Went F-lance this year. I went thru the pain and trouble of setting up an S. Corp ($1,000 later) and most of my gigs have been w2, most places don’t offer 1099 when I ask. did i waste 1K on the S. Corp? i’ve earned around 60k this year but all of it is on w2. do i even bother with the S. Corp at this point?

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

This happens to me too, but occasionally you will find a gig that is 1099 and it’s nice to have the LLC option. Big agencies are often W2 but there are so many other clients and projects you can do 1099 when you work for them directly.

like

I did the same and it took about 6 months for it to pay off. I have an agency client who uses me on several different accounts and puts me on a new work order every time an account gets a few labor hours approved for me 😑 I finally asked if they could put me on a retainer to cover all accounts and they said yes, if I have an s-corp. Bingo!

like

But also….your tax rate should be much more favorable so not a loss either way.

like

It can and will happen and when it does you'll be glad to have it.

Don’t forget to timely file all that ongoing S-Corp paperwork and let us know what your accountant charges you for that

That’s what I was thinking. S corps is a lot of tax paperwork to fill and expensive taxes. Unless you make bank maybe LLC is better?

I’ve worked with 7 different agencies since going freelance. 6x were 1099, only one forced me into W2. So I guess it’s a bit of a luck of the draw in who you’re working with

If you get a gig with a corporate client directly, they will appreciate the structure and the risk insulation it provides to them.

More companies are open to S-Corp than 1099. 1099 is for sole proprietors. S-Corps don't get a 1099, they are considered vendors as opposed to a contractor. If you ask to be on 1099 they will likely turn you down, but might be more open to S-Corp. That is what I've found.

Related Posts

Hi there! In LAX this Friday and Saturday anyone wants to talk about ai let me know doing drinks and maybe dinner with a friend by Santa Monica’s bodega. Cheers!

like

If anyone would like a referral to Guidehouse I’d be happy to help!

like

How much a qualified chartered accountant working in Big4 with 5 years of post qualification experience can expect from Industry?

like

I’m a junior in big law and in the short time I’ve been here, I’ve noticed that counsels produce perfect drafts and yet aren’t partners but partners can’t write two sentences without numerous typos. Shouldn’t counsels be partners and partners counsels instead?

like

Is there an equivalent to Repvue for the UK or Europe in general? Repvue stats don’t seem to be representative of Europe

likehelpful

Does anyone at ZS know when we will be finding out our bonuses?

likefunny

I noticed that most (>80%) of the recruiter messages i get on linkedin are for other consulting roles. Any tips for getting more outreach for industry positions?

Advanced degree with 3YOE at a LS boutique

like

Anyone heard of Prescient Healthcare Group?

like

Do you think Mainframe die soon? Give approx years

like

Massachusetts freelance but go to NY/travel for work occasionally. I am looking at marketplace insurance and leaning towards a Tufts plan. Anyone have problems with Tufts? The BCBS higher cost but there does not appear to be a good reason. I’m afraid of some of the smaller places/never heard of. Transitioning off Cobra with United Health. Anyone have advice?

like

Beginning to invest. Which is better? Merrill edge or fidelity ? Have a BofA bank account and an employer Fidelity account for RSUs. Also have a TRoweprice 401k account from past employer.

like
like

Hey folks, can we use our corporate sim to make make personal calls? Like do they keep a track or something?

like

What are some easy to make, low stress holiday meals for a school holiday staff party? I was "volunteered" by our principal to set it up this year (🙄). I'm making decorated sugar cookies but kind of drawing a blank when it comes to savory dishes. Bonus points if you have any adult holiday themed games or fun drinks to suggest! It's off school property and there will be a bar (thank god), for context.

like

I’m a Canadian on a TN visa. Am I allowed to trade crypto on Robinhood? If so, can I trade the same coin multiple times in one day (day trading)? What tax implications would this have for me other than the standard capital gains considerations?

like

Late twenties M here. I like to travel, go on hikes and am pretty easy going. Any f wants to chat and see how it goes?

like

I have an offer in Oracle for Mumbai location... I am relocating from Hyderabad...

I am planning to stay in Vashi or other Navi Mumbai regions... My workplace will be in BKC...

What is the best way to commute to work... Train or 2 wheeler... Or will cab/auto do..

Because I am fearful of the high rush in Mumbai trains.. (it might take some time to adjust the every busy travel...)

If my company is deducting tax on reimbursements for example relocation, flight travel, mobile usage, etc. Then how to show in tax filing? bcoz as per my understanding it should not be taxable as I am using my money and company is refunding and no extra income. It's like I have already paid once and while refunding company again deducting. Please guide on this issue.

like

How do you best leverage a job offer when you don’t want to leave? In the running for a VP job (higher level than now) that pays $70k higher than what I currently make. I want to ask for more money, but don’t want them to see me as a flight risk or that I am not loyal anymore. Or my bigger fear is they’ll say they cannot offer me any more and then I feel like I have egg on my face. Any tips for delicately balancing this?

like

What’s a good city for solo travel in the US in December?

Additional Posts in WFH Freelancers

Massachusetts freelance but go to NY/travel for work occasionally. I am looking at marketplace insurance and leaning towards a Tufts plan. Anyone have problems with Tufts? The BCBS higher cost but there does not appear to be a good reason. I’m afraid of some of the smaller places/never heard of. Transitioning off Cobra with United Health. Anyone have advice?

like

Where do you find storyboard artists? Rate? agents?

like

Considering a contract to perm. Would be contract for 6 months. First time freelancing. 6 years experience. Job in NYC at a global brand. Would $130k be right to account for benefits? Less? More?

Anybody looking for a freelance digital designer? Looking for some new clients. DM please!

like

Any New Yorkers have the magical code to get a real person on the phone at the unemployment office in Albany on the teleservice line?

Need a NYC freelance team, or a single? Email fishbowlbowel@gmail.com and let's connect. Have a single CW or AD. Whatever you need from us

Question to freelancers: why?
What are the benefits and the odds of being a freelancer and how did you make that choice?

Have you ever regretted your choice?

like

Have you ever quit a freelance job after taking it because you realized it was going to be absolutely terrible?

like

Are there any freelance social strat directors willing to share their project rates for things? First time putting together a freelance scope

like

On the verge of turning an hourly client into a retainer. Any tips?

Recently started freelancing and working from home and realized that I really need a quality office chair cause my current one is killing my back. Any suggestions below $500 if possible?

like

Do agencies typically take the full 30 days to pay?

like

What’s the longest an agency has kept you waiting in reception on your first day of a gig?

How is the freelance world looking in Chi right now?

Does anyone here freelance (in design or deckmaking) on top of their full time position? How does that work?

Hi, my wife and I are expecting this upcoming year. So we are looking for health insurance that can properly cover her maternity visits and labor. Any recommendations (Florida)?

Not sure if anyone is gonna be down for this but i know of a writing gig with a rate of $60-$80/hr. It’s mainly website copy for a web3 company so it could be good to get that experience. DM if you’re interested.

like

does anyone here have experience freelancing while taking care of a newborn? would love to hear your approach/perspective. my husband and I both work from home and his job is so lax, it’s practically part time. trying to formulate a plan for returning to freelance life after the kid is born.

like

I used to have a regular freelance client but haven’t heard from them or had work from them in 6 months. How do you approach this type of situation to retain the work?

like

Has anyone here ever been sued by an agency? I’ve had a few places recently ask me to be insured. And was bugged out. Ended up being a good experience but still.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
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

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal