Moving from a W2 to a 1099

[Dolemite]

There's plenty on this subject out there, but I'm asking here in an attempt to hit on things I haven't considered, yet.

I'm going remote full-time - moving to a state 3,000 miles away from my original state. Employer is giving me the option of making payroll/legal/HR doing the legwork of "setting me up" properly, or going to a 1099 with increased pay to offset the "drawbacks." Off the top of my head, so far, I'm thinking about -

1. Health insurance goodbye (will go on my wife's)
2. 401K goodbye (I know there are alternative avenues out there)
3. Will this make it easier or more difficult to can me? Some debate on this out there.
4. I wonder if I'll have to be hourly or something else...
5. Tax implications - several like paying for full SS benefits, etc.
6. Bonuses go out the window
7. Compensation increases go out the window
8. Training goes out the window
9. Equipment & any sort of support for it goes out the window (maybe)
10. Vacations/sick days - that would be up to me, I imagine

I'm not looking for "answers" to these. Just topics to research outside of this scope... On balance, I kind of like the idea of being on my own. Just don't want to go down this road and get blindsided by something I overlooked.

 

[UltradoomY]

What industry are you in / profession? There could be great avenues to expand your "company' once you are not tethered only to one W2 employer.

 

[Dolemite]

What industry are you in / profession? There could be great avenues to expand your "company' once you are not tethered only to one W2 employer.

Digital Product - real estate, mortgage & insurance

 

[UltradoomY]

Sounds like a good opportunity to start your own business and have your first customer be one you already know very well!
I'm a gambler by nature with educated gambles like starting a business, so I would go for it in an instant.... after consulting with my accountant and lawyer to get everything set up properly.
Also, make sure you have enough in savings to work though the pay time - maybe they will have you on net 30 days...