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Updated about 2 years ago on .
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Switch from W2 Employee to Consultant for Tax Savings
Does anyone have experience with asking their employer about switching from a W2 employee to a consultant so that you can take advantage of the Real Estate Professional status? If the employer pays your LLC S-Corp instead of you as an employee, does this open you up to tons of tax savings opportunities? I'm interested in hearing from anyone who has done this, or any of the CPA's out there.
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
REPS is based on hours. If you spend same amount of hours as 1099s vs W2, and if you didn't qualify as REPS as before because if W2 before, you will not qualify with 1099s.
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