Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Re: New 1099er Date: 12/12/2007 12:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
1) Other than the employer's portion of Social Security what other additional tax liabilities do I have which differ from the W-2 world?

It's not really a tax, but you are going to lose any unemployment benefits, worker's comp coverage, and possibly your state disability insurance coverage, if you have any.

2) Working on my own opens me up to quite a few retirement savings vehicles, but do I need to incorporate myself or can I just continue as is and be able to take advantage of solo 401(k)s or Keogh plans and such?

You can do a solo 401k or Keogh plan without a corporation.

3) Moved to Colorado as a result of this change. Can I deduct moving expenses and expenses to set up my home office along with % of home cost of this office (used solely for work related activities)?

Possibly. The moving might be a bit iffy, depending on your facts. But as a self-employed person, a home office should be just fine, assuming you otherwise qualify - use the space exclusively and regularly for business, for example.

--Peter
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Macro Economics

U.S. Stable, Europe Stalling
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement