{ "media_type": "text", "post_content": "Any advice?: Just finished long term W2 freelance role (since Jan) + I also have a small 1099 side project that‘ll be finishing up in 2ish wks. \n\nIf we are talking >10k on 1099 (i.e. not enough to justify filing for SCorp) + <160-200k on W2 — is there any real tax advantage of opening LLC vs paying me directly outside of the “protects personal assets if ever sued”, etc? \n\nTechnically I *could* open LLC quickly b4 invoicing- but dunno if worth $ to do so for such small amount of 1099 coming in?", "post_id": "60f58edc39fdc60022b7e3c5", "reply_count": 4, "vote_count": 5, "bowl_id": "5908c9d5f735ee00105b9fa4", "bowl_name": "WFH Freelancers" }

Any advice?: Just finished long term W2 freelance role (since Jan) + I also have a small 1099 side project that‘ll be finishing up in 2ish wks. If we are talking >10k on 1099 (i.e. not enough to justify filing for SCorp) + <160-200k on W2 — is there any real tax advantage of opening LLC vs paying me directly outside of the “protects personal assets if ever sued”, etc? Technically I *could* open LLC quickly b4 invoicing- but dunno if worth $ to do so for such small amount of 1099 coming in?

like
Posting as :
works at
You are currently posting as works at

LLC’s are not a tax entity so do not offer any tax advantage, just limited liability - you choose how your LLC is taxed (ie as a sole proprietor, partnership, s corporation or c corporation). For tax advantages generally you’d be talking setting up an S-Corp but from what I understand wouldn’t make sense at that income level (my understanding is about 80k+ is the threshold for where it makes sense to setup). *not a cpa, this was just from my own research/experience going freelance last year

likesmart

Best to ask a CPA but my understanding is that there would be no tax advantage in this case to you opening an LLC. You can still claim the same business deductions on that 1099 income as a sole prop.

smart

Thank you guys! That’s what my gut was telling me, but glad to hear it from colleagues as well.

like

What amt would warrant a SCorp?

Related Posts

Identified a dream opportunity/project but my partner won’t let me leave my current project. I had the partner on the new project request me directly but my current partner still won’t budge. Any ideas on how I can get my current partner to let me transition?

like

Interviewing with Elixirr next week for a (Senior) Consultant role in NYC; recruiter connected me to opportunity. Concerns are that they do more execution than strategy and quoted compensation at $115K might be lower than industry average. Would appreciate any insight on reputation and career development prospects.

like

Interviewed for L7 position but offered L6 with AWS proserve. Apart from the comp does it make a difference? Is this unusual? Amazon Web Services

like

How does this “burner” email work? at what point do people disclose their real name, for instance, if they are looking for a referral bonus?

like

What is a decent salary for an advisory consultant in the DMV/Washington DC area? Wondering how my offer stacks up, have 2 years of prior B4 audit experience

What the what?! 6 hour delay in DFW, missed all client meetings. Guess I'm a real consultant now?

like

Leaving EY, what all docs should I collect from immigration team apart from the approved petitions? I only have the latest I 140 approval notice, and not the previous one (my role had changed)

When you explain to your non-accounting friends what the Big 4 is and they say, "oh sounds like the Ivy League for accounting firms" >>>>

like

Which Big 4 has the best benefits?

funnylike

Hi Fishes,please help me take decision!! Got 2 offer in hand . EY-GDS , 21 LPA FIXED plus 10% VP Luxoft (remote opportunity) , 25 LPA 9.7 YOE , Azure Data Engineer. Earning peanuts currently (13 LPA) Please give me your honest feedback about which one to join. In terms of WLB, Work Quality and Exit opportunity.

like

Hello everyone, my organisation is hiring for the position of Assistant Manager for Digital Marketing domain. Required experience is 6-7 years minimum. Full time WFH being offered with minimal office visits when necessary. Anyone interested, please DM

I have interviewed w/ every member of an early stage start up & have an offer to join as their 1st hire. I just don't trust their technical co-founder to be able to execute or attract the right talent, so I'm going to walk away from it. I trust the other co-founder though and want to be honest. Should I be blunt when saying why? Would anyone here have actually appreciated to hear this if you were in a leadership position at a start up, or is co-founder status too late to make a change anyway?

like

Starting a new role soon where I’ll be managing a team for the first time in my career. What are some examples or traits that good leaders have displayed in your past? I want to develop into a healthy, supportive boss but unfortunately have only experienced toxic bosses so my resources on how to do this are limited.

like

Does anyone have any tips for switching from a Business Analyst role to a Product Management Role? Context: I've been in federal consulting for the past two years with a degree in Economics. Thanks!

like
like

What does M&A consulting at big 4 look like, especially at the entry level? All my previous experience is in audit/tax and I know nothing about consulting, just wanted to try something new. I liked my finance courses in undergrad, but not sure how relevant that is. Would I have ANY transferable skills from my accounting background? Can you explain what the work is like for a new hire? Especially if you've made a similar switch?

likehelpful

Ex-Consulant here that now works for a big name Real Estate Investment Trust. Saw on LinkedIn that EY has an America’s REIT Leader. Didn’t know that much attention was paid to the REIT space. Are there really consulting teams dedicated to the REIT space in the Big 4? Love working for a REIT and would love to jump back to consulting if there were teams dedicated to the industry.

like

Is notice period two weeks? or 2 working weeks. If you resign during last couple of weeks of the year, when project and Deloitte is shut down- what would happen?

like

17 years in 850 in production 12 years to go. Never lost a client in a cfp conversation. I make educating myself a priority. Any reason whatsoever I should put myself through the cfp process?

like

Just got off a two hour workshop with a client and was too scared to say anything and speak up even though I probably had good points. How do you get over the fear of being wrong or sounding stupid? I feel like I let my team down.

like

Additional Posts

Identified a dream opportunity/project but my partner won’t let me leave my current project. I had the partner on the new project request me directly but my current partner still won’t budge. Any ideas on how I can get my current partner to let me transition?

like

any recent hcl kollata joiners ?? how is it like need to go office or wfh?? is they sending laptop to home ??

like

Interviewing with Elixirr next week for a (Senior) Consultant role in NYC; recruiter connected me to opportunity. Concerns are that they do more execution than strategy and quoted compensation at $115K might be lower than industry average. Would appreciate any insight on reputation and career development prospects.

like

I’m interviewing for BCG and had a principal reach out to me for a zoom chat. Is this normal for principals to reach out or is this a positive sign?

I’m changing jobs and near my 401k limit in my current plan. How do I limit contributions with my new employer while still maximizing the match?

like

Interviewed for L7 position but offered L6 with AWS proserve. Apart from the comp does it make a difference? Is this unusual? Amazon Web Services

like

Recently i got an offer from HCL tech. The scheduled only one round of interview and then HR discussion happened and offered me around 45% from current package. My question is usually for experienced candidates there will be atleast 2 rounds of interview right? So after joining will they put me in bench and i will have to attend interviews there? Pls pour your views

like

How does this “burner” email work? at what point do people disclose their real name, for instance, if they are looking for a referral bonus?

like

Can anyone recommend a running app? I haven’t ran since pre-COVID since gyms have been closed. I’m desperate to start running again

like

An Irish goodbye on zoom might be even more fun than in real life.

likefunnyuplifting

Does anyone have any thoughts about a company terminating an employee within the HR team for testing positive for COVID 19 and further accusing the said employee of being the one that created the entire team to become infected by not answering the health screening questions accurately? The week prior to employee being tested the entire team was in the office sick. The company in question weeks prior wrote the employee up referencing sexual innuendo due to an accusation of a preferred name.

Is ZS’ recruiting process always so disjointed? I get 1-2 calls a year that always go nowhere because my current salary is too high (it’s really not).

like

What is a decent salary for an advisory consultant in the DMV/Washington DC area? Wondering how my offer stacks up, have 2 years of prior B4 audit experience

I am thinking of moving to London from US. Shocked by the salary differences. Anyone who moved successfully please share insights - websites to look for jobs - internal strategy roles & consulting ?

like

How's the work culture in Morgan Stanley?

like

Any recs for a semi-affordable, last minute get away? I’m still 100% remote, I’m burned out & I need a change of scenery for a few days. I’d plan to go for a long weekend & then work remotely for part & take part completely off.

likehelpful

What the what?! 6 hour delay in DFW, missed all client meetings. Guess I'm a real consultant now?

like

Leaving EY, what all docs should I collect from immigration team apart from the approved petitions? I only have the latest I 140 approval notice, and not the previous one (my role had changed)

Can I get green card for my parents when I get mine?

like

When you explain to your non-accounting friends what the Big 4 is and they say, "oh sounds like the Ivy League for accounting firms" >>>>

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal