I am a Texas resident and am consulting at a large California company. They want me to go Full-Time. Will I lose all my deductable expenses if I do this and still keep my primary residence in Texas?
Thanks
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I am a Texas resident and am consulting at a large California company. They want me to go Full-Time. Will I lose all my deductable expenses if I do this and still keep my primary residence in Texas?
Thanks
They want to hire you as a full time employee? Then yes, you will lose any deductions for cost of travel (commuting) between your home and your principal job location. I'm sure you're also aware that you will have to pay CA non-resident income tax. On the plus side, as an employee rather than a contractor you may get benefits such as medical insurance, paid vacation, 401(k), etc. and your social security tax is reduced to the employee rate (as opposed to self-employed).
Ebaines points are accurate; I have nothing to add.
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