John, good to see you've got your favorite topic here taxes, how to reduce taxes in your portfolio. You've probably heard about asset allocation, but perhaps just as important, asset location where you keep your assets and a tax advantaged account or a traditional brokerage account can significantly lower the tax bite in your portfolio. So let's start high level. Please talk through the tax benefits of a traditional and a Roth IRA and how each has its own unique tax benefits. Yeah. So I love how you started off with asset allocation versus asset location. So we know you want to be diversified asset allocation, but asset location, where do you have your money taxable buckets, tax deferred or tax postponed buckets or tax advantage. So here we're going to focus on the tax deferred versus the tax advantage or tax free. So you have two options, the IRA or the Roth. Or if you're still working, your 401 k versus a Roth, 401 k. So with this, you have to understand, I use this analogy you are going to you get a tax break on your upfront investment. So let's say you put $10,000 into your 401, K, you have $100,000 of income. Instead of showing $100,000 of income, you're going to get that instant gratification of $10,000 and your tax deduction is going to be 90 or your taxable income will be $90,000 sounds great, except for the fact that you've now made the IRS a partner in your investment strategy. So here is what we call the farming analogy. You're planting a seed, and the IRS comes to you and and says, Hey, listen, you don't have to pay the tax on the seed, but when your crop harvests, then we will go ahead and receive a tax on how much has been harvested. So imagine you did very well in this analogy, and you grew to one or $2 million well, now you have what I call as the the potato chip tax problem. And if you've opened up a bag of potato chips in the last couple years, you've realized that while you might be looking at that $2 million IRA and saying, I have $2 million just like you're opening up that big bag of potato chips, it's not until you open up the bag that you realize that's potato chips start at the halfway mark. Same thing with your IRA. The government is your partner. They are going to take their their chunk of change. Now, on the flip side, you have the Roth approach, whether it's a Roth 401, K, Roth, Ira, Roth 450, 7b any, any account that says, hey, listen, you don't get the tax advantage. Now, if you put $10,000 into that account and you made 100,000 you're going to show $100,000 of income, and therefore you're going to pay more taxes. However, that money grows tax free, because you don't have an investment partner, none of that money belongs to the government, right? Remember in the IRA, that tax that you deferred is the IRS is chunk of change that they're helping you invest with here, going back to that analogy, the IRS comes and you say, no, no, no, no, I'm going to pay the tax on the seed right now, so the harvest is mine, and you settled the bill at a rate you've determined. And remember, we have $36 trillion worth of debt. What if the government double taxes? Well, then your your your loss just doubled. All right, next, something that we have talked about before, consider tax loss harvesting. How does this one work? John, yeah, so we just talked about tax deferred and tax free these this is your taxable bucket, and this is where, you know, dividends and capital gains really become an issue. But for a lot of people, they don't realize this, and I've even seen with advisors where they haven't cared about the capital gains. And I have a talk with my clients all the time. Would you rather have lower taxes and have potentially more market risk? Or would you rather me try to grow as much money as I can avoid market risk and sell because that's what triggers the taxes well within this strategy, you have what's called tax loss harvesting. So let's say you're going through and you have a big loss on on the books, you could sell that dud of an investment and at least find the silver lining that you can offset that loss against perhaps another gain. So let's say you have, you know, you bought Nvidia a couple years ago. It was rocking and rolling. And on the other hand, you had bought Disney, which was not doing good at all. You sell Disney, and let's say, you know, the Disney was a $5,000 loss, the NVIDIA was a $10,000 loss. You could sell half your shares, and. And you've offset that, and that goes into the that's what's called the tax loss harvesting. You took a bad asset and you offset some of the good assets. Now, why is this important? It kind of goes into the other strategy of tax gain harvesting. And this often goes very, very overlooked. People just say, Hey, I'm winning. I'm winning. I'm winning. I'm going to roll with it. I'm going to roll with it. And the next thing I know, they have a very large position, which is great. It's a first world problem. But they have a large over concentration. So I've seen people that all of a sudden their positions have grown to 234, $100,000 and makes up 25, 30% or 40% of their portfolio. Well, what happens when that bubble bursts on that index or that investment and that drops, you're going to lose a significant amount of money. So tax gain harvesting, if you have some investments that have done really well and you are trying to maximize that balance of market gains and taxes, then it might be a good time to actually pay the tax, sell some of that gain, pay the tax, or harvest it with a loss, to control and balance your portfolio in both tax and market risk. All right, so now let's drill down into asset location. Dividends and other cash distributions are typically taxable in the year that you receive them. To minimize your tax burden on dividends, consider where you hold your investments. What do we need to know well again, understand if, if a qualified dividends and pay you 15% and you have a lot of that in your in your non qualified, and you're producing an income stream, and we're looking at our income maximizes. Where to exactly take it from? You know, we might take a little bit from your IRA. We might take a little bit from your non qualified to balance out that tax bill. So if you have qualified dividends or, and I know we'll get to this in a little bit, but long term capital gains, and you're really trying to minimize the taxes in that year, then you're going to want to have that taxable account as your choice. Now, if you have other things like, and you know, CDs or, or, or just bond instruments that pay interest income, or structured notes. You know, structured notes, we've used them for our clients for a long time. They're great investments, but they are not tax friendly. You want to put those into your IRAs, because if you're going to pay ordinary income, well, you might as well just use the ordinary income of tax deferred, right? Don't use your ordinary income in your taxable bucket, which should give you a zero to 20% and worst case scenario tax bill. And then next, take advantage of long term capital gains tax rates with strategic planning, there is a potential for a 0% tax rate, yeah, well, yes and no, right? I mean, that depends on your income. 44,000 I think 900 for for a single filer. 96,000 I think like 400 for married filing jointly. So if you have a pension and all that your capital gains are going to get there, you're always going to have some type of capital gains tax. But you know, if you're one of those people that has very low expenses, and you don't need a whole lot of income stream, and you're making, you know, $70,000 then you know you can take a distribution from your taxable account and not pay any tax on it, or you can go back and tax gain, harvest and minimize your market risk with no capital gains, because you're underneath that income limit. When it comes to taxes, there's so many different planning strategies, and especially when you start to combine it with income distribution strategies and market risk. I mean, we could, we could do a 10 hour master class and then some Erin, well, I know that we could. You could. No, I know that this is certainly one of your favorite subjects to do a deep dive on. And just a good reminder to everybody watching that we have done many strategic tax planning videos, and they're on your website, on you on your website, gosecurus.com, and also on YouTube. But if somebody wants to sit down and talk through these strategies with you, John, because like I said, some are a little bit more advanced than others, what's the best way to reach you? Yeah, well, you mentioned it. Visit our website, www.gosecurus.com, where you can learn all about us, our advanced planning and what we really bring to the table, along with, you know, large, large library of videos and podcasts. And while you're on the website, just visit the contact us tab. And if you have any questions, you can schedule a 20 minute conversation over a phone call. Where we'll answer any general questions, or if you want to go more in depth and are interested in our planning schedule a one hour complimentary vision and clarity consultation. John, thank you so much. Thank you. Erin, you.