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I have a full time hospitalist job that is 7on/7off.
I will likely pick up a part time job at a rehab for my week off (likely 3 days of the week, so 6 days a month total).
Since my full time job doesn’t allow us to work at another job as a W2 employee, I have to do it as a 1099.
I wouldn’t get any benefits at new job given that its part time and I already max out all my retirement plans with my full time job.
1. Does it make sense to make an LLC for what will basically be a low $ amount (enough to pay extra towards my home loan)?
I know one can deduct partial mortgage, cell phone bill etc for a home office but the added complicated tax return may not be worth it.
Additionally, they do provide tail coverage so would it still make sense to do as an LLC - Does that protect my house?
Also if I do do an LLC is that different from a “S corp”
2. From my understanding, the standard deduction which is what we take, does NOT count towards the partial deductions for mortgage etc. Is that correct?
3. From what I read, I can contribute up to 25% of income or $50,000 (whichever is lower) to yet another retirement account.
I will never get anywhere close to that amount but perhaps once house is paid off, then I can put more away in retirement accounts?
Thanks
I will likely pick up a part time job at a rehab for my week off (likely 3 days of the week, so 6 days a month total).
Since my full time job doesn’t allow us to work at another job as a W2 employee, I have to do it as a 1099.
I wouldn’t get any benefits at new job given that its part time and I already max out all my retirement plans with my full time job.
1. Does it make sense to make an LLC for what will basically be a low $ amount (enough to pay extra towards my home loan)?
I know one can deduct partial mortgage, cell phone bill etc for a home office but the added complicated tax return may not be worth it.
Additionally, they do provide tail coverage so would it still make sense to do as an LLC - Does that protect my house?
Also if I do do an LLC is that different from a “S corp”
2. From my understanding, the standard deduction which is what we take, does NOT count towards the partial deductions for mortgage etc. Is that correct?
3. From what I read, I can contribute up to 25% of income or $50,000 (whichever is lower) to yet another retirement account.
I will never get anywhere close to that amount but perhaps once house is paid off, then I can put more away in retirement accounts?
Thanks