Tax Savings Strategies for the Self-Employed
In this episode, Luis speaks with Carter Cofield, C.P.A., P.F.S. Carter is a Certified Public Accountant (CPA) who is dedicated to helping entrepreneurs save money on taxes. He’s spent years learning the best tax savings strategies so that he can teach them to entrepreneurs and business owners everywhere. He’s also the owner of Cofield’s Concepts which is a financial literacy website teaching people how to make more money, pay less taxes, and be their own boss! Check out his website and podcast for free resources at cofieldsconcepts.com.
Luis is the founder of Build a Better Financial Future LLC. He came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City Luis noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education.
From participating as an FPA NexGen ambassador/host, and being a CFP Board Ambassador, Luis uses his platform to help spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the profession.
He is the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia Top 100 Financial Advisors in 2020.
In this episode, Luis and Carter discuss the following and more:
- Who is considered self-employed.
- Some of the major mistakes to avoid when running your own business.
- Retirement saving options for the self-employed.
- Best strategies for managing your taxes and your cash flow.
- Charging what you’re worth.