1099 and W-2 Emp S CORP, C CO BREAKING
Inflation can make people nervous about the future. Here are a few smart ways to manage your money in any economic climate — but especially during a recession. 5 SMART FINANCIAL TACTICS TO USE DURING A RECESSION No. 1: Make every dollar count. This year, the price of gas has climbed considerably, but what should you do when driving is part of your job? Dan Varroney, founder of consulting firm Potomac Core and expert on economic performance, told NBC that people can stretch their dollar by utilizing mass transportation, carpooling, or walking. You can also combine trips with multiple stops or shop locally to save on gas and time in the long run. No. 2: Check your spending. The internet is full of trendy subscription-model brands and products, but are you still paying for ones you aren’t using? A 2021 Chase survey revealed that two-thirds of consumers have forgotten about at least one recurring payment in the last year. In fact, more than 70% of consumers waste over $50 every month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about. No. 3: Get rid of (or don’t use) high debt credit cards. Canceling a credit card can have some temporary consequences on your credit score, but if you can afford it — or need to remove the temptation altogether — cancel credit cards with high interest rates. Get a card with 0% APR if you need time to pay off new purchases before interest kicks in. No. 4: Boost your emergency fund ASAP. In life, setbacks can happen when least expected — and least wanted. This is the time for cushioning the fall in case you have any large unexpected expenses that could have major consequences on you and your family’s livelihood. No. 5: Roll over to a Roth IRA during the market downturn. Since IRA contributions are invested into the market, the downturn makes it cheaper to transition your after-tax traditional IRA into a pre-tax Roth IRA, which means you’ll keep the full dollar amount of your account in retirement. According to Clark Kendall, certified financial planner and CEO of wealth management firm Kendall Capital, transitioning into a Roth IRA may “cost 20% less if your retirement account is down 20%.”
1099 and W-2 employees — what’s the difference?
When it comes to taxes, whether you are a 1099 worker or a W-2 employee makes a difference. Both 1099s and W-2s are the specific forms your employer uses to report your wages and taxes withheld. A 1099 worker is an independent contractor or a self-employed worker, such as a freelancer or gig worker, while a W-2 worker is employed by the company directly and receives both benefits and regular pay. 1099 workers and contractors will receive a 1099 form to report their annual income for taxes, and W-2 employees will rely on W-2 forms to report their income along with the taxes withheld from compensation.
Generally speaking, a business may hire a 1099 worker to work on a specific task or project as outlined in a contract, and their hours are typically flexible, defined by themselves. In some cases, 1099 workers may outsource the work to others
No-Fuss Chicken and Rice Soup
Inspired by RecipeTinEats.com
Put these tips in your back pocket — they just might help get you through any economic climate!
Fall is almost here, so it’s time to break out the soup! Your family is sure to love this recipe — it’s a classic.
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