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IT Consultants: Is Full-Time Work For You?
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manna4ang
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manna4ang,
User Rank: Apprentice
12/2/2013 | 12:38:18 PM
Insurance Benefits & Contractors
I was a full-time art teacher with a salary was on the higher end of the teacher payscale. It provided me with insurance, paid time off and paid summer and spring breaks. Loved it! However, moving to New York, I quickly realized that in order to maintain a lifestyle that I wanted, I needed to explore my career options, in order to increase my income. I transferred my skills over into the IT world. The move had it's pros & cons. Pro - I doubled my salary, Con - I lost of my benefits. If I take off from work, I don't have PTO, however, I can save enough to miss from work. The thing that I miss the most are the health & dental benefits. To acquire this privately in NY you're looking at $3K a month for a premium. This is quite a chunk. So, I definitely agree with this article, you must weigh your options. I think this was still the best option. But here is a great site for consultants to look into for insurance. I'm going to check it out and will repost when I get more info. 

The Freelancers Union is more than 80,000 in New York with more than 150,000 nationwide. This includes the consultants, independent contractors, temps, part-timers, contingent employees and the self-employed that make up one-third of the American workforce. Because they are employed in nontraditional arrangements, these independent workers do not have access to employer-based health care insurance. Therefore, Working Today, a 501(c)3 nonprofit organization, launched Freelancers Union in 2001. Freelancers Union has created a portable benefits delivery system, linking benefits to individuals rather than to employers, so independent workers can maintain benefits as they move from job to job and project to project.

In addition to providing a somewhat flexible safety net in the form of portable benefits, the organization tries to increase the visibility of independent workers, bringing issues that concern freelancers to the attention of media and policy makers. Freelancers Union also provides its members with online tools, business management information, networking opportunities, group discount terms with various vendors or partners, and other assistance in working successfully as independents. Membership is free of charge, as is members' access to the Union's meetings, tools and basic information. Members pay fees for certain events, seminars and other services, as well as premiums if they elect to buy health insurance through the Union.

 

https://www.freelancersunion.org/benefits/

Thanks Deron for posting this! What are you comments?
Laurianne
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Laurianne,
User Rank: Author
12/2/2013 | 12:24:21 PM
Stability Real And Imagined
What about the isolation factor? Can any of you say you went back to a full-time role because you missed being part of a team, mentoring the next generation, etc.? For some people, that is a large satisfaction in a full-time role.
manna4ang
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manna4ang,
User Rank: Apprentice
12/2/2013 | 12:17:32 PM
Re: Tax considerations?
Hi Lorna! Yes being a consultant does have it's advantages, like the one you mentioned, tax write-offs. However, you must be established as a business entity. S-corp, B-corp, LLC, Sole-Pro, etc. And save, save, save those receipts! 
Lorna Garey
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Lorna Garey,
User Rank: Author
12/2/2013 | 10:40:54 AM
Tax considerations?
Seems like it would also be wise to talk to your tax expert. Doesn't being a contractor come with some advantages in terms of write-offs and the ability to incorporate?
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