Hi, everyone. This is the How to Lower Your Tax
Bill podcast. I'm your host, Terrence Hutchins.
I'm a financial and tax advisor in the Dallas
Fort Worth area. And the goal of this podcast
is to help you listeners get educated on different
tax strategies that you can implement to improve
your tax situation immediately. Each episode
will break down useful tax tips you can use to
save money, no matter what your personal or business
income situation. Because our motto is, keep
more of what you earn. So let's get into today's
episode. Welcome back to another episode of How
to Lower Your Tax Bill. I am your host, Terrence
Hutchins, and I am once again with my now co
-host, Tamiya Kelly. Say hi, Tamiya, to the people.
Hey, y 'all. Hey, good people. What's up? I'm
back. So we are in the midst of tax filing season.
So the deadline is fast approaching. So hopefully
you guys are following on time to avoid unnecessary
penalties and interest from the IRS. And today
we're going to go over some common misconceptions
that people have as it relates to tax deductions,
bad advice that they take that may not be bad
advice, but it may not be in context of their
situation. And then just giving you some thoughts
on strategies to help you implement as you are
making tax decisions. And many times it's you're
making a life decision that has a tax consequence
and you not really factoring in that tax consequence
until after the fact. So things that you might
need to stop and pause to be aware of so that
you'll make better decisions. And as we say,
keep more of what you earn. And so I thought
about this social media video and the guy was
talking and it was a basically a comedy sketch,
if you call it that. And he was simply was just
saying, oh, you could just write it off. Oh,
that's fine. We could just write it off. We could
just write it off. All right. And you hear that
dialogue from people as far as, oh, I can, you
know, that's fine. No, you could write off on
your taxes. And so to me, tell me a little bit
about what your thoughts were before you kind
of got into the profession on, you know, what
is a write off and how did that impact you when
you are going to file? OK, so Terrence, as I
always like to say, I was blind and now I see.
And I too was a person to just say write it off.
But in my defense, the reason why I was like
that is because I've been in insurance for over
20 years and I would have customers who were
wealthy and they would wait until the last quarter
of the year to start making these purchases and
doing all these things. And I heard write it
off a lot. I did not know, Terrence. Why do you
always put me on blasts like this? I didn't know
people. I did not know. Okay. And so I thought
you could write stuff off. I thought you could
write everything off. So, I mean, that was my
take to write it off. Keep the receipt. Keep
the receipt. Just, you know, put it in your shoe
box and give it to your tax person at the beginning
of the year. It is funny you say that because
you know when I first started in the financial
industry and I didn't really have a tax background
I would hear about other advisors who were you
know pretty well off and they would say oh yeah
you know I buy a car at the end of the year right
so I can not pay taxes and on the surface I was
like oh man that sounds really smart but as I've
gotten more education it's a matter of well was
that really a good decision or did you just buy
something that you may not have needed to pay
for taxes you should have planned for ahead of
time. Probably the latter. No, not to sound cynical.
And not that there isn't space to do those things.
But the moniker you always hear is don't let
the tax tail wag the dog. And as it comes to
your personal or even business decisions, let
it be a good personal or business decision first.
And then hopefully the tax consequence is positive.
Or hey, how can we lessen the tax negative consequence
of it? or how can we enhance the tax positive
consequence of it so that ultimately it makes
it even a better decision outside of what was
the immediate tax impact. Okay. A few things
that I wanted to get into that people talk about
just writing it off. All right. And I've heard
this a lot after the tax and jobs fit act. So
prior to 2018, you had a much lower standard
of deduction. So there was a lot more things
that could have been written off just because
the amount that the government tax you on automatically
was just going to be higher. Now the standard
deduction is so much higher to where some of
the things that you might pay for now don't really
count towards your taxes because Iris has already
given you credit for that stuff. as we've talked
about on the fact that the yeah the last episode
you're right because that standard deduction
is so high and I think a lot of people when you
think about writing things off you really want
to consider those standard deductions because
it is so high that some of these things that
you want to write off may not tip you over into
that being able to itemize bucket right exactly
because it's not enough so some of the things
that Terrence mentioned earlier you really got
to know what you're trying to deduct and what
you're trying to write off because you may just
stay under the standard deductions and not make
it to the the schedule life for sure. So a few
things that I hear consistently and you can let
me know kind of what your perspective was is
with W2 employees that work from home. So this
is especially you know with COVID obviously everything
shut down and everyone was working from home
that was working for the most part and they were
thinking hey you know what now that I work from
home I got a desk I'm using up more utilities.
I should better get a tax benefit for this. And
prior to 2018, there was an avenue to potentially
get that. It was called a miscellaneous itemized
deduction. And so when you work from home, that
was considered a business expense as an employee.
And so your employer has the option to say, hey,
if in order for you to do your job and you have
to incur costs out of your own pocket to do your
job, we have the ability to reimburse you for
those expenses. If we don't reimburse you, then
they're going to be considered unreimbursed.
At that point, you can then potentially write
them off on your tax return. And so prior to
2018, there was a 2 % threshold. So let's say
you made $100 ,000, 2 % was $2 ,000. So if you
had expenses over that threshold, then you can
deduct those as an itemized deduction. However,
after 2018, that went away outside of basically
gambling losses. And so a lot of people thought
they could write that stuff off, but they can't
anymore. And then I even have people where they
think, oh, if I write it and, you know, some
people were doing home improvements, right? I'm
gonna do a home improvement. And because it goes
into the value of my house, I'm gonna use that.
And I'm thinking, well, the IRS doesn't care
about your swimming pool. They like the fact
that you're investing in the economy and you're
helping employ people and you're spending money,
but they don't care about your swimming pool.
And then I gave you a tax exemption for it. Unless
there's a medical reason, like your doctor said,
hey, for your health, you need a swimming pool
in the backyard. Right. So let me go back though.
I remember... I'm not going to say the insurance
company name, but in the state of California,
California is a very funny state to be in, by
the way. But in the state of California, no shade
to anybody living in California. They just have
different laws. OK. But in the state of California,
doing 2020, it was a couple of insurance carriers
who employed people during that time. And their
employees, their remote workers were purchasing.
All these these stand -up debts ergo all these
different things and the employer did not reimburse
them and they came together and actually sued
their employer and they were required there in
the state of california to reimburse them for
those expenses so for you all who are the w -2
employees and if you are purchasing things for
your home office One I would say because I used
to be a w -2 employee. I told you guys I once
was blind, but now I see I would certainly say
inquire with your manager, your people leader,
whatever you want to call them to see what you
can be reimbursed for so you don't get upset
when you can't deduct it from your taxes because
you're a W -2 employee and you're not a business
owner. Got it. I think I would give you all that
little tidbit of just check first before you
spend the money that you don't have because that's
another misconception of the write -off is that
I'm going to spend it right now and I'm going
to get it back. Right. You may not get it back.
So just check and see what you can be reimbursed
for. And then if you want to judge up your office,
that's that's your own expense. Right. That's
that's a very good point. I didn't know. I'm
sure, you know, you can tell me offline the insurance
company. Now, a few things we were talking about
before was like with charitable contributions.
And I had a client where they actually weren't
my tax client. They were a financial client.
And every year they would give away stuff and
they would make donations. And I would have to
get them to understand, yeah, you're going to
give away money. But number one, the tax deduction
that you're getting is only going to be at the
top of your tax bracket. Right. So if you're
a 12 or a 22 % tax bracket, that's basically
just buying something on sale that's 12 or 22
% off. And so it's like, well, if it's not a
good purchase, Just because you gave me a 12
% discount doesn't make it a good purchase, right?
Like how much of a discount would I need to get
to buy something that I don't need, right? It's
kind of the math that I'd have to do in my head.
Now, there might be something where, hey, if
it's enough, it would make sense, right? But
I would have to quantify that. And I think a
lot of people, they don't quantify it. They just
equate right off to, oh, this is a good decision
without actually quantifying. Well, what is the
actual value of this? Because even now, I work
with a lot of business owners and sometimes accountants
traditionally have looked at, hey, how can we
lower your pain today? Like you go to the doctor,
you came to me for a solution. Well, I'm gonna
just give you some medicine to solve the issue
that you're dealing with today versus, well,
what are some lifestyle changes you can make?
that will actually put you in a better position
in the long run. And so sometimes it makes more
sense not to actually get the deduction because
the cash in hand might be more valuable to you.
It can be used for something else that would
be more beneficial. But getting back into the
charitable contributions. So I'll let you take
this as far as, you know, how you think about
the whole goodwill thing. So for me and the people
that I typically see, a lot of people give, you
know, Church, they pay their tithes in offering.
I pay my tithes in offering, right? Which is
good. Pay your tithes, pay your offering. I would
also say make sure your church house is at 501
-C3. They have a tax designation that will allow
you to even consider or try to consider using
this on your taxes. I would also say for those
who love to give to the Salvation Army and Love
to drop off, you know, just different things.
Here is what I'm saying. Listen to me. Listen
to me, Linda. All right. So I had two I had two
different customers this year, Terrence. The
one was like, hey, I I gave like ten thousand
dollars to the Salvation Army worth the staff.
I was like, oh, good. Like, give me a receipt.
I don't have no receipt. She was like, I just
drove through the donation line and they gave
me this letter. Oh, no, no, no, no, no. That
doesn't count, people. That doesn't count. especially
for the Salvation Army, they'll give you a form
and then it's up to you to determine the value
of the items that you gave. But here is the gag,
is that when you go into the Salvation Army's
website or the Goodwoods website, what they value
those items is different than what you may value
them. You want to make sure, one, that you actually
get a tangible receipt based on the goods that
you've given them. They will give you a receipt
with an itemized list of the things that you
gave. You have to do your due diligence. You
can't just give your tax preparer a list of things
and say, yeah, I gave it without any documentation.
So you need documentation. I would also say to
you type pairs, get that documentation from your
church house as well. Right. They should be able
to give you some type of list, too. But no, for
you all that like to get to the goodwill, I can't
just throw a blanket number on your tax return.
We need documentation so much so that they require
I forget the form number, Terrence will tell
me, but so much so that we require a form to
fill out a detailed list of the things that you
gave, when the non -cash items, when it's over
$500 for sure. Right. That's an 82, 83 for those
who are taking notes out there. Now, what about,
what about sister Johnson? You know, she got
a, she got a root canal, but she don't have the
money to pay for it. And so she said I'd go fund
me to help her. She's a need. You know, what
if you give money to Sister Johnson? Oh, we're
going to lift it up in prayers and we're going
to give it to her. But that's not a charitable
contribution. I know I know y 'all upset because
a lot of y 'all give to those go fund me. Right.
And y 'all listen, listen, listen, Linda, listen.
Guess what? The funeral expenses to that y 'all
donate to that's not considered a charitable
donation because it's not a charitable organization.
okay so please sir ma 'am find a way possibly
donate through your church so that your church
can give but yeah that go fund me it's it's giving
no it's a no from me we can't we can't include
it so so it's hope dashing hopes and dreams out
there one one tip at a time um Unless I'm just
trying to help us for 2025, we can still get
right. It's only April. We can still get right
and do different for 2025 tax year. So there's
a few other things that I see often. I get questions
often about that. I have to clear it with people
that could be sometimes when they look at making
write -offs for their mortgage. I have a recent
client who at the end of the year, he was closing
on the house and he was told, hey, if you go
ahead and pay these points on your mortgage,
you better take advantage of this tax deduction.
Well, we didn't have a conversation ahead of
time because I would have told him, hey, go ahead
and close in January versus December because
the value of those points will then be counted.
Plus you'll have a full year's of interest on
your mortgage. And then that would just be more
beneficial instead of you like barely squeaking
over the standard deduction limit. So even if
he takes a standard deduction, let's just say
that without doing anything, he would have got
$30 ,000 of tax deductions with a standard deduction.
versus if he had barely squeaked over and he
only got 31 ,000. Well, that would effectively
only be a thousand dollar benefit for maybe the
10 ,000 he paid out of pocket versus, hey, next
year you'll actually get the full 10 ,000. So
that's your $9 ,000 at your tax bracket would
be the savings. And another thing that I get
is people when they first get married, they'll
fall separately. And 99 % of the time, it does
not make sense to fall separate unless you're
part of doing something janky, which you probably
should have worked out. prior to getting married,
but that's a whole nother podcast. If you don't
feel comfortable filing jointly, then you probably
need to assess just the financial plan y 'all
have together. Because you're costing yourself
money filing separately in those situations and
other things that people do. So let's talk through
a little bit about kind of some of the end of
year stuff that I see people do that may or may
not make sense, but you have to assess it and
get it at a dollar value. So like your HSA or
IRA account, so this podcast will post right
before the tax deadline. That's something that
you can actually do is fund an IRA or an HSA
up until the tax deadline, which is the 15th
of April, most years. Now, before you get into
the HSA, I want to tie that back to, you were
talking about the home, buying a home and everything.
One of the other things that some people think
they can write off is the out of pocket medical.
And I mentioned the HSA because some of our,
if you are a W -2 employee, you could have an
employee or contributed HSA. And so for those
who want to just write off the medical, it has
to be an unreimbursed expense, meaning it's outside
of what your employer has contributed. Like say
if you have 2000 in your HSA, little debit card
situation, and you spend out of pocket cash money,
not tied to anything that your employer is giving
you, then we could possibly look at that, right?
We could possibly look at your medication and
just different things. And going back to the
example that Terrence mentioned about the pool,
right? Putting a pool in for medical purposes.
So it's a lot of things to tie in, but you got
to know the little nuances there. Especially
the unreimbursed piece. You don't get to double
dip You don't get to have this HSA benefit and
also try to say this is out of pocket because
technically it's not so Just wanted to plug that
in take it away with the HSA So to the so those
are very good points because the IRS doesn't
let you double dip really on anything. Okay?
Now if you're a minister, they let you double
dip I guess when it comes to your housing allowance
and then stuff you can write off outside of that.
So that might be something we can go through
more in depth for our clergy people out there.
But with the HSA, you can contribute to it, but
you need to be aware that if I do put money in
this HSA account, what is the actual tax value
of it? So if I put, you know, $4 ,000 in, I need
to calculate at my tax bracket because if that
$4 ,000, what if I don't have a medical expense
and I need the money? I'm gonna pay a 20 % penalty
to get it out if it's not for medical expense.
So if I don't have a lot of liquidity, even though,
yes, I don't want to pay the IRS, but I might
be better off just paying the IRS $3 ,000 and
keeping the $3 ,000 extra that would have gone
to the HSA potentially. But also just specific
to the HSA, if you have an HSA at your employer,
it would be better to just do it from your payroll
deduction because it is a federal deduction when
you put it on your tax return. But if you do
it through your employer, you actually will also
save on Social Security and Medicare taxes. So
you'll get an extra 7 .65 % tax benefit from
doing it in the HSA account. With an IRA, you
can't, some employers allow you to do the deduction
from there, but same concept. If that money is
going to be tied up until you're 59 and a half,
then you want to be aware that, okay, I can put
it in here today, but if I need it prior to 59
and a half, without an exception, I'm going to
pay an extra 10 % to get it back. So I'm going
to get a tax benefit, putting it in, but I'm
going to have to pay an extra 10 % getting it
out. So those are things that are important to
understand. And then lastly, the whole car situation.
I say, OK, yes, let's take your car. Now, for
people out there who say they use their car 100
% for business, I would push back on that quite
a bit relative to, you know, I'm imagining you
went to the store one time. That wasn't a business
trip. Any car you buy, especially the Model X,
that's the one they wanted to get or at least
they used to prior to Doge. But they wanted to
get that Model X because it was over 6 ,000 pounds.
I could take the bonus appreciation. But I would
say, hey, just remember that $12 a month you're
paying in car payment. You are going to get a
benefit from that primarily in the first year.
After that, the value of that tax section is
going to diminish. So you need to have a plan
and say, OK, if I do get this big tax write off,
how am I going to take advantage of this money?
Because the IRS will recapture that in the future
or the value of it will decline and I'm still
going to have a payment. So even though I'm paying
$200 a month, the tax benefit may only be $4
,000 in that next few years or $5 ,000 or whatever
it might be. So you're saying, hey, the payment
I have isn't going to match. the tax benefit
after the first year. And then I'm left with
this high payment with very little tax benefit.
And I've ended up paying money on I'm in a paying
taxes on money. That's going to look like profit,
especially if you're a business owner. And so
that's the concept I'll address on a future episode
as far as cash flow and taxes and how you might
plan ahead for that. But that's something to
certainly keep aware of from that vantage point.
So a couple of things before we wrap up, I want
to go over maybe some missed opportunities. Tamia,
you work in insurance, you said. So what was
the first thing people always told you when it
comes to your 401k, as far as what you should
do? What was kind of the common advice? Do you
remember? They said you need to get the full
employer match. They would say, like, if your
employer is matching dollar for dollar up to
6%, up to 3%, whatever it is, you need to match
it. You need to take full advantage of it, especially
since it's a pre -tax. Got it. For sure. And
so, you know, you basically get the benefit of
getting a tax exemption, plus you get the extra
money from your employer. But I have seen people
where, you know, I look at their W -2s and their
code D says like $800. I'm looking at their box
one wages and I'm like, well, you know, or box
five, I guess you could say to be more accurate.
Hey, if you bump this up, especially if you work
at a big company, they're probably giving you
four, three and a half to five percent or six
percent max. So if you're putting in less than
that, then not only are you missing out on the
tax benefit, but you're also missing out on the
match. And then to add insult to injury, if you're
getting a tax refund, that was literally free
money that you were basically, hey, I'm going
to overpay the IRS. I'm a wait for them to give
me the money back. when I could have just given
it to my employer to put it into my retirement,
got an extra tax benefit and had the company
match it. So you could literally have doubled
your return plus got a tax benefit with a little
bit of planning if you pay attention to those
kind of things. So I would say that's the key
word though, Terrence, is the planning piece,
right? Again, people, I didn't know all the things.
And so I actually was one of the people. when
I first heard 401k because I've been working
for many many years a lady never tells her age
but I've been working for a long time and when
the whole world 401k when it populated in my
mind in my world it was like I need all my money
I need all of my money coming back to me so I
was like I'm gonna give you $20 a month right
right not really truly understanding everything
that you just explained right so if you all don't
hear anything else people it is a benefit not
just in focusing on your refund at the beginning
of the year, like we talked about in the last
podcast, but also understanding your dollar,
understanding how to make it work, understanding
how taxes work, understanding it. Because to
his point, if I was to donate the full amount...
not donate, but give the full amount, maximize
employee match, I will see other benefits on
my tax return. But if I'm just going to, we're
not going to name names, but if I'm doing it
myself, right, doing the tax return myself online
or going to these chains or whatever, I'm not
getting the education or the planning that I
need to make those decisions to better prepare
me to really truly understand it. So I say all
that to say people is tax planning is important.
Don't just focus on your refund, but focus on
what tax implications your decisions are making
for you. For sure. So I'm going to give you guys
a few things that I think are common missteps
people make. And you can kind of give me your
thoughts as well to me as we close out here.
But a few things like I get people who say, all
right, you know, I want to start a business.
I need an LLC. Well, yes, the LLC doesn't have
anything to do with your taxes, is what I have
to normally instruct people. Those are two separate
things. You set your LLC up at the state. You
file your taxes with the federal government.
So the federal government doesn't necessarily
care that you have an LLC. An LLC does give you
the ability to have different tax options, but
having it alone does not impact whether you can
write something off or not, or it doesn't give
you extra tax benefits for having an LLC. So
you might see that from the influencers out there
that they give you that. Meals and travel, okay,
just because you and your wife talk about business
and you own a business and y 'all talk about
business doesn't make that meal specifically
a deduction. Are you sure? So there are ways
to properly document the things that you have
that do have a business purpose. So it's like,
hey, have a board meeting, have an agenda, have
it have the effect of an actual business meeting.
If you want to get, if you want to audit proof
what you're doing. Okay. I get people that claim
me their mama, they claim me the kid, they claim
me the uncle, the brother, okay? Number one,
this person, if they work, if they're an adult
over the age of 24, or they're not your kid,
if they work a job, chances are you probably
not gonna be able to claim them. So you have
to say, hey, do they make more than $5 ,000?
If they do, you're not gonna be able to claim
them. Secondly, if you provide more, or else
they're disabled, I should say, but if you don't
provide more than 50 % of their support, then
you're not gonna be able to claim them either,
okay? And so that's something that you need to
be aware of. And the benefit, it's really only
$500 if you look at it. And I would say this,
the days are gone, people, when you can just
get somebody's kid and put them on your tax return.
Those days are gone. I hope that you are utilizing
a tax preparer that is doing their due diligence.
There are some questions that you have to answer.
That you mark off and so if your refund your
return gets rejected or they take your refund
or whatever Don't look at your tax preparer.
Look at yourself ma 'am. Sir. Did you try to
claim somebody else? But on a very serious note,
that's we we can't do that Let's let's not that
was a big thing and the irs really cracked down
on that And so if you are divorced you all need
to figure that out. Who's gonna claim? The kids
had a previous scenario like that. You need to
make sure you have it written This person this
spouse is going to claim this ex -spouse is going
to claim so All of those need things needs to
be hashed out when you get ready to file your
return as it relates to your kids Your dependents
or you know, even kids that you have adopted
I mean, yeah all of those things need to be hashed
out Especially with that because people won't
think they're gonna get rich from those child
tax credits, you're not. But make sure that you're
independent. It's funny. It's not a first come,
first served thing. Right? And I've had clients
where they're siblings because they both tip
in for mom and one of them claiming the other
one doesn't. I'm like, y 'all had this big family
drag out over $500. Not that that's... That may
be a significant amount of money for some people,
but it's not worth your relationship with your
sibling over $500, right? Especially when there's
other things that can impact. If you're not the
person who's claiming the dependent, there are
other things that your tax preparer can help
you in terms of decreasing your tax liability.
Everything we just mentioned before, it's about
your tax planning. Right. A couple of other things
I see, specifically with states that don't have...
that don't have state income taxes, like in Texas
where I am, people don't claim the safe harbor
for a sales tax. If you're single, the IRS will
give you, I think it's about $1 ,600 just for
that. So if you automize your deductions, I see
that on people's returns all the time. They don't
take that standard amount. Or if they have multiple
people in their house, it could be three, $4
,000. Well, hey, the government is giving you
this with no documentation required, and you
just didn't take it because you went to TurboTax.
So it's like, yeah, your return was 50 bucks,
but if you cost yourself 400, then that math
didn't work out great for you. Also, some non
-refundable tax credits, like the EV credit or
the solar panels. One, with the EV credit, you
have to look at your income. And then a used
EV, the amount of car can't be more than $12
,000, $5 ,000. So if you go to the dealership
and they're selling you a $30 ,000 EV that's
used, and they're like, oh, you can get a tax
credit. Well, Yes, you could if the car was below
the threshold. Or, hey, you could write this
off, or you could get a tax credit. Well, they
just say write off for everything. But you can
get a tax credit if your income is below the
threshold. And so if you're not aware of that,
then don't necessarily listen to people who are
giving you tax advice that may not know your
situation. Or I have a client where they're older
and so they don't really pay a whole lot of taxes
every year, but they bought these solar panels
thinking they were about to get this 30 % credit
for the panels. And yes, they're able to get
the credit, but their tax liability for the year
might be $2 ,000. Well, if you got this $30 ,000
tax credit or $20 ,000 tax credit, it's going
to take 10 or 15 years to actually get it. And
so you may not have bought those solar panels
if you had those of diligence and realized what
is the actual impact of this on my situation?
And how is that going to make this purchase more
worthwhile? So as I say, basically what I hear
you saying is make sure the math is math. Exactly.
And listen, you know, I don't give medical advice.
I don't give dental advice, right? Outside of
my personal experience, I can share with you
my personal experience. and how it impacted me
personally, but I can't give you advice on the
stuff that I don't do or I'm not an expert at.
And oftentimes people will listen to people they
trust versus people that have more expertise
in those areas. And so just be aware that the
information you get may not always be, it may
not even be inaccurate, but it may not be applicable
to you in the scenario that it was given in.
So make sure that, okay, if I hear something,
I got to get the right context behind it. So
that ultimately I can apply it to my situation
and put me in a better spot versus me having
this expectation Then I get disappointed after
the fact because I didn't do my due diligence
on the front end Right context is king people
context is king make sure it's applicable So
the next time you hear someone say just write
it off I want you to pause before you make that
purchase first We need to make sure that you
can afford it, right? And then we need to make
sure it's something that's applicable to you
your situation that you can actually quote unquote
write off or take a tax deduction or. So if you
have any questions, you can send those to questions
at L O G O S F G dot com. And we will answer
some of those questions on a future episodes,
especially post tax season as far as OK, what
are some things you can do like mid year or what?
What are some things that may occur that you
need to check? Because oftentimes people come
to me with stuff that happened. And then I'm
having to try to figure out what do we do with
this after the fact? Or I want to do a 1031 exchange,
but I already sold the property. Well, that doesn't
really work. So what are some things that might
be on your horizon that you need to plan ahead
for? And those are things we can kind of give
you tips around. All right, so any parting thoughts
for our people before we wrap up, Tanya? No,
just make sure the math math's people. It's not
math thing out here in these tax streets So just
make sure it's math thing. That's all I got contacts
is king and make sure you have good tax planning
Remember the tax year starts January 1st to December
31st Not January 1st to April 15th. That's a
whole year thing tax planning. It's real people.
It will save you two years Amen Well, cool. So
as we always say, keep more of what you earn
and we'll talk to you guys next week.