The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: New 1099er||Date: 12/8/2007 4:13 PM|
|Author: dht106||Number: 97119 of 122558|
I recently became a consultant for the company with which I have been working for 10 years. Obviously as a result I am no longer an offical employee as I am now compensated under a 1099.
Several questions regarding my new situation:
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?
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?
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)?
Look forward to any guidance you can give
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