In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the important transition from W-2 to 1099 income and what it really means to become a 1099 contractor. Whether you're considering Consulting income as part of a career shift, semi-retirement, or exploring Consulting after retirement, understanding the differences between W-2 vs 1099 is critical. This shift impacts everything from how you receive income to how you handle Estimated taxes, Tax deductions, and overall Tax strategy—all essential components of effective Retirement Planning and Financial planning for retirement.

Listen in to learn about the key financial and tax implications of earning Consulting income, including Quarterly tax payments, Estimated taxes, and the realities of managing your own income stream. If you’re planning retirement or building a retirement checklist that includes self-employment, this episode will help you better plan for retirement, avoid costly mistakes, and create a path toward retiring comfortably and secure your retirement.

In this episode, find out:

The key differences between W-2 vs 1099 and what it means to become a 1099 contractor
How Consulting income impacts Estimated taxes, Quarterly tax payments, and overall Tax strategy
Common misconceptions about LLCs and why they don’t automatically reduce taxes
Important Tax deductions available to self-employed individuals, including the home office deduction
How Consulting after retirement fits into broader Retirement strategies and Self-employed retirement planning

Tweetable Quotes:

"An LLC is a legal structure for protection—not a tax strategy that changes how your Consulting income is taxed." – Radon Stancil

"When you move from W-2 to 1099, you’re not just earning income—you’re responsible for managing your entire tax strategy and financial future." – Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

Episode 365 - W-2 to 1099 - What to Know Before Consulting