Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: dht106 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121252  
Subject: New 1099er Date: 12/8/2007 4:13 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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

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

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.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
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.
Post of the Day:
Value Hounds

Mobileye's Growth too Hot?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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