Going to independent contractor

[IonsAreOurFuture]

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For those of you who were salaried before, in private practice or academics, and went to an independent contractor status, or vice-versa, what were the pros and cons?

Is there anything personally, professionally or financially that was much better as an IC vs employee?

 

[TheWallnerus]

For those of you who were salaried before, in private practice or academics, and went to an independent contractor status, or vice-versa, what were the pros and cons?

Is there anything personally, professionally or financially that was much better as an IC vs employee?

Just going straight independent contractor and getting 1099'd has more drawbacks than not versus salary in my opinion.

However, if one can S-corp incorporate, and allow the corporation to be paid (instead of the individual as a 1099), this gets into a much more nuanced discussion.

If an entity is already considering allowing someone to be an independent contractor it's almost always very easy getting the entity to pay one's corp instead. Getting the entity to consider switching from salary to independent contractor should be easier than it is because the entity comes out better financially... but it usually is not easy.