Being a 1099 employee means that you are an independent contractor, consultant, or freelancer who is self-employed and working on a contract basis. 

While this type of work arrangement may not be for everyone, there are many benefits that come with being a 1099 employee. 

In this article, we will explore 7 reasons why being a 1099 employee can be advantageous.

1. Flexibility in Schedule

As a 1099 employee, you have more control over your schedule than a traditional employee.

You can choose when and where you work, and you can often set your own hours. 

This flexibility can be especially beneficial for those with family obligations or other commitments that require a non-traditional work schedule. 

Additionally, you can take on multiple clients and projects at the same time, giving you even more control over your workload.

2. Opportunity to Earn More Money

Independent contractors typically charge higher rates than traditional employees because they have to cover their own expenses such as health insurance, taxes, and retirement savings. 

Additionally, independent contractors have the ability to negotiate their rates with clients, which can lead to higher earnings. 

As a 1099 employee, you have the opportunity to earn more money than you would as a traditional employee.

3. Tax Benefits

One of the biggest benefits of being a 1099 employee are the tax advantages. 

Independent contractors can deduct business expenses such as home office expenses, equipment, and travel expenses. 

They can also deduct health insurance premiums and retirement contributions. 

These deductions can significantly lower your tax bill and increase the amount of money you take home.

4. Control Over Your Work

As a 1099 employee, you have more control over the type of work you do and how you do it.

You can choose the clients and projects you work on, and you have more control over the scope and timeline of your work. 

This level of control can lead to greater job satisfaction and a more fulfilling work experience.

5. Opportunity for Professional Growth

As an independent contractor, you have the opportunity to work with a variety of clients and projects. 

This variety can lead to new experiences and skill development, which can be invaluable for professional growth.

Additionally, as a 1099, you have the freedom to take on projects that may not be available to traditional employees, such as short-term or freelance positions.

6. No Office Politics

One of the biggest advantages of being a 1099 employee is the lack of office politics. 

As an independent contractor, you are not tied to a specific company culture or hierarchy. 

You don't have to worry about office politics, gossip, or power struggles, because you are not a part of the company's internal structure. This can lead to less stress and a more peaceful work experience.

7. Work-Life Balance

Being a 1099 employee can also lead to a better work-life balance. 

You have the flexibility to set your own schedule and possibly work from home, which can save you time and money on commuting. 

Additionally, you can take breaks or time off when you need to without worrying about asking for permission or getting approval from a manager. This can lead to a more relaxed and fulfilling lifestyle.

Considerations When Becoming A 1099

It is important to note that there are more administrative tasks involved with being a 1099 than there is in a normal employment, such as making your own arrangements for insurance, retirement, and taxes.

Making the transition doesn’t have to be hard though, if you find the right suppliers.

At White Swan, we help 1099s to easily get started with flexible life insurance solutions that can help you accumulate tax-advantaged savings which can provide retirement income or fund other opportunities or needs you might have.

Conclusion

Being a 1099 has many benefits, including flexibility in schedule, the opportunity to earn more money, tax advantages, control over your work, professional growth opportunities, no office politics, and a better work-life balance. 

It does, however, involve more administration, such as insurance, retirement, and taxes.

A good tool for flexible, tax-advantaged capital accumulation and protection for a 1099 is a universal life insurance solution.

White Swan is a digital broker that provides access to the universe of life insurance solutions, and can help you build tax-advantaged wealth and keep your loved ones or business protected.

Our streamlined platform makes it simple, transparent, and quick to get the optimal policy for your needs and circumstances, straight from one of America’s top carriers.

To get started you can request a personal plan online or schedule a call with one of our industry experts.