Need advice on pursuing new job or self employment

[frannn]

The company I worked 16 years for shut down about 2 weeks ago. Filed for unemployment, was granted the normal 26 weeks, and started sending resumes. Two places contacted me- one to take an excel and essay test, and the other wants to schedule an interview. Yesterday, I got a call from my old boss, who is considering having me work for his new venture, but not as an employee, so I would receive a 1099. I would always prefer to be an employee, but there are definet benefits to working with my old boss. I would be able to continue working from home (company is out of state), the work is very familiar & fun, and there are new opportunities, as I would be learning his new software and helping to create systems for successful workflow in my department. Issues I see are convincing him to cover the difference for supplies, self-employment taxes, etc. Also, I would not be eligible for unemployment after this benefit year is over. On the other hand, there would probably be more upward mobility in a different job, where I was an employee, with more to learn. I am honestly leaning towards working with my old boss if we can work out the particulars, as it is a huge plus to be home for DD8 (delayed in learning and social things), and I HATE driving as I have no directional abilities. I am really neurotic about driving, but I do it. Is there anything else I should be considering here, or anything I am missing? Which would you choose any why? BTW, I am a degreed bookkeeper/accountant.

 

[rhiansmom]

The Department of Labor and the IRS have very specific rules to be considered a contractor and receive a 1099. Are you sure you would even qualify under the regulations?

 

[sheldonsmom]

I work from home, but I am an employee and receive a W-2. Honestly, I wouldn't trade my job for anything, even though it has it's downside. My thought always has been that when my kids are grown, I can do whatever I want (I'll be 44 when my last one graduates high school) , but for now, I need to be home with them.

Every family is different....and you have to do what is right for yours...best of luck to you.

 

[Disneycrazymom]

Remember if you go with an LLC you will be paying all your own taxes and insurance. So for example your SStax will double as you are paying both your part and the part your company used to pay. Insurance is really really expensive out on your own!

 

[StephMK]

If you like your old boss & can make the finances work, I would probably lean in that direction. The familiarity and WAH situation would be big benefits to me. However, why not go on the interviews in the meantime so you can make an informed decision? Also, it seems like if it didn't work out w/your old boss, you may be able to find other employment easily if you are already getting interest.

Good luck!

 

[blondietink]

Boy, I wish I had your problem. I have been unemployed for 48 weeks and have only had one job offer, and it was for a trivial salary so I refused as I would spend more in dependent care expenses than I would make. I have been looking for a work at home job and can't find one of those either, mostly because there is no high speed interent available at my house. I would kill to have a DSL or FIOS line go down our road. Anyway, I would take the job working for your old boss. Sounds ideal to me.

 

[sheldonsmom]

We don't have high speed internet at my house either, and I work from home. I have a sprint 4G broadband card. It's about $60 a month, and I can't expense it out, but I do take it off my taxes.

 

[blondietink]

We don't have high speed internet at my house either, and I work from home. I have a sprint 4G broadband card. It's about $60 a month, and I can't expense it out, but I do take it off my taxes.

Thanks for the suggestion. However, cell service is really bad here to non-existent. Half the time we can't get a signal, or it cuts in and out. Love technology, when it works. Hate that I live in a place where there is very little technology that actually works!