And -- -- we're back -- joining a mark McDougal peace. The other. They get regular regular one and only you -- this in the studio thankfully. Before we took the break we were sharing with you some. Some ways to save on that summer spring and summer utility bill. And that now we're gonna jump in with semi -- decent tax saving -- tips is that what you gonna do you think he said Max and I retired navy -- try to -- -- from what you tell -- in a -- or eight ways to simplify your finances. Doesn't go that -- -- I -- -- to forward okay so -- number -- his son and this information is from actually -- then this morning got a nice little fresh information from a David dead men. Who I don't know when he's I'm not connected. Now David you did you might be dead men. Yeah I'm OK so one number one is and I think these are these are you agree with -- strength -- -- -- get number one is cash. He's cash folks keep it simple. Keep it can kiss used to kiss method using cash than you probably not gonna spend quite as much money. Tom you're not canoe well. Spend. I can tell you when you go to restaurants. Statistically proven you're not gonna tip is much. I'm already done -- -- how Aladdin knowledge of the credit -- people leave a little more money and credit card sorry to -- of the of the people in the service industry and to serve. Here's Greg -- had a great change properly so that they're not trying to force you'd need to give him the ten. Or the -- are you -- Christian. Nothing. There're there are times that that happens like -- changed -- -- -- you're you're you're you're you're telling me here ma'am if given the option B 84 dollars 186 or the ten. We've taken in India. It's four or to make you go more change -- I don't have time for that somehow they're in were all the guys that for whatever reason that have you know how did you rentals in college I'd roll the dice a Michael K. I've I had though some say it's a 120 dollar bill that they're they're premium Mike you I didn't break this fives. In -- and some change but is there -- give me more than five bucks then you know I don't I probably good with nothing. Wow so I'd rule ideas -- live in my -- David tab upright rolled the dice here David and you and -- Juan baby. OK so while met number one use cash number two. If you're -- use credit cards don't use more than two. Keep it simple folks did give multiple credit cards you might miss a payment on one next thing you know all interest rates are going up on all of them. And -- don't worry folks those those reward points you get on all of them. -- -- maximize one or two cards use those use them wisely. Keep the balances low on -- pay him off each month. But it's keep it simple on number three Craig what is it. Automate automate automate. His. Eighty song I think has -- and I don't know automatic anyway let's start direct deposit CID it is and I enjoy it but am I -- all -- -- sodomy as far as bill pay. But your check your paychecks of course have those automatically deposited. Not we're not going to the bank on payday seeing them on their body else is there a paid -- Also if you automate your bills and apartment they'll pay most banks office now with no charge. Works great when -- recurring -- future mortgage payment car payments even setting up your. Is great because he can log in real quick and get your bill you just plug in the number. Pay and you're set so it saves on checked he software but lost in the mail except if your bank loses at the mail but. If the case he said that that it's a great way to go. And I recommended you automate those also sit down once a month into -- once managed to great suggestion -- -- in a batch that way here not to feel like. Constantly every every month to paint a bunch bills that we also there's less chance one -- slip through the cracks. Remember five choose one financial institution -- -- if you've got to you've got two or three or four banks may be because you know. Craig got -- the free toaster reopened up an account there you got the silver dollar. Collection from five states and open -- there and next thing you know you got. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- On number six -- Number six guilt paperless. Should not concept Thomas say that I try to go paperless on a number of things are certain things I'd I'd like this to how little paper. If you wanna get you know and I resisted most of the paper listening for as long as they could there's certain things that I still wanna hold on to. Otherwise though if you go paperless you're opening environment suitable clutter. How it is we get a lot of bills you know a lot of paperwork for an -- -- and countertop that you need to start siphoning through -- rid of it. Sifting through and I should say but anyway. That's what you wanna do -- in if you go paperless it's also easier to organize it in your computer system he can go through look at everything online and check out. All right folks consolidate your debt on now don't do this to a a credit card -- consider doing this through. Either pretend that consumer loan if as attractive rates that your credit union or if -- makes sense to utilize some of that home equity with -- irresponsible mortgage plan you may come ahead by consolidating those high interest rate credit card debts. Potentially the student loans that setter into an overall. Lower. Effective interest rates and overall cash. Flow. Payment for use -- say those two isn't. Interest rates important. Cash flow is important but don't confuse one with the other sometimes people fall for the low payment pay a big premium for a other times people get so hung up on the interest rate that they did they put themselves in a payment that may be something they can't afford. So number nine -- Number eight number eight actually denied it would've been a bonus is only -- is only. A -- number eight solid investments investment counsel thing but does have one account with a really good advisors the trust that you like the good relationship with. If you get your stuff spread out a little bit too much. Pick the one advisor that can do you need done and you have a good relationship with and consolidate into one investment account makes it easier tax time excuse to manage. One phone call get a make when you're -- this kind of stuff rather directory. -- -- and even though the music isn't playing I'm gonna give another should you stay or should you -- scenario -- -- Kansas City -- with this question. Selling to investment property right now I plan to buy another investment property maybe two or three. I'm having trouble finding the right investments. That true I can avoid income taxes myself -- put the money in the sale the current problems in escrow account. Maybe we'll be Internet -- give back folks like visual and it's still eighteen. Our -- we are back like that you -- it. We're about to hit it -- -- -- should stay or should bill answer but we're gonna read you read the question I think for the listeners say they're likely unit after those great commercials. I forgot what was going -- for -- so yes frank got right frank you can't -- Kansas called this question I'm selling to investment properties right now. I planned to buy another investment property and maybe two or three. I'm having trouble finding the right investments. Is it true that I can avoid income taxes when myself. If I put the money from the sale of the current properties in an escrow account until I find the new properties. Well the answer written we can -- us. They were go on this the the answers go yes you can go go that yes you can avoid income taxes on the investor -- sales by. Putting their money into an escrow account such as any escrow account. You need to do what's called a 1031 -- exchanged typically not every title company out there. Specializes in doing is you're gonna need to find a company that does 1031 exchanges. We need you consummate the sale at your at that closing in those funds are now available because they have been. Theoretically paid do you. You do not take any of that money in your hands frank you put the tire company maintains that they put into usually interest bearing escrow account. Hold it there until you make the purchases on the new properties in at closing they wire the money directly to. The other title company years of buyers or sellers or whatever and the and in your money never changed hands in your -- cannot keep it receives the money. Or else it's going to be taxed so -- six months. Do that a 180 days -- at 1031 exchange. -- don't have forever finest properties and it's tough out there sometimes but yes frank your answer is. You'll say on this taxes. Hey give you little bonus to appear folks are got a tip on to be some bonus material that you can find on the web site go to life visual on it and I'll have directly to the Q&A section of the IRS. Actually it's FDA federation of exchange accommodate Ers and those battery goes -- that energize commentators. There's fantastic FAQ section that will ensure that you understand. IRS code 1031. And 31 that's the 131 may be all right Craig. Like to Portland you're ready -- -- it's OK yes OK Williams. -- that's a good question -- talk about the we're -- we're getting into the maximize your retirement accounts it's time folks wanna make sure that you are doing your best to save it's not retirement accounts that's close your reading number what you said it twice now and I'm sorry I'm not talking about maximizing retirement accounts but we are talking about maximizing your retirement accounts currently our student activists in the context of saving some money on your taxes so -- -- have been susteren and I forget. The -- okay folks -- a -- as we said maximizes retirement against during the tax year 2013. That's that's the year you be found -- taxes for here pretty soon by April 15. I'm not qualified individuals ages 49 and under. Could contribute and still can end up to 175 and to a 41 K or 43 B and 500 into an IRA. So. And it's qualified individuals fifty or older can contribute 23000. 41 K and 6500. It into an -- radio. So that means. Qualified people -- taxes on 23000. To 295. Of their income spending underage. And -- you can imagine that could be pretty sizable tax savings now folks. The situation is you've got till April 15 to retroactively. Make those contributions so again you can retroactively make those contributions it's not too late but get on the stick great -- -- money in taxes. Right consider -- traditional of verses are Roth IRA. And again you have the opportunity to eight up to April 2000. -- fifteenth 2014. I eat the -- a file those taxes to make those retroactive contributions. On the number three -- Maximize. Your health savings account you've still got -- April 15 2014. To make contributions and if you are out. It's four years or under and single you cannot contribute up to thirty to fifty. If you have a family and your 54 years work. Under you can contribute up to 645050. -- five -- can -- a thousand bucks to both of those. So folks remember this is another way to save you gonna get it basically discount on those health services EU. Pay for the it's 25 to 30% depending on your effective tax rate are a number four is up by health insurance the clock is ticking -- the provisions of the Affordable Care Act. Obama care the deadline to purchase health insurance is march 31 2014 assuming. But it doesn't get another extension I'm not anti Iranian didn't individual doesn't carry health insurance by that deadline will face attacks. Penalty that tax felony amounts to 1% of your household income were 95 dollars per adult and 4750 per child to a maximum of 285. Bucks. Per family folks go to. Penalty so it's not a sort of way to save taxes way to save on getting penalized. All right -- five file jointly is the same sex married couple in June 2013 US Supreme Court struck down the federal defense of marriage act. So what. You can save some money you now get the benefits that. Married. Filers. Achieved and that just began this year so take advantage of that tax deductibility if you are -- same sex married couple. On number six claim a home office deduction now make sure folks you having legitimate home office but starting at. January 20012013. The process to do so became a heck of a lot easier qualified freelancers contractors in business owners can now claim a flat home office deduction of five bucks per square foot up to a maximum -- 300 square feet. In previous years you had to maintain actual records of the cost of maintaining that home office space employees who work from home. Can also claim the deduction if they exclusively use this base. For the convenience of their employer in other words. You have a home office your employer to request that you work there it's not the convenes to view. Little clarification there folks do when we come back we have. We've got. Couple other savings tips that you're gonna wanna pay attention to life if you want to stay tuned.