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<v Speaker 1>Let's say good morning now to the host of How

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<v Speaker 1>to Money on KFI, Joel Larsguard. Joel, Liberation Day is tomorrow.

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<v Speaker 1>What is that going to mean? Oh?

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<v Speaker 2>Yeah, that's like what everyone's that's the question on everyone's

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<v Speaker 2>mind because we don't really know. The Liberation Day talk

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<v Speaker 2>has been kind of sort of specific but also intentionally vague,

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<v Speaker 2>and so I guess, like the great unveiling will come

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<v Speaker 2>tomorrow and we'll find out what that we're talking about,

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<v Speaker 2>but certainly it's going to mean increased tariffs on other

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<v Speaker 2>countries who the President feel that the President feels like

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<v Speaker 2>we don't have a reasonable trading balance with and so

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<v Speaker 2>I think what that means for consumers at the end

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<v Speaker 2>of the day is higher prices on certain goods, and

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<v Speaker 2>it means right now a lot of uncertainty for businesses.

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<v Speaker 2>And so it's been I would say it's been a

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<v Speaker 2>tough start to the year economically and on the macro perspective,

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<v Speaker 2>just because of the severe uncertainty and the fact that

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<v Speaker 2>businesses are just like, where's this going and theack of clarity,

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<v Speaker 2>which maybe we'll get more tomorrow has been one of

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<v Speaker 2>the toughest things. The tariff part is tough, but the

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<v Speaker 2>uncertainty part is tougher.

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<v Speaker 1>Okay, So then and I guess these are questions that

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<v Speaker 1>we won't know because you just said we kind of

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<v Speaker 1>don't know until we know, But you know, like, are

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<v Speaker 1>they going to start passing those increases along immediately? Is

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<v Speaker 1>there going to be some lag time?

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<v Speaker 2>So typically I would say the lag time isn't long.

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<v Speaker 2>It's it's interesting because consumers have if you look at

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<v Speaker 2>the numbers already said but we're looking down the line

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<v Speaker 2>and we're seeing the fact that prices are going to

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<v Speaker 2>go upon cars potentially significantly, and so I'm going to

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<v Speaker 2>go buy a new car. Now you and I have

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<v Speaker 2>talked about that, and how well if it wasn't already

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<v Speaker 2>on your plan, Like you don't want to go out

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<v Speaker 2>and buy a car just because prices are likely to

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<v Speaker 2>go up. But it's it's true, like consumers are changing

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<v Speaker 2>behavior and they're front loading purchases because of the reality

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<v Speaker 2>of tariffs coming in, especially when they know in advance

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<v Speaker 2>it's not going to be long before because of the

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<v Speaker 2>way the supply chain works and the economy functions, it's

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<v Speaker 2>not going to be too long before we see rises

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<v Speaker 2>and prices on some of the things where tariffs are implemented,

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<v Speaker 2>and so the Yale Budget lab predicts that if there

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<v Speaker 2>are like twenty percent broad based tariffs, the average household

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<v Speaker 2>is going to feel the pain between like three and

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<v Speaker 2>four thousand dollars in lost purchasing power per year. So

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<v Speaker 2>that's a lot of money.

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<v Speaker 1>Yeah, add that on to the twenty percent inflation we've

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<v Speaker 1>seen in the last couple of years. That's another just

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<v Speaker 1>keep piling.

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<v Speaker 2>On, right, and it's I think it's exactly the opposite

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<v Speaker 2>of what they were hoping for in a lot of

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<v Speaker 2>ways when they opted for President Trump at the ballot box.

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<v Speaker 2>Was Hey, like, lower prices is a huge part of

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<v Speaker 2>the reason I'm going in this direction. And then lower

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<v Speaker 2>prices and tariffs, well, you just can't really utter them

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<v Speaker 2>in the same breadth because they're they're going in opposite directions. Again,

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<v Speaker 2>I think there are geopolitical reasons for certain specified tariffs,

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<v Speaker 2>but I think for the most part this is this

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<v Speaker 2>isn't great policy, at least from a consumer standpoint.

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<v Speaker 1>Okay, speaking of consumers and money and having it or not.

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<v Speaker 1>We have tax stages two weeks away, although in La

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<v Speaker 1>County you do have the extension because of the fires.

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<v Speaker 1>It's everybody in La County has an extra six months,

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<v Speaker 1>so October fifteenth is the deadline, but that means that

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<v Speaker 1>probably fewer people have filed at this point.

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<v Speaker 2>That's exactly because of natural disasters California and North Carolina

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<v Speaker 2>other parts of the South, when Hurricane Helene came through,

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<v Speaker 2>some people have extra time, and so the IRS did announce, Hey,

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<v Speaker 2>we're actually seeing we've had fewer filings so far than

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<v Speaker 2>we did last year. But I think that makes sense

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<v Speaker 2>because of the number of people overall who don't have

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<v Speaker 2>to file yet, who have essentially the ability to file

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<v Speaker 2>in October and not pay any sort of penalty, which

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<v Speaker 2>is great. If you don't live in La County, it's

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<v Speaker 2>time to get on it, right, You got two weeks left.

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<v Speaker 2>And I just want to say, like one of my

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<v Speaker 2>favorite places for people to consider filing their taxes, it's

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<v Speaker 2>cash app Taxes, and cash app is is typically like

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<v Speaker 2>a peer to peer payment service, but they bought this

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<v Speaker 2>service from credit Karma and it's the only legitimate free

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<v Speaker 2>service I know of for federal and state filing, and

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<v Speaker 2>it's pretty robust, like they do a pretty good job.

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<v Speaker 2>So that's one to consider especially if you have a

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<v Speaker 2>not very complex tax return that you need to file.

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<v Speaker 2>If you have a very complex tax return, it's typically

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<v Speaker 2>a good idea to hire somebody to help you with that.

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<v Speaker 2>And just know that you're probably at this point, even

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<v Speaker 2>if you find somebody who says I'm willing to do

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<v Speaker 2>your taxes, you're likely filing extension if you don't live

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<v Speaker 2>in La County in order to in order to have

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<v Speaker 2>longer two file. That still doesn't mean that you don't

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<v Speaker 2>have to pay estimated taxes if you're going to owe money,

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<v Speaker 2>but you might still need to file extension anyway. You

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<v Speaker 2>might not be able to get it done in time

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<v Speaker 2>if you're finding someone else to help you with that.

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<v Speaker 2>With your t.

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<v Speaker 1>Okay, Joel Larsgard, the host of How to Money every

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<v Speaker 1>Sunday from noon to two on KFI, always such great

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<v Speaker 1>advice and we appreciate it. I hope you get a

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<v Speaker 1>big refund this year.

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<v Speaker 2>Thanks you too, Hate me all right,