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Posted January 30, 2012 by

Pros and Cons of Being an Independent Contractor

W2 vs 1099 check boxesA poor economy has pushed some unemployed or underemployed Americans towards self-employment. For some, the opportunity to be their own boss may prove serendipitous, while others may find that the costs of not being an employee are unexpectedly high.

“The number of independent contractors has risen in sectors that people normally don’t associate that closely with the self-employed,” said Michelle Walker, the writer of the article, and an independent contractor herself. “Some of that increase is probably a natural result of the internet, and the growing convenience of doing business in other places besides an office. But some of it is also probably attributable to dynamics of the economy. People who are defined as ‘unemployable’ by the establishment may discover that finding their own work, through various projects, is a viable option.” But should this solution be a long-term one? CreditQ suggests that, while there are some financial advantages to being “a 1099” (particularly for those who can’t find work elsewhere), there are also drawbacks that not everyone is aware of. (more…)