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-- -- Meanwhile what -- they almost -- -- your assets tonight with a few last minute tax tips for these self employed.
Maybe just started a company need some advice Dominique -- -- is joining us tonight president of diversified financial consultants.
With some tips are so let's take a look first of all of the number of self employed Americans 22 point Mitt one million people this -- in 2010.
I know a lot of people out there have started working on their own because of this economy these numbers are going up up up 14% in the civilian workforce.
You say you need every piece that the data -- to prove Hillary's seat to prove what -- and what's coming up for.
It would just come through the Great Recession many people got laid off millions of Americans got laid off through necessity -- entrepreneurship they created their own companies.
So they used to having paid -- taxes taken out of their paycheck withholding happening.
The money dissipated automatically.
Now they're on their routes you have to -- and smell and operate every day like you're a business and a lot of it has to do with taxes and how you paid it.
Yet attract everything keep every receipt what do I hold -- -- well the first thing is you have revenue coming -- she need to track your revenue coming -- if you're operating a bakery -- you're a contractor.
-- you really brawl you know what you do you may not be -- brilliant book keeping you have to keep very accurate records.
Income coming you'd expect to go -- out.
And I mean everything if you -- how to taxi he took a trade it's typical -- If you spent eight dollar to try to generate revenue to go see -- -- to do work to do business a lot of -- had a paper it all goes down you'll write it down and pay down debt and don't wait till the end of the year don't wait until the IRS -- sitting in front of you welcome -- to have a point you probably should be filing quarterly right great great points it is a real big problem people will not used to not having -- -- -- -- -- -- -- -- You gotta set aside on the part.
Part -- all the site make estimated tax payments on a quarterly.
-- save received safer -- keep the receipts say for taxes.
Now you know for individual things off send the home office is a big fat red flag to auditors.
But if you have your own businesses it's legitimate it's a legitimate right off if you operate out of a bedroom a spare office.
You the portion that is actually used for work you are allowed to deduct.
A portion of the mortgage interest apportion the real estate taxes apportioned electric -- -- heating bill you are allowed to deduct it don't get.
Don't they -- a lot of legitimate deductions this is not a player who has -- gets complicated though because I've seen some of the metrics on this because I've done it myself.
Because you're taking a portion of what you're paying to heat that how around like yeah.
Actually look at the square footage of the -- -- it's a hundred square feet and house's 3000 square at the Euro but it deduct that percentage of your expenses and it's fair game and gain a legitimate you should do it.
I want to talk about retirement planning brought this up in the break and I thought what he's -- He said -- self employed as a great opportunity for retirement plan a great opportunity we sort issue because we had a number of.
Self employed individuals who have gone through a couple of rub here -- Focus -- 2012 they have great year they show up now on my god what do why do except planned simplified employee pension you can still don't for 2012.
Simple wire rates so low 401K.
You can get upwards of 50000.
Dollars in on a pre tax base of socket a wet sock it away and what you've -- to retirement I can't worry -- current how about saving 3040 cents in taxes.
-- every dollar.
Really really popular now.
-- you I know so many people in the situation who are so focused on paying for their kids' education.
Why did he say for yourself as you know what the kids not gonna pay for your retirement you wish to go up putting it off until tomorrow we try to give our points eight.
Actual reason to put those monies away it's really powerful they actually do it.
Received huge piles of money.
Dominic you rock thanks for coming anchor tonight a great day you get of people lot of great advice holy -- Definitely some 22 point one -- if they're watching tonight thank you thank you.
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