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1099 tax questions
Posted on 3/30/15 at 12:08 pm
Posted on 3/30/15 at 12:08 pm
Does a 1099 contractor pay less taxes? Are they allowed more write offs?
3
Posted on 3/30/15 at 1:14 pm to JJBTiger2012
Paying less taxes should never be your ultimate objective. Your ultimate objective should be maximum economic benefit. It depends on all facts and circumstances. How much economic value is there in employer sponsored group health insurance versus an individual plan for you or your family? Issues like those have to be evaluated on a case by case basis.
Posted on 3/30/15 at 1:15 pm to Poodlebrain
Poodle - Can you recommend a good expat CPA in Bama?
Posted on 3/30/15 at 1:29 pm to I Love Bama
I don't really know any CPAs in Alabama. All of the Big 4 firms will have experienced people, but they will be expensive. I would look to see who are the auditors for businesses headquartered in Alabama that have foreign operations. Those firms are likely to have people with experience doing expat returns.
Posted on 3/30/15 at 2:54 pm to Poodlebrain
If you exclude deductions, 1099 pay more taxes as they pay payroll taxes and the employer side of social security that would usually be paid by your company. However, you are eligible for more deductions. CPA's earn there money when it comes to 1099's, in my opinion.
Posted on 3/30/15 at 6:21 pm to JJBTiger2012
As a 1099, pay someone to do your taxes. That payment counts as a business expense for the next years taxes, and people who do a lot of 1099s can help with your home office and mileage.
Posted on 3/30/15 at 6:38 pm to JJBTiger2012
Depends.
If you have a job where you already maxed FICA tax, it can be great.
If all your income is 1099, you start out by pay 15% self employment taxes for social security. when you file your taxes you get to deduct half of self employment(FICA) tax.
I have been an employee and a 1099. You need to look at your employee benefits because that is worth between 15 and 25% of your salary depending on the structure.
If you have a job where you already maxed FICA tax, it can be great.
If all your income is 1099, you start out by pay 15% self employment taxes for social security. when you file your taxes you get to deduct half of self employment(FICA) tax.
I have been an employee and a 1099. You need to look at your employee benefits because that is worth between 15 and 25% of your salary depending on the structure.
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