longhauler

I am looking to flying foreign ie based overseas, but living in the States. How many of you have become self employed for the tax benefits? If you have has it worked in your favor? Have you started a self employed 401(K) or simple 401(K)? Have you looked into self employed health, dental, and vision insurance?

Starlifter

This sounds interesting! I'd also like to know if someone has done this? The route they took etc...
Never thought of it!!

R,
Lifter

longhauler

With KAL the agency gets paid, then pays you Korean income tax takes their cut and gives the rest to you. My account is saying it is good option.

Typhoonpilot

One big question for you is, will you have a residence visa for your foreign base?

If you do have a foreign residence visa established then the amount of time you spend in the States is not relevant as long as it is less than 6 months.

To be self employed means that you will be paying self employment tax, a tax that you would not have to pay with a foreign earned income. The savings there should equal or exceed any amount that you would gain by the tax advantages of 401K investing.


Typhoonpilot

longhauler

I will check on that. The question is if I have to pay for health insurance to the tune of $12,000 per year want to protect my benefits stateside (this is a contract) would I be better off pay the US tax?