W2 Vs 1099- 80k salary- Which takes home more?

clothing/boots, pickup, fuel for said pick up, tools, maybe a machine for the yard (so you can load and unload of course), you do have options since trucks are one of the greatest write offs you can have

I wouldn’t bother with a 1099 though if you have no intention of ever owning your own truck

my health insurance now that I have my own policy for is cheaper then any company plan I’ve ever had with better coverage

 

I doubt a 1099 “employee” would get away with all that for very long. At least out here you need commercial or farm plates to write off a pickup and it doesn’t make it worth it.

 

Then there are those who do 1099 and don't pay any taxes to the Government thinking the IRS won't know about it. Think they can hide and rake in the dough.
What they don't realize, the company they work for is writing off them as a 100% deduction and reporting the expense on their tax forms. Sooner or later, the IRS computer spits out the discrepancy and come looking for their cut.
Then they become one of those you see in the TV commercial, "I owed the IRS $30,000 and XXXX was able to cut a deal with the IRS to pay ????".

 

any vehicle used for business travel can be written off regardless of plates,

tools can be written off 100% for at home repair work

uniforms are 100% deductible

You really ought to talk with a good accountant, saving money is great but if you know where to spend it you can greatly reduce your tax burden by reinvesting

 

Well I do this for a living - contract with 1099 drivers. They tend to make more than the employed driver by 28% on their base.

This is offset by some, not all but some of the deductions.

It sounds like it is a great thing to make more money but reality is it does not mean you make more money.

 

Well, I don’t use a vehicle for anything work related so there’s nothing to write off. If something needs done the truck goes to Peterbilt. I don’t have a shop full of tools, that’s why I drive new stuff. And my tax “burden” is just fine as my money goes other places that don’t push the envelope of what can and can’t be done.

How many people that write off mileage in their personal vehicle actually keep a log for the year tracking personal and business use? Even a “business” vehicle is rarely 100% business use. How many 1099 “employees” have it spelled out in their contract that they’re required to purchase their own uniforms? Everything works until it doesn’t. And when it doesn’t hopefully everyone is prepared.

 

1099..... Run like a Cheetah!! LOL

 

This where you need to get creative. Do you feel comfortable paying $20000 to the government plus your property tax and everything else you get taxed on???? If you do than go with w2. Otherwise put some money in retirement fund which is non taxable. 1/3 of your electricity, internet, 100% of your phone bil, 1/3 of your car usage, repairs, gas are deductible. $60 per day for food is deductible. You should worry about yourself before you worry about the lazy and the illegals that take advantage of this country and the wars that government sponsors.

 

You use vehicle to get to work and from work. So 1/2 or 1/3 of gas, repairs and vehicle insurance is considered work expense.

 

Wrong. I park at my house. And if I did drive it’s not 1/2 or 1/3 like you say, it would be prorated for the mileage in the log for business use.