Did you know that 54 million Americans are freelancing right now? This means that they don't have set schedules or get health insurance as part of their contract. This also means they pay their own taxes at the end of the year.
According to Upwork's latest report,
remote work is expected to grow by 2022.
So, the good news is that you will have many opportunities to find the work you
want.
What you'll need to decide is if you
can handle the tax and paperwork side of things. If so, being a 1099 employee
may be the right choice for you. Let's take a look at the pros and cons of
freelance work so you can decide for yourself.
The
Freedom and Flexibility of Being a 1099 Employee
A 1099 employee is an individual who
works as an independent contractor. This type of employee is not an employee of
the company, they are instead self-employed. 1099 employees are responsible for
their own taxes, health insurance, and other benefits.
A 1099 employee like a sales independent contractor, has the freedom to work when and where you want. You are
not tied to a certain location or schedule. You can set your own hours and take
time off when you need to. This allows you to have a more flexible lifestyle.
1099 employees are also paid more
per hour than traditional employees. This is because 1099 employees are
considered independent contractors. They are not given the same benefits and
protections as traditional employees.
You
Are Your Own Boss
The biggest advantage is that you
are your own boss. You set your own hours and work as little or as much as you
want. You are also in control of your own career path and can take on as many
or as few projects as you like.
Another advantage is that you are
not tied to one company or location. You can work from anywhere in the world,
as long as you have an internet connection.
Finally, 1099 employees often make
more money. This is because they are usually paid per project, and they can
negotiate their own rates.
The
Drawbacks of Being a 1099 Employee
There are several drawbacks to being
a 1099 employee. One is that 1099 employees are not entitled to the same
benefits as regular employees, such as health insurance, and paid vacation.
This can make it difficult to budget and plan for long-term financial
stability.
Another drawback is that 1099
employees are not protected by the same labor laws as regular employees. This
means they can be exploited by their employer and are at a greater risk of
being fired without cause.
Finally, 1099 employees may have a
harder time finding another job if they are let go. As their work history will
look much less stable than that of a regular employee.
Thoughts
About Being a 1099 Employee
It can be both good and bad to be a
1099 employee. On the one hand, you are your own boss and can set your own
hours. But on the other hand, you don't have the same job security or benefits
as a traditional employee. If you're thinking of becoming a 1099 employee,
weigh the pros and cons before making your decision.
Are you in search of being a 1099 worker?
If so, contact us today to help you find great, flexible work that you can do
from home.
