Author Topic: Talk to me about converting from W2 to 1099  (Read 552 times)

NorCal

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Talk to me about converting from W2 to 1099
« on: February 25, 2018, 05:47:22 PM »
I'm considering leaving my current W2 job, and taking on some work as a 1099 contractor.  This would possibly include some work for my current employer, and seeking out work from others.  For those that have done this:

1. What has your experience been, both good and bad?
2. How did you go about setting your hourly rate?  I've heard a "rule of thumb" of 3x your salaried rate.  I have no idea if this is good or bad advice.
3. Did you set up an S Corp, or LLC, or just get the 1099 in your name?  I'm in CA, so setting up an LLC costs $800/year.
4. What else did you wish you had known before you went into contracting?