Joined Jan 2010
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Forum Thread
W2 or 1099 or LLC
January 28, 2024 at
07:55 AM
in
Finance
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Hello, I am planning on taking a 2nd job and I am wondering if working on W2 or 1099 or corp to corp LLC is better and why? Reading up about this online and there are all kinds supporting all 3 are better depending on the site š
Also can I work on 1099 without an LLC? What are the benefits of 1099 Vs LLC?
Also can I work on 1099 without an LLC? What are the benefits of 1099 Vs LLC?
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Generally, unless it is a small amount of money and there is little risk of liability\being sued, it is better to get an LLC and take full advantage of the liability shield and tax write offs\credits allowed imo (though I am no accountant). The down side is the cost to form the LLC (one time cost), cost to maintain it annually (depends on your state as it may be a minor annual report fee of $15-30 up to 800+ dollars in the PR of California for ex lol...see link), added paperwork, cost to file a corporate tax return each year and potentially if your liability risk is high enough, the cost of an umbrella insurance policy. However, you do get to write off a bunch of stuff and potentially get a 20% exemption on the income (though that is subject to a max threshold).
My 2 cents.