When filing taxes, understanding the differences between W-2 and 1099 forms can significantly impact your decision as an employee or independent contractor. W-2 forms generally apply to employees whose taxes are withheld by employers, while 1099 forms pertain to independent contractors responsible for their own tax contributions. Choosing the right classification affects your taxes, deductions, and benefits. Exploring the pros and cons of each option can lead to more strategic financial planning and compliance. Gain insights on factors like job security, control over work, and tax responsibilities to guide your decision.
January 4, 2025
W-2 vs 1099: Navigating Your Tax Filing Choices
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