The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  New 1099er Date:  12/8/2007  4:13 PM
Author:  dht106 Number:  97119 of 127549

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

Fool On

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us