Working As A Contractor?

[onewhippedpuppy]

Originally Posted by RWebb

so, to what extent can you withstand risk?

wife is working & provides ind. income stream? wife's ins. covers you/family?

P() you can return to same co. if you leave?

P() of finding other work nearby? I take it you are an aerospace engineer(?) if so, how dense is the job map as you move outwards from Wichita?
... or willing to relocate?

All valid questions Webb.

Wife is working part time, but it's supplemental income only. No insurance, that is provided by my employment.

I'd say 50/50 that I could return. I have a really good relationship with my VP and a good reputation within the company, but it would depend on a number of factors.

I'm an aerospace engineer by education, working as a chief engineer at the moment. Also about 1/4 of the way through my MBA. Things seem to be picking up around here, I've fielded a number of calls from recruiters recently and have another pending meeting with a different company. I'm reasonably confident that I could find something else relatively quickly. I would relocate in a pinch but it's not ideal.

Regarding resume, I'd call it parallel. From a resume prestige standpoint I'm relatively high up in the perception department with my current position, but I'll be moving on to a different project soon (2-3 mo) that will likely carry a different title. Which is honestly one motivation for wanting to move on, there is limited opportunity and interesting work available in my financially struggling company.

The primary attraction to the contract gig is the work. I'd have the chance to do a job that I have extensive experience with and greatly enjoy, more so than any other. I'd be working for a former boss that I have a significant amount of respect for, he's the closest thing to a mentor that I have experienced in my career. Finally, it would get me in the door of a company that is difficult to get into and is sound from a financial and management standpoint (unlike my current one).

[KFC911]

Originally Posted by onewhippedpuppy

.... I'd have the chance to do a job that I have extensive experience with and greatly enjoy, more so than any other....

Well there you are...life is short .

[RWebb]

If you have kids, the above seems to indicate staying (but with a nice explanation of why and expression of continued deep interest to the guy).

If not, you might take the leap.

Best wishes, whichever way you go.

[MT930]

21 Years as 1099 sort of guy.

It's not always about the Money. It's about driving your own ship.

I know very few self employed people who wish they were working for someone again.

Thre are many considerations taxes & health insurance are the two biggest I can think of, you will be paying both.

[Hugh R]

As a 1099 employee, talk to a tax guy. You can write off a lot, but one big red flag is the home office deduction. My tax guy, when I was a consultant, said it was safer to write off a percentage of the expenses. I was incorporated, and certain write offs can be taken such as a gym membership for executives. I also wrote off newspapers, professional publications, and in my industry books and movies that I saw.

Also, as an incorporated consultant, I got group rates on medical that were much better than family rates, at least in CA. Who knows how that will change next year....

[widebody911]

I've done several years of contracting, both 1099 and W2; I may be able to answer specific questions.

The 1st year I was a 1099, I got audited. I was found to have filed incorrectly and didn't pay enough taxes. I got a nasty letter of the IRS informing me that I was .85 off. No, seriously.