Using =Today() to replace in place of a cell reference formula

https://community.smartsheet.com/discussion/comment/421684#Comment_421684

In regards to above linked question/answer from KPH 2/24/24 - 3rd to last Parr. mentions using today's date rather than a referenced cell. Can someone elaborate - If there is no cell reference where do is the today formula inserted into the overall formula. ie: if using Base Date cell reference is:

=ย DATE(YEAR([Base Date]@row), MONTH([Base Date]@row) + 1, 1) - 1)

change to current today's date? - where is the =Today inserted. below yields incorrect argument

=ย DATE(YEAR(=Today(), MONTH(=Today() + 1, 1) - 1)

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