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Financial Planning / Tax Strategies


Subject:  Re: New 1099er Date:  12/12/2007  12:56 PM
Author:  ptheland Number:  97177 of 127513

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.

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