Kimberly R
New member
I am thinking of tutoring/homeschooling a student in my home. Over the course of the year I will make approximately $20,000. How should I claim this amount to save the most amount of tax money possible? Should I ask the parents to provide me a 1099 as an independent contractor or to claim me on a W2? I am unclear as to the income tax vs. self employment tax implications. Do I pay normal income tax both ways (1099 or w2) and is it just if I claim independent contractor/self employed that I additionally pay the self employment tax which I heard is about 15%? Any help is greatly appreciated. We are desperately needing as much money as possible and want to legally pay the minimal taxes due. Thank you!