4 ms·
This. In US there are many benefits of owning a business. Cars are an expense, home office is an expense, etc. When you work for someone else you don't have thi
by avgDev 6y ago
This. In US there are many benefits of owning a business. Cars are an expense, home office is an expense, etc. When you work for someone else you don't have this flexibility but your risk is lower and you are not worried about finding clients.
- balls187 6y agoIts difficult to deduct cars as an expense--that is one of many expenses that the IRS will scrutinize. The broader point still remains, for a business (a 1099 is considered a sole-proprietorship) generally net income is taxed, and as a W2, your taxes are witheld per pay period.
- bnastic 6y agoSame in the UK, and I believe in other countries, it's not strictly a US thing.