Originally Posted by
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?
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