5 that everybody gets to do, add in our 11,250, again, if we're age 60 to 63, We're putting in $34,750 pre-tax. How's that for a tax savings? Pretty substantial. Same thing, solo 401k can be invested into just about anything. what I love about the solo 401k over the SEP IRA is you can borrow against yourself. So same rules with a solo 401k as they do for a traditional 401k, meaning you can borrow up to 50 % of the value to a maximum of $50,000. You're paying yourself back the interest. covered this last week when we were talking about 401ks. So you're paying yourself back the interest. Right now, it's a prime plus about a point, point and a half, depending upon the brokerage firm. So it's not cheap, 7%, 8%, probably 9 % somewhere around there. But you're paying yourself back the interest. But remember, when we borrow against our 401k, that money is not working for us in the stock market. That's the real downside. But hey, look at what we just did. We saved a whole bunch of money. because again, it's gonna reduce your taxable income, it's gonna grow tax deferred, and we can borrow against it, all with a solo A more strategies I have for you as we do last minute tax tips. Let's wrap it up with Kristen Snow, right now, at Center. Hello, Kristen. Welcome back to the Jon Sanchez Show on Newstalk 780Q. We've been talking about year-end tax strategies, right? People think, hey, it's brand new year, 2026, nothing I can do for 2025. Well, hopefully now you see there are some things, especially if you're a small business owner. If any of these strike a fancy with you, you want more details, by all means, just reach out to our office, info at sanchezgonk.com, or send me an email personally, johnjowin at sanchezgonk.com, and do what I can to help you out. It really worked on a one-on-one strategy for you. Okay, so we left off with the SEP IRA, the Solo 401K. Now, came across this over the weekend. I was talking with a friend, and the first time, he needs to go on extension. And he's like, I don't have to pay my tax bill until I file my return, again, ⁓ by the deadline. said, no, no, no, no, no, no. When you go on extension, the IRS expects you to estimate to the best of your ability what that tax liability is gonna be. Just because you're going on extension, that doesn't mean you get to extend your tax payment. So a lot of people think, well, wait a minute here. I have until October the 15th, so therefore I'm going to wait till October 15th to send in the money. Well, you can, but there's going to be interest and penalties if you do so. The extension is really designed for those that just, you're waiting on some various tax forms to come in. K1s usually take a long time. Or maybe you have some foreign investments that usually take a long time. They're designed for things like that where you just can't gather all of your information by the April 15th deadline, but it does not relieve you of the tax liability payment. ⁓ now there's some, again, really strategies for you. What can we do about this year? The biggest mistake is not what you did not do year. It's not having a strategy going forward, right? The last thing, especially you business owners, the last thing you wanna do is again, wait the end of the year to try to do it. You business owner, you should be meeting regularly with your tax advisor and coming up with strategies. You should be meeting with us or another financial advisor to talk about different retirement plans. I didn't even into one of my favorite. retirement plans. Again, whole another subject that we can get into, but it's called a cash balance plan. You think the contribution limits I just mentioned on the 401k or the solo 401k and the separate high, you ain't seen nothing yet as the saying goes, when you start looking at these cash balance plans. And I'll do another show or if you want to reach out to me individually, you can do that. And I want to wrap up with little saying that an accountant told me years and years ago. used to years when I first started, was in Bakersfield and I was in small office complex. And one of my really dear friends was a CPA there and he taught me a lot of things. I was a brand new broker and taught me a lot of things. And he gave a saying always stuck in my mind. said, tax season isn't when you do the tax planning. It's when you find out what you should. have done. me repeat that. Tax season isn't when you do the tax planning, meaning the season we're in right now. It's when you find out what you should have done. And think that's a great way to summarize what we all need to think about. The year goes by so fast. Before we know it, it's the end of the year, then the holidays come, and you just don't get to it. You have to be proactive. Some of my most tax-deficient clients, believe it or not, I'm not bashing my CPA friends, are not ones that have CPAs. And I'm not talking business owners, I'm talking individuals. They are individuals that do their own tax returns. So they'll do TurboTax or some of the other returns. And what I've noticed is very, very in tune throughout the year. Frankly, to be honest with you, some of them blow me away with how ⁓ they are on tax rules and what their tax liability is gonna be ⁓ the tax strategies they come up with and so on and so forth. So you don't have to be a CPA, you don't have to be an enrolled agent, bless those people, they do an incredible job. ⁓ there's a lot of ways now, I don't know if you read about it and I'm not promoting this by any means, because I don't think it's ready, that they're saying sooner or later you'll be able to have AI, chat GPT do your tax return. I I that's basically there now, but many are saying it's not quite ready, I haven't seen it myself, nor would trust that at this point. But the knowledge out you just have to seek it and... you know, try to become effective on it. just remember, there's nothing you can do about last year other than those things I'd mentioned. But a lot of things you can do for 2026. So if you need any advice, by all means, we are here for you. Thanks so much for joining me. I do appreciate it. We'll see happens with this three o'clock deadline tomorrow on the two deadline. Excuse me, I keep screwing up the times that the president has no, I'm sorry, we're back to the five o'clock. That's right. Eight o'clock Eastern. So many deadlines out there. goodness. All right. Anyways, God bless. Have a great afternoon. We'll see you tomorrow at the Jon Sanchez show.