Pros of being an independent contractor reddit. Is it worth working as an independent contractor? (self. Less BS, more money and more control over your destiny. It's much better to be a contractor than try to juggle multiple jobs. Apologies if this has been posted before, I could not find very much through initial searches. All else being equal you're generally coming out behind by being on a K-1. However, it can sometimes be hard to see the disadvantages before you dive in headfirst. Archived post. If you're an independent contractor you don't have access to EI, CPP, WSIB or any other employment protections. This includes purchasing health, dental, and vision insurance. I know a lot of people turn their nose up at it, but I want to dispel some myths, talk about legit pros, and legit cons. I would like to know what the most advantageous setup would be in terms of tax purposes and other possibilities that would be opened up as a result. One of the opportunities is for an “independent contractor position” through a company called Matrix Providers at a government facility. ” It’s a dream for most people, thanks to all of the benefits it provides. Plus you have to save a bunch of money to pay your taxes at the end of the year. Turn down being a W2 and full benefits? Never. Is being a independent contractor doing more harm than good? Employment Hello. The difference between a W2 employee and a 1099 contractor is essentially 7% SE tax more as a 1099. I know there are a lot of very new software engineers in this forum. What are the pros and cons of 1099 in your experience? Is the higher pay worth it? Thank you! Employees will be given less risk, benefits, etc. officially if you are not a corporation, have one contract and aren't allowed to subcontract it out the IRS can decide you are really an employee and the company is just trying to avoid payroll taxes. If I were an independent contractor, I may be able to write off May 25, 2024 · The advantages of being an independent contractor over being an employee include more control since you're your own boss. Being a Handyman/Independent Contractor has turned into one hell of a business for me, and it can for you too. I left my Fortune 500 job as a welder making $24. Anyone have experience as an independent contractor? I just left my job as a contractor (but was not 1099) and looking at a new job that is 1099. and we also go and frame the house up. What are the pros and cons of 1099 in your experience? Is the higher pay worth it? Thank you! Need advice: pros and cons of being an independent contractor at a private practice Hi there! This may be silly but I have an interview to work part time at a private practice, which I have never done before. I was surrounded by losers who did and settled for the bare minimum. (5 guys). I'm exaggerating a little bit but the point is that there is a crazy double standard in the way companies treat employees compared to independent contractors, even when both do basically the same work. Context: High-level sales role being offered a base+bonus structure of my choosing. What experiences have any of you had? What are some of the pros and cons of each in your experience? What option makes more money after taxes? I have an offer to be switched to a contractor from an employee at my current company. optometry) submitted 2 months ago by No_Reputation7233 Hi all, I am a current resident looking at some prospective job offers at the moment. 00 an hour. I appreciate you reaching out about this. What are the pros and cons of being an employee vs. Lack of Employer-Provided Benefits Independent contractors must secure and fund their own benefits, which is a significant out-of-pocket expense. I expect I would meet even the new more stringent test needed to classify someone as an independent contractor in CA. that contractor then hires people that work for ¼ pennies on the dollar in short your job is done by people who don't know how to or don't give a crap about your floor. The question is whether I want to be an independent contractor or a regular employee. Home depot hires contractors that work for pennies on the dollar. With that being said, as a 1099 you have the ability to writeoff your ordinary and necessary business expenses which more often than not, result in lower taxes. I want to do this to spark discussion or debate A 1099 employee is also known as a freelancer or independent contractor – or more commonly, “being your own boss. Jul 22, 2025 · Contractors must manage this by making estimated tax payments to the IRS quarterly to avoid penalties. com An informative guide regarding the advantages and disadvantages of being an independent contractor. In this scenario you would continue working for other businesses but as a true independent contractor. You will be responsible for your own health care coverage as well. It also means being ineligible for most benefits afforded to employees, being responsible for your own professional liability insurance, being responsible for finding/paying for your own health insurance. I was a super hard worker for my company, good personality and a young go getter. May 25, 2024 · The advantages of being an independent contractor over being an employee include more control since you're your own boss. (See Amazon drivers for what being an employee in this space looks like). See full list on deel. Benefits of an LLC / Being an independent contractor Are there any benefits to forming an LLC for yourself and being a one person company? I'm wondering about tax benefits or being able to open business lines of credit. I've been a FTE a few times, and I actually much prefer being a contractor. And I thought I'd share my experience as mostly a contractor in the industry. You might earn more as an independent contractor, and the tax benefits can include deducting your business expenses. but will not be allowed to decline trips, work for both companies at once, take breaks when they want, etc. Many independent contractors pay taxes quarterly rather than once per year. being an independent contractor? When moving from employee to contractor what are the most important things to consider?. I DO NOT want to go the independent contractor route. Got hired on at a steel manufacturing company manufacturing steel panels trusses etc for custom homes in Phoenix. So, being a 1099 contractor means paying more payroll taxes. The listing says I will be an independent contractor working part-time (this will be in addition to my full time work at a hospital). The owner would prefer to hire me as an independent contractor, but is willing to hire me as a regular employee if that is my strong preference. Go with being an "employee". CON more complicated taxes (but less than incorporating), pay more of payroll tax CON risk being a de-facto employee (google it). Contractors will be treated as we are now, with the ability to decline/cancel trips, multi-app, etc. If you’re considering going to work for yourself, understanding both the pros and the cons can help you make The main difference between being a partner (K-1) and an independent contractor (1099) is that you have to use the partnership retirement plans. I know it's cheaper for the employer, but what are the tradeoffs for me? I’m thinking of being an 1099 employee for a higher salary but have only worked as a W2 employee before. So many redditors told me most dentists are improperly categorized about being IC and that employers do not properly meet IRS requirements to hire me as an IC. Being an Independent Contractor means setting aside the money that an employer would take from your wages in order to pay the taxes that you will owe. Need advice: pros and cons of being an independent contractor at a private practice Hi there! This may be silly but I have an interview to work part time at a private practice, which I have never done before. The major cons for me are: no benefits, no CEU reimbursement, and no PTO/sick time. You also get the QBI which helps. 9ov uj dyh2jmh 44 xjq skeumr 1ahh eooeneai i4k4kk bcj3k5