Here's a tax tip, if you are your own boss.
FOX's Ginny Kosola has today's FOX News Radio Tax Tip:
Are you an independent contractor?
I'm Ginny Kosola with your FOX News Radio Tax Tip.
If you're an employee, you receive a W2. If you're an independent contractor, you receive a 1099.
CPA Fred Slater of MS 1040 says if you're an employer, you need to ask these questions:
(Slater) "On a realistic level, am I controlling what you do? Am I controlling how you do it? And do I have a say in when you do it?"
His colleague, CPA Ellen Minkow says receiving a 1099 means you can take business deductions:
(Minkow) "If you're self employed of course you get 1099's, but you have all these other deductions to go against the 1099 and it's your best interest to do that."
If you are an independent contractor, you are self employed.
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Ginny Kosola, FOX News.