Pros and Cons of Being Your Own General Contractor

If you are adventurous and want to work as an independent HVAC contractor would be a good choice for you. An Independent contractor is also known as consultants, freelancers or just contractors. While being an independent contractor would be very beneficial rather than being an employee. Working as an independent contractor, you will act as your boss if you have to work out of the client location you have to work with your employee like a boss and direct your work to all your employees.

As an independent HVAC contractor, you would be able to make money than working as an employee. All the companies are willing to pay more for an independent contractor because they don't have to make long - term commitments or other health benefits like social security and medical expenses. Independent contractors also may diminish more business expenses than employees typically can claim. Unlike employees, independent contractors are expected to reserve their own federal, state, and local taxes.

Cons of Independent contracting - All the independent contractor should reserve their federal, state and local taxes and employers like contractors because they can avoid paying for taxes and benefits and that means those costs fall entirely on independent contractors. In most cases, contractors would not be able to withhold their federal, state and all other types of local taxes.

They have to submit all the taxes to the IRS. Independent contractors have to provide their tools and if the clients provide the tools then one of the enforcing agencies will penalize them for misclassifying you as an independent contractor when you should have been classified as an employee. If you want to be a successful independent contractor, you have to invest your time and energy but the risk can pay off handsomely

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