Quote:
Originally Posted by GH85Carrera
This!
And if you foresee them calling you in to help fix something, form a LLC, and charge them double or triple or more for your time as a consultant. In Oklahoma forming an LLC is very inexpensive, (under $100). The LLC will pay no taxes, it all is paid by you.
Oh, and you will need a EIN from the IRS. That is free. You will have to file a tax form for the LLC, but no taxes, they all pass to you.
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I kind of looked at it differently, yes they paid me for my work, but when all was said and done, I got over a million dollars, 27 years of health care and was able to buy a house, car, bikes and hobby stuff. I also get a pension.
So when I got the calls, I returned them and answered the questions without expecting anything. Now if they wanted me to come in and spend any considerable amount of time, I would have asked for compensation.
I got a call literally the first day after I left and one or two in the next month or so and another at the end of the year for help on filling out an annual report. Even got a call from a contractor who wanted clarification on a budget item that had been approved.