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What Issues Should I Consider As A Business Owner Or 1099 Worker?

Category:
Working / Accumulation Phase, Tax Planning
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Running your own business (including 1099 work) introduces different elements that aren’t always easy to factor into your personal financial plan.

With your guidance, clients will be able to better navigate these different elements and find more ways to tie them in with their personal financial goals.

This checklist covers some key issues a business owner should consider when making financial planning decisions, such as:

  • The effect running a business may have on one’s personal financial goals.
  • The general tax implications of running a business.
  • How certain tax planning factors may be coordinated (e.g., retirement plan contributions, certain deductions, hiring a spouse, specific business entities, etc.) to better suit one’s financial situation.
  • Other areas (e.g., risk tolerance, insurance needs, financing issues, etc.) that may be affected by operating a business.

 

Updated 12/1/2022


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