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Here I break down the 3 main forms of tax returns that the majority of the population fill out every year. This guide will help you determine whether or not you have to file a W2 or 1099 tax form depending on how your wages are paid. As for which one saves you more money, it will depend on your circumstances when filing 1099. It can either lose more income or earn more income in a form of assets that W2 files cannot utilize. Form 1040 is a summary of all the income over the end of the year and helps check and balance any equations of revenue that have mistakes. Another note is that these tax forms are very similar to each other but function differently in each state for example states with no income tax don't have to file income tax returns compared to states with income tax.

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Timestamps:
00:00 Introduction of Form 1099, W2, 1040
01:29 Form W2 (wages return)
03:01 Form 1099 NEC (Contractor Compensation)
05:00 Form 1040 Individual Income Tax Return
06:00 Example of Form 1099 NEC vs W2 which one saves more money
16:05 Why do Business Owners have expensive items
19:20 Warning on Risk of Claiming Products that aren't part of the Business

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