1099 — PROS/CONS
1099 — (PROS & CONS)
- Work your own hours – more autonomy in many cases.
- Work as many 1099 contracts as you want.
- May pay a bit more than W2
- Tax Write-Offs — tax write offs depending on which form of deduction you use; you can usually write off up to 300 sq ft for home office, any furniture, electronics, supplies, etc. used for your job, partial electric bill, internet, etc.
- Generally no benefits
- Contracts can be fleeting and unstable! If they over-staff or the client disengages, you may lose the work they thought they had for you.
- You need to do your own tax withholding— You pay both Employer and Employee Tax.
***We, here at JFAMC, ALWAYS recommend that you seek competent, Professional help from a qualified Tax Preparer in your geographic area.