I did it… back in the rat race
August 19th, 2006 by KenricWell it’s official, I accepted a job today. Well it’s not really a job, its an independent contractor position, so I’m not really an employee. I have to invoice the company and according to their documents their pay schedule is net 30 days. So while it may feel job a like because I actually have to wake up and go somewhere every weekday, it’s going to pay like a business.
Posted in General | 4 Comments »
Stumble it!
Nice looking blog here! You’ve inspired me to udpate mine.
Good luck with the “job”.
By Clifford on Aug 19, 2006
What structure are you using for your “job” buisness? Are you just being 1099ed as an independant contractor? Have you considered using one of the “employer of record” services like mybizoffice.com?
http://mybizoffice.com/Individuals/solutionsforindividuals.html
It might be particularly helpful if you wanted to blow past the ~$14K/yr retirement plan contribution limits as it allows you access to “employer contributed” contributions. I have not investigated but it may also open up the option of making charitable donations pre employment taxes.
-Greg
PS: What are the urls for your new blog’s RSS or ATOM feed?
By Greg on Aug 20, 2006
Greg,
http://www.afterreadingrichdadpoordad.com/?feed=rss2
I’m just being 1099d as an IC. I’m really not interested in making retirement contributions right now. I’m just hoarding money some I can invest it!
By monarchcrest on Aug 21, 2006
They definately target 1099 employees:
http://mybizoffice.com/Individuals/advantagesfor1099s.html
>I’m really not interested in making retirement
>contributions right now. I’m just hoarding
>money some I can invest it!
Keep in mind that you can roll 401k contributions
over into IRAs or Roth IRAs that are self-directed.
Some employer of records may have those newfangled
“401k Roth” plans. Even if they don’t, the ability
to roll over a 401k into an IRA and then do a Roth
conversion allows you to fund a Roth very generously.
-Greg
PS: I don’t work for them and I have never used
them. I work as a W2 employee but would use them
if I was in a 1099 relationship.
By Greg on Aug 24, 2006