Better to start earlier with less $ or 6 months later with more $

[Nathan Montes]

Hey everyone!

I ran into a fork in the road. I am 21 and have been working sales for 1 year under a W2 tax form. I also go to college full time. I drive around the city daily for work and am given the option to opt for 1099 tax form. With this I know I can claim my Miles along with other tax benefits. The downfall is that I wanted to purchase my first property once I graduated in June 2021 next year, and lending companies require 2 years of proof of income tax returns.

I can keep W2 tax form and lose a lot during the year. Or I can try to take advantage of 1099 write offs but wait an extra 6-7 months to get started on my real estate journey.

I am also aware with write offs it takes away from your income. I would like to know the right balance or the right taxable income amount I should be aiming for.

Sorry for the long question but I’ve put a lot of thought into this and am still needing further advice. Hopefully this can help others in the same position. Thank you!