The deadline to file your taxes is April 15th, and Fox 4 wants to help make your filing process go smoothly. A lot of you have come to us with questions about filing during this unusual time, so we've partnered with Adam Bruno at Evolution Retirement Services and Wealth Management to get you some helpful tax tips.
Bruno said we're in a world that's changing a bit when it comes to taxes.
Our fifth tax tip: if you're a younger worker, Bruno said if you can be a 1099 employee, instead of a W2 employee, it opens up more opportunities for savings and write-offs.
"It opens up the door for you to create your own corporation, create your own business entity. And then it kind of gets around the fact that we have a standard deduction. There's a lot more write-off opportunities. There's a lot more for you, especially if you're a hustler out there," Bruno said.
Bruno said he knows there's a stigma that goes along with being a 1099 employee, instead of a W2. A lot of people say a W2 is a sure thing, and you know you've got your money coming in. But Bruno said a 1099 can be a sure thing, too.
"If it's possible for you to do that, it just opens up the door for a lot more savings for you. And that's why those savings are there. That's why corporations get preferential treatment, because there's a lot of business expenses. And even if you're somebody who, let's say you're a hairstylist, if you can pay yourself as a corporation, there's a lot of expense that comes with being a hairstylist. Things that you can't necessarily do as a W2 employee anymore," he said.