Posted by: maxpayne May 26, 2020
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lots of advantages and disadvantages. Mostly depends on the rate difference.
On a 1099 you should open at least a LLC so you can deduct your mileage and track business expenses. You can deduct your healthcare costs as well at create a tax advantaged SEP ira which allows you to put 25 percent of net profits for retirement. That too at the end of tax filing date.
Tax wise you will have to pay both employee and employer portions. Best to pay taxes quarterly so you avoid interest if calculations are off.
W2 is w2, simple enough.
On a 1099 you should open at least a LLC so you can deduct your mileage and track business expenses. You can deduct your healthcare costs as well at create a tax advantaged SEP ira which allows you to put 25 percent of net profits for retirement. That too at the end of tax filing date.
Tax wise you will have to pay both employee and employer portions. Best to pay taxes quarterly so you avoid interest if calculations are off.
W2 is w2, simple enough.