Empowered Women, Stronger Futures: Why It’s Time to Take Control of Your Finances

Ladies, it’s time we talk about money — not just spending it but truly understanding it. I’ve met too many brilliant women who can run a household, raise children, and juggle careers, yet feel intimidated by taxes, investments, or financial planning. Here's the truth: mastering your finances is not just about dollars — it's about freedom, independence, and peace of mind. Whether you're single, married, divorced, or in a relationship, knowing how money works — and how to make it work for you — is one of the greatest gifts you can give yourself.

Financial Literacy Starts with Taxes
Let’s face it: no one enjoys tax season. But if you want to take charge of your money, you need to understand the basics — especially if you're self-employed, own property, or manage investments.

Here are 6 key tax concepts every woman should know:

1. 1099 Form

If you’ve ever freelanced, had a side hustle, or worked as a consultant, chances are you received a 1099. This form shows how much you earned — but here’s the catch: no taxes are taken out. That means you’re in charge of paying your own income and self-employment taxes. Knowing this early can help you plan better and avoid penalties.

2. W-2 Form vs. 1099 Form

If you work as a traditional employee, you receive a W-2 form. This means your employer withholds income taxes, Social Security, and Medicare from your paycheck. With a 1099, you're considered self-employed and no taxes are withheld — you're responsible for paying them yourself.

Why it matters: W-2 income typically makes it easier to qualify for a mortgage because lenders view it as more stable. But with the right planning, 1099 income can also work — you just need strong documentation and a clear tax history.

3. W-9 Form

Before you get that 1099, the company paying you will usually ask for a W-9. This simple form provides your taxpayer info (SSN or EIN), confirming you're working as an independent contractor — not an employee. It’s your first step into financial independence.

4. Adjusted Gross Income (AGI)

Your AGI is your total income minus certain deductions like student loan interest, IRA contributions, or HSA deposits. It’s the number that determines how much tax you owe — or don’t. Understanding your AGI is key to maximizing your refund or lowering your bill.

5. 1040 Form

This is the tax return form most individuals use. It outlines your income, deductions, and final tax amount. Learning to read a 1040 is like reading your financial report card — it shows you where your money went, and how much you kept.

6. Deductions vs. Credits

Let’s simplify it:

• Deductions lower the amount of income you’re taxed on.

• Credits lower the actual tax you owe — dollar for dollar.
  Both help, but credits are more powerful. The more you understand, the more money you save.

Click here for a video that will walk you on a 1040 from example.

My friend, you don’t need to become a tax expert — but you do need to engage. Ask questions. Track your expenses. Learn what applies to you. The more you know, the stronger your financial future will be.

Let’s build a future where women don’t just earn — they grow, protect, and pass on wealth.

As a real estate broker with over 20 years of experience, I’ve seen firsthand how financial knowledge — especially around taxes — can make or break a real estate deal. Understanding your income, deductions, and tax liabilities can improve your credit profile, help you qualify for better mortgage terms, and uncover smart strategies to buy or invest in property.

Whether you’re buying your first home, building a real estate portfolio, or just exploring your options, I can guide you through the financial side of real estate — not just the showings and contracts. Because real estate isn’t just about buying a house. It’s about building wealth, protecting your future, and making empowered decisions.

Let’s work together to turn financial literacy into financial freedom — one smart investment at a time.

Laura Lerma