Over 800 Pages of Taxes: Don’t Worry, We Read It So You Don’t Have To

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The Hosts:

Kevin Kroskey, CFP®, MBA – About – Contact

Tyler Emrick, CFA®, CFP® – About – Contact

Episode Transcript:

Tyler Emrick:

This bill’s being called the One Big Beautiful Bill Act, and whether you think it’s beautiful or not, it’s certainly big. With over 800 pages of tax changes, deductions, and new rules, it’s certainly going to impact retirees, small business owners, and of course, even your grandkids. Today we unpack it all coming up on Retire Smarter.

Walter Storholt:

It’s another episode of Retire Smarter. I’m Walter Storholt alongside Tyler Emrick, of course, a CERTIFIED FINANCIAL PLANNER and chartered financial analyst and a wealth advisor at True Wealth Design. And we’ve got a great episode today as we’re going to break down the Big Beautiful Bill. It’s what everybody’s been talking about-

Tyler Emrick:

That’s right.

Walter Storholt:

… from a political standpoint, mostly, Tyler. We get to focus on the economics of it-

Tyler Emrick:

We do.

Walter Storholt:

… specifically how it impacts people that often work with you guys, folks concerned about retirement, trying to make the most out of their savings and their financial plans. And so I’m liking that we can at least narrow the focus of this enormous tax bill down a little bit.

Tyler Emrick:

Absolutely. And I can’t say that I was planning on looking at new tax legislation over the holiday weekend, right? But as we were cooking out, grilling and enjoying.

Walter Storholt:

That would be July 4th, right?

Tyler Emrick:

Yes, absolutely. So unexpected, but certainly that popped on the docket. So you have a good holiday and certainly we did as well. We had great weather, so it was awesome to be outside.

Walter Storholt:

Yeah, we got in some beach time, which was nice. Got sunburned on the first day, but then avoided it the rest of the trip, so I was thankful for that.

Tyler Emrick:

Okay, yeah. Well, I’ll tell you, we were outside quite a bit, and more than one time my wife comes up to me and is like, “You’re looking a little red. You’re looking a little red. Did you put on sunblock? You know you’re on YouTube now.” I was like, “No, come on, come on.” She didn’t go that far. She didn’t go that far.

Walter Storholt:

That’s funny.

Tyler Emrick:

But she certainly caught out me being red quite a bit, so-

Walter Storholt:

Oh my gosh. These are things you didn’t think you’d have to worry about.

Tyler Emrick:

We don’t need a bald guy peeling. Yeah, that’s right. Yeah, ironing my shirts, not getting sunburned.

Walter Storholt:

I guess with not much up here, you’ve got to be extra careful, right?

Tyler Emrick:

Absolutely. Yeah, so we were piling it on. So good thing is we’ve got plenty… With the two toddlers running around, we got plenty of sunblock in the house, so we didn’t run out for sure.

Walter Storholt:

Well, in typical Retire Smarter fashion, we’ll cover some of the basics in this bill. They may be some items that people have heard of or understand, but I know you’re going to take us that extra level and we’re going to talk about things like QBIs and SALT deductions and some of those next level pieces that are in this bill as well. So I think we’ll hopefully provide some context for people and also hopefully educate some folks on some things they didn’t even know were in the bill.

Tyler Emrick:

Yeah. No, I mean I think you hit the nail on the head there. Certainly we’re not going to be able to cover everything. I mean, I think we mentioned it a little bit into the lead-in. I mean, over 800 pages. It’s about half the length of the Affordable Care Act, but certainly still plenty of legislation and rules and quirkiness to go around. Really, as I kind of think about today in the podcast, we’re kind of piecemealing and picking out the ones just as you had mentioned, that we think are going to be the most applicable to the families and clients that we work with and give certainly a high level. We’ll get into the planning side of it a little bit. Maybe there’ll be some future ones that are coming out where we maybe dive into like, hey, how do you take some of these rules and apply it to your situation and be thinking about how it impacts you today. Today it’ll be a little bit more high level, but we will go down in the nitty-gritty as we can for sure.

Walter Storholt:

That sounds great.

Tyler Emrick:

Plenty to go around. And I think maybe we’ve got a handful of them here we’ll go through. So the first one, which I think is probably the biggest and one of the most impactful for the most individuals out there was the extension of the individual tax rates that we’re currently under right now. So before this getting passed, well, really we were set to go back to pre-TCJA tax rates, which generally speaking would be about a 3% increase across the board. It’s not exactly that, but about 3% across the board increase to income tax rates come 2026. And of course this particular bill came in and said, “Nope, we’re not reverting back or sunsetting. We’re going to go ahead and extend out and make permanent the lower tax rates, permanent, the lower tax rates here.”

Walter Storholt:

Putting in some air quotes there.

Tyler Emrick:

Yes, absolutely. And I think that’s going to be very important as we go down through a few of these too. I’ll try to do my best to really denote, well, what is permanent and what is not, because there are some things that are in the bill that are not going to be permanent. They’re going to sunset. Most of the sunsetting happens in 2028. There’s a few quirky ones that change out, but this particular change is permanent. So tax rates-

Walter Storholt:

Can we define that a little bit, Tyler, just briefly?

Tyler Emrick:

Yep.

Walter Storholt:

Permanent to me means one thing in other realms of life, but in Congress and politics in this context, do I have the right understanding that permanent just means it doesn’t have an already set end date?

Tyler Emrick:

Correct. You got it. Yep. Any legislation in the future can certainly change it, but there is no set end date. Whereas some of these, where we go over, to your point, will have a set end date and will need to be a new legislation to continue going forward for sure.

Walter Storholt:

Got it. Just in case anybody else out there was like, “Permanent? Whoo!” Just define it. Okay, cool.

Tyler Emrick:

You got it. So those tax rates, I mean not to get down to too much of the nitty-gritty, but they’re going to start around 10% and they’re going to go up to the top bracket, it’s going to be 37. So again, just like that we’re under now or we have been under current legislation for the last handful of years. So that’s the first big change. The next one has to do with the standard deduction. For those listeners out there, and we’re a little bit out of tax time unless you’re out there on extension, but when we think about standard deduction, of course when you go and file your taxes, Walt, there’s two routes you can go, right? Hey, you can take the standard deduction, or if you happen to have a few itemized deductions you can itemize. And what we were concerned about was that those standard deductions, the ones that a lot of individuals take, were set to be about cut in half come 2026.

Well, they changed the standard deduction and for 2025, they’re going to be very similar to expectations and they are going to essentially continue at that higher rate. So for example, in 2025 for single filers, your standard deduction is just below $16,000, so 15,750. So if you don’t have enough itemized deductions or more itemized deductions than 15,750, then you’re going to take the standard deduction. If you’re married filing jointly, that standard deduction jumps all the way up to 31,500. So a pretty hefty amount. I mean, Walt, you’ve got to have a pretty decent amount of itemized deductions before you’re going to start itemizing versus taking the standard.

So this was kind of a big deal. A lot of individuals take the standard deduction. You think about if that deduction would’ve been cut in half and this wouldn’t have gotten passed, a family that’s in the 22% marginal tax rate, this larger deduction is probably saving you a few thousand bucks in federal taxes being at the level that it is versus what it was set to go down to being cut in half. So a pretty big difference there as you think about your individual taxes and what you’re going to potentially owe.

And this change is another one of those ones that are permanent. So from a planning side of that, Walt, I think really not a lot is going to change. All the good work that you’ve been doing over the last handful of years trying to navigate and trying to take advantage of these higher deductions, especially you listeners out there that maybe do a lot of gifting or you have a lot of itemized deductions, but maybe not enough that’s quite to that standard, there’s a lot of opportunity around planning around how you take those deductions and how you maximize that standard. So all that’s going to continue. So for all those families that we work with where we’re talking about bunching strategies and using donor-advised funds and gifting and all that type of thing, that’s not going away, and that’s still going to be a pretty big piece of the tax planning that we’re going to continue to do here. And with it being permanent until some legislation comes that changes it, we’re going to be in that boat.

Walter Storholt:

Nice. Great to hear that there will be some… I guess there was this urgency if those things did sunset that this was going to be kind of a mad dash through the end of the year to then do some things.

Tyler Emrick:

Could be, yes.

Walter Storholt:

Now at least some of that urgency is off table and we could have a few more years to work with these flexible terms.

Tyler Emrick:

Flexible terms, yes, and higher deductions. Absolutely. So those are the two big ones. So tax rates continue where they’re at and staying at the lower and not going up. And then this standard deduction staying at the higher amounts and not getting cut in half are both permanent changes with this legislation. So from a tax bill standpoint, individuals certainly are getting a little bit of a win there.

Now the next point that we’re going to talk about is called the… Technically in the legislation it’s called the temporary senior deduction. It’s been called quite a few things, the enhanced standard deduction or a bonus deduction, you might hear it on the news being called. But this is a specific deduction for individuals that are over 65 where you get an additional $6,000 deduction beyond the standard. So we just talked about the standard.

Walter Storholt:

That seems pretty significant.

Tyler Emrick:

It’s a lot. Well, and if you’re married filing jointly, that’s double, right? So that’s $12,000 of an additional bonus deduction that you’re going to have, which is quite substantial. Now, there’s a little quirkiness here with this one where this is going to be based off of your income, specifically your adjusted gross income. So we do need to get very particular when we start talking about, well, which income number are we using? Are we using modified adjusted gross income, which is used for things like IRMAA? Are we using taxable income, which we use for things like, well, what tax bracket are you falling into? This particular number that we’re going to look at is adjusted gross income, which is a line item right on your 1040 if you look at it.

So for single individuals, once you reach 75,000 of adjusted gross income, this deduction, this $6,000 extra deduction, is going to start to phase out and lower. For married individuals, that income is $150,000. So once your adjusted gross income hits 150, you will start to see a reduction in the amount of this additional standard deduction. And then the way the calculation works, it’s basically a flat 6% reduction of excess income above those two numbers that I just shared with you. So as we think about as income management for our retirees, and how high do we want to take income, well, these numbers will actually start to become important. For a single individual filing, that 75,000 number is going to be important. And then for individuals filing jointly, it’s about 150,000 is where that becomes important. Because if we start taking income above each of those numbers, well, you’re going to start losing some of this extra deduction that of course is sitting on top of the standard.

Walter Storholt:

Okay. Still sounds very helpful for probably a lot of the couples or individuals that you work with, and again, just gives you another lever you can pull, right?

Tyler Emrick:

Absolutely. It does, yes. And I think another little caveat here that’s important is that for those individuals that are going, “Well, hey, I itemize. I don’t take the standard deduction. I am married filing jointly and I have more than 31,500 of itemized deductions. Do I still get this?” And the answer is yes, you do still get it. So whether you take the standard deduction or you itemize your deduction, this bonus deduction is sitting on top of that for you. You just need to still be mindful, of course, the income benefits.

Now for those over 60, this type of deductions not new to you. I mean, in past legislation and you look at your prior tax returns, you actually got an increase to your standard deduction being over 65. So single filers got an extra two grand of a deduction, and joint filers got an extra 3,200 if both of you were over 65. If one spouse was over, it’s an extra 1,600. So you always have gotten a little bit of an extra on top of the standard deduction, but this kind of takes it to another level with it being as high as $12,000 for married individuals filing joint if you both, if you both, now are over 65 because they are going to look at each of your individual ages, you and your spouse.

Walter Storholt:

Is there a way to put that into real dollars at all, Tyler, with that extra deduction? I know that everybody’s situation is different and you’re pulling all sorts of different levers and whatnot in the planning process.

Tyler Emrick:

Sure.

Walter Storholt:

I don’t know. I find it easy to put things in ballpark figures if possible.

Tyler Emrick:

You got it.

Walter Storholt:

Are we talking hundreds of dollars saved each year or thousands?

Tyler Emrick:

So for families falling into the 22% tax bracket, well, hey, if you get an extra $12,000 deduction, you’re looking at an extra 2,600 bucks less in taxes paid by that extra deduction. So not insignificant at all. I mean, we’re talking about thousand dollars of differences here for sure. Now, anytime we have a bill like this… This one’s pretty fresh, right? It got passed as we’re recording now on what, the 9th? So it’s five days old. Over the course of the year and maybe even beyond, there’s going to be all sorts of scrutiny looking through the bill and making sure the wording is correct and so on and so forth.

So one of the quirky things that are probably we’re going to have to get a little bit more legislative summaries on is there’s nothing that explicitly says that an individual over 65 gets both the bonus deduction, which is that $6,000 we just implemented, and the traditional additional standard deduction for being over 65, which is the $1,600 for individuals or 3,200 for filing joint. It seems like, we’re going through the wording, that it’s meant to be on top of, so you would actually get both. So for the individuals that are getting ready to do tax projections for the end of the year, or when you get ready to file your taxes come next year, obviously we’ll have some of the indications on what exactly that looks like. But everything points to it being stacked on top of each other.

But this is not uncommon. I’m sure there’s going to be some other quirky things that are going to come out that maybe there needs to be some clarification on, or the math was a little off or something like that. it happens all the time. So if I kind of put a bow on this, the numbers can be quite staggering on how high the standard deduction can actually get for an individual. So we’ll just kind of run through it a little bit.

So let’s say we’ve got a couple that are married filing jointly, and both of you are over 65, and you take the standard deduction. So let’s kind of make it simple and go from there. For the standard deduction, you’re going to get $31,500 there. You’re going to get $3,200 for your normal being over 65 extra deduction, and then you’re going to get an additional $12,000 on top of that, likely, for this new bonus deduction. So if we add all that up, you’re sitting at almost $46,700 of a standard deduction to bring down your income. Boy, pretty substantial as you kind of think about it and all the more reason why we want to be managing and being thoughtful. That’s a pretty high number that you would have to get over to start itemizing. So we’d have to be thinking about it. Now, of course, that’s not all the number because that bonus sits on top of either standard or itemizations. But in any case, that’s a pretty hefty standard deduction.

Walter Storholt:

Are we dancing in the territory of this is the biggest standard deduction of all time? I don’t know if you have that data [inaudible 00:16:55].

Tyler Emrick:

Boy, I don’t know. But I would think so. It’s got to be up there pretty high. I mean, when you start to-

Walter Storholt:

If you had an inflation adjusted number maybe to look at it.

Tyler Emrick:

Correct. Well, even if we look at the TCJA sunsetting in 2026, married individuals filing joint, they have an $18,000 standard deduction compared to the number, the 46,700 number we just mentioned. I mean, pretty hefty delta there for sure. Now, I’ve gotten a lot of questions over the last couple of months about the taxation of Social Security benefits and has anything like that kind of stuck into the bill? And there is-

Walter Storholt:

I saw some myths out there, some people very clearly saying Social Security won’t be taxed anymore.

Tyler Emrick:

Yes, yes, yes.

Walter Storholt:

That got kind of spinning, right?

Tyler Emrick:

It did. It did. But there is no legislation in the bill that specifically talks about the taxation of Social Security. But if you talk to the administration, I’m sure they would point to the fact of, well, hey individuals, most individuals on Social Security, you’re going to be over 65. You’re getting this bonus deduction and getting a way to cut down those particular taxes. So I guess depending on which news channel that you listen to and how it’s being spun, you probably might hear, “Hey, there’s nothing on Social Security,” or, “Hey, there is something.” But there is no particular legislation specifically. But what we just talked about with this new bonus deduction, I think is really going to be kind of that stopgap or that replacement for there being no legislation about Social Security not being taxed.

Walter Storholt:

Yeah. One thing you do so well, Tyler, is you help provide us some great context to what the new news is and how it relates to the old news. Your illustration of the new deduction versus that comparison to when it was the 18-ish thousand range and that significant difference. And I know you’ve got a great stat that kind of clarifies what’s going on behind the scenes with the Social Security thing here.

Tyler Emrick:

Yeah. No, absolutely. I think the statistics that kind of came out that I showed here previously, about 64% avoided tax on Social Security. They’re estimating with this new bonus deduction, it’s going to be as high as about almost 90% of seniors would benefit and go under that route and avoid tax on Social Security. So yeah, I just ran a tax projection this morning that updated it, and there are some stark differences.

Walter Storholt:

If they could just give us that at the beginning, wouldn’t that clarify and just help a lot of things get put into perspective for people instead of all the spin that comes first and then just be like, “Hey, here’s how the current situation is. Here’s the changes.”

Tyler Emrick:

There’s no fun in that, Walt. Come on, there’s no fun in that. Get out of here. But yeah, but in any case, families are looking at quite a bit of deductions that are kind of passing through this bill. Now we’re going to stay on that deduction theme a little bit because there were also some changes for the individuals that are actually going to itemize their deductions.

Walter Storholt:

So the standard folks don’t get to have all the fun.

Tyler Emrick:

Correct. Correct. Now if you’re an individual that works in a high tax state, then you are probably very familiar with the fact that your SALT deductions, state and local tax deduction, which you only get if you itemize… So if you’re individual or family that takes the standard deduction, hey, you can kind of tune out here for the next minute or so because the SALT deduction’s really not going to apply to you. But for those individuals that were close to itemizing or itemizing, the SALT deduction was actually capped under the previous legislation, the TCJA, at $10,000. That was the cap. So even if you paid $50,000 in state and local taxes, you did not get that as a deduction. It was capped at 10%. So the new legislation actually increases that cap to $400,000, which… Not 400. Wow, what am I talking about, Walt?

Walter Storholt:

I was about to say-

Tyler Emrick:

40. $40,000.

Walter Storholt:

I just looked out of the corner of my eye and I was like, “Wait a second.”

Tyler Emrick:

Do I have the Austin Powers like a million or a billion coming out there? No, no, no. $40,000.

Walter Storholt:

$400,000.

Tyler Emrick:

Yes, yes, yes. So $40,000 is actually going to be the new cap for the SALT deduction. Now, it does have a slight increase actually each year through 2029, and this is one of the changes that is not going to be permanent. It will revert back to the $10,000 cap come 2030 unless any new legislation passes. Now, of course, there’s also an income limitation on this as well as you start to think about how it actually applies to your specific situation. So for households under about a half a million dollars, that cap’s going to be at about 40, but obviously make sure you take a look at the details on how that maybe phases out as your income goes up. But a pretty hefty jump from 10,000 to $40,000 in the SALT deduction cap. So for individuals maybe on the east coast or on the west coast that have very, very high state income taxes, that’s probably a pretty welcome benefit for them coming in.

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Tyler Emrick:

We’ll continue on this deduction theme, but there is one caveat here that I want to be very, very clear on. So for the deductions that I’m going to roll through now, these are what’s called above the line deductions. So whether you itemize or take the standard deduction, essentially you can get these, the ones that we’re getting ready to talk about. Because remember with the SALT we had to itemize. We call that below the line deduction. That has to do with the, hey, are you going to take the standard or are you going to itemize? But these deductions that I’m going to kind of rattle off here, some of them I’ll be a little quick with too. These are all above the line deductions. No matter whether you take the itemized or you stake the standard, you’ll have these.

So the first two that I’ll touch on, which I’m not going to go into much detail on, but there is going to be no tax on tips and no tax on overtime. Now, again, they like to keep us employed, Walt, so they do have income limits and caps and things like that that you need to follow to make sure that you qualify or you have a limit on it. But essentially there are some new legislation in here that talks about, hey, specifically on tips and specifically on overtime, and you get a little bit of tax breaks on for each of those. And this is another one of those rules that’s set to sunset or expire come the end of 2028, just as we talked about with the SALT deduction previously.

Now, there are two other ones that I found unique that I’ll kind of touch on. One I think is kind of really unique. I don’t know how many individuals it would be applicable for, but this idea that your car loan interest is now an above the line deduction. So essentially it allows for a deduction on interest paid on qualified passenger vehicle loans. So there’s, again, a few quirks there. It needs to be a personal use car. I think the loan has to be incurred after December 31st, 2024. So this would be for loans started in 2025.

Walter Storholt:

So even if you’re still paying, if it’s from a previous purchase, it’s not going to apply.

Tyler Emrick:

Not going to apply, yep. And there is a $10,000 annual cap on the deductible amount of that interest. But for some individuals that are maybe looking to purchase a new car and you’re looking to finance it, there might be a deduction there on some of the interest on that financing. Again, this is one of those ones that’s not permanent that would be ending in 2028. And then the final one-

Walter Storholt:

That seems like really just trying to give people a shot in the arm to get them to tip that scale to go buy a new car, is that pretty much-

Tyler Emrick:

Go buy a new car? I guess. Yeah, if the tariffs didn’t push you to go get a new car, hey, here’s some other things to go get it. But yeah, car market’s certainly fascinating coming out of COVID. And then kind of where we’re at with the tariff talks earlier this year. For any individual looking to get a new car, I’m sure you’ve been through some ups and downs if you’ve been looking for any period of time. But so car loan interest deduction. And then one that I think is going to be maybe a little bit more applicable is going to be a charitable deduction. Again, this is an above the line deduction, but this is essentially a deduction up to a thousand dollars for single individuals or up to $2,000 for joint taxpayers who do not itemize.

So, Walt, traditionally for you to get a tax deduction on your gifting to church or charities, you need to itemize to be able to do that. That kind of goes back to when we were talking about a little earlier where I was like, “Hey, high standard deduction, planning for your gifting, these fancy terms like bunching strategies and donor advised funds and all that good stuff,” that’s where that kind of comes into play. Not that you gift for tax reasons, but hey, if you can get a little bit of a tax benefit for it, all the better.

This particular deduction, since it’s an above the line deduction, whether you take the standard or itemize, you can get it up to a thousand bucks for single or 2,000 for joint. But this does not start until 2026 tax year. So that won’t be for 2025. It is permanent, but it won’t start till 2026. So for those individuals that used to be like, “I don’t even keep track of my gifting. I take the standard deduction, nothing big there.” Well, hey, we’re at least going to want to keep track of some of that now, because that might add an above the line deduction for you, which is great.

Walter Storholt:

Yeah, I like that one. I like that they added that in because I remember when that changed a little bit. And when more people started doing the standard deduction, you then kind of had this, I don’t know, just this mental block, this mental change. It was like, ah, well, but now these aren’t counting, it kind of felt like, right?

Tyler Emrick:

Sure. Yeah, absolutely.

Walter Storholt:

Even though that’s not the reason you give, it just still sort of had this little oof.

Tyler Emrick:

Yeah. And there’s planning ways, Walt. I mean, we got Qualified Charitable Distributions, QCDs, we got the donor advised funds. We can work it around. But no, you’re there. Absolutely right for some individuals.

Walter Storholt:

The initial thought process for sure.

Tyler Emrick:

Yes, absolutely. And certainly there were some individuals that just didn’t gift enough. They were still very charitably inclined, but maybe they just didn’t gift enough to get to those high, high, high standard deduction amounts. So no, I think it’s great as well. So done with deductions, Walt, done with deductions. And the final thing I wanted to bring up, which for those small business owners that are listening, I think this will be a pretty welcome change, but there is what’s called a qualified business income deduction, QBI, or Section 199A. There’s many ways to say the same thing.

Walter Storholt:

This is the part that always complicates my tax returns, Tyler.

Tyler Emrick:

Yes. But for those small business owners, there’s a lot of planning around this, especially for individuals where we’re planning around income and doing tax projections for those families that we work with that own small businesses. The QBI deduction was really probably at the center of a lot of that planning. It’s a pretty hefty deduction. It’s 20%. They made that deduction permanent with this bill as well. Now, they did make some adjustments to the income limits and phase in ranges and things like that that you need to be certainly be mindful of. That’s not going to be new. There were income limits and phase outs and all that good stuff with this deduction before, but they did make some slight tweaks to them in the legislation. But I think the big key point is that, hey, that QBI deduction’s going to be here to stay and certainly going to be a welcome benefit for this small business owner listeners.

So I rattled through a lot of these Walt. I mean, boy, a lot of tax savings. Obviously, as we think about deficit and things like that, I’m sure there’s some listeners going there. “Well, hey, what’s going to be the impact there?” And again, I think it kind of comes back to that, well, hey, which side of the coin or which news channel are you maybe listening to? Some of those early analysis of the bill, look at adding, I think, around 1.2, to 1.4, 1.5 trillion, I think, to the deficit over a number of years. Certainly if you talk to the administration, they’ll talk about how these cuts will actually provide more economic growth, and that growth will then go to offset some of the deficit too.

So you think about how it shakes out, certainly complex to say the least here. But as we rattled off a good handful of these changes, as you’re a listener, you’re probably sitting there digesting going, “Wow, we’re getting some tax breaks here” as you kind of think about how this is going to trickle down to your actual individual return on a year in and year out basis. Yet to be seen, how that actually affects maybe some of the broader, bigger, harder questions to answer as we start thinking about the economics of the deficit and all that other good stuff. But all in all, a lot to unpack. Hey, we didn’t even get to Trump accounts or some of the other things coming down the pike from a change standpoint, but I’m sure down the road we’ll be touching on some of those things as we start to get more clarity on how they’ll impact. I mean, 800 pages, Walt, 800 pages. So there’s certainly going to be some things sneaking through there for sure.

Walter Storholt:

I’m glad you read it so we don’t have to, Tyler, and much appreciate you doing that. If you want to find out about some of those other things that are in the bill, you can certainly maybe do that when you have a consultation or a visit with the team at True Wealth Design because that’s when they’re going to start getting into that comprehensive planning and really digging under the hood of your particular situation. And one nice thing is then we can kind of go from trying to produce an episode like this where we touch on things that might impact everybody to say, “Okay, this is your individual situation. Let’s call out what’s important for you and really dial in there.”

Tyler Emrick:

Yeah, especially for those business owners that are out there, maybe have some complexity there from the business and some of the deduction changes and so on and so forth. But yeah, absolutely.

Walter Storholt:

Yeah. So a great next step if you’re looking to take one to try and do some better planning around your finances, whether a small business owner or an individual or a couple, just trying to prepare for your retirement future. If you’ve done a good job saving, there’s a great opportunity to meet with Tyler, Kevin, and the rest of the great team at True Wealth Design. All you have to do is go to truewealthdesign.com, click the Let’s Talk button. That’ll allow you to schedule a 20-minute call with an experienced advisor on the team, see if you’re a good fit to work with one another, start uncovering some of these opportunities that might be available for your specific situation and get into the nitty and gritty of planning. That’s what the team loves to do. They read tax bills 800 pages long over July 4th weekend. You’ve got my vote, Tyler, from that standpoint of-

Tyler Emrick:

I still ate my fair share of hot dogs, Walt, all right? Come on. Cut me some Slack. I still got some hot dogs down.

Walter Storholt:

Did you eat as many as Joey Chestnut?

Tyler Emrick:

No, I did not beat him. I don’t even come close to that. I think I got two down though, so not too bad. Two.

Walter Storholt:

Two, okay. So I don’t know. That’s like, I don’t know, a little more than 2%, maybe, something like that.

Tyler Emrick:

Of what he had, I don’t know. But yeah, no, not on that level, that’s for sure.

Walter Storholt:

That guy’s insane. Well, you’re the Joey Chestnut of financial planning. How about that?

Tyler Emrick:

We’ll take it. We’ll take it.

Walter Storholt:

We’ll go that route. Well, again, just go to truewealthdesign.com if you’ve got questions. You can click that Let’s Talk button. Or in addition to that, look for other great resources. Read the blog, check out past episodes of the show. So much more there for you as well to check out, so please do that. And we’ve got links to that in the description of today’s show so that you can find it easily. And don’t forget to like and subscribe today’s video if you’re watching on YouTube. It helps the channel grow and get our message out to more folks. And Tyler, thank you so much for the help today. Really appreciate it.

Tyler Emrick:

Yeah. It was fun. We’ll catch you on the next one.

Walter Storholt:

All right, sounds good. We’re Tyler and Walter. We’ll see you again on Retire Smarter.

Speaker 5:

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