[ikonos]

Hi,

I have few questions about C2C and 1099. (I work remotely from my home office)

1) If I am incorporated and working as the sole employee of my company, Can I deduct part or any amount of the money I pay for medical insurance?
2) How can I contribute to 401K? Is it plain tax deferred contribution up to some amount? Or can I do company match etc as well to myself?
3) How do I set aside money for Healthcare spending account?
4) Can I get my travelling expenses reimbursed from the company that contracted my company? Or I have to do a per diem rate included in the actual rate of the contract?
5) What other deductions apply?

Appreciate your responses.

[AtlantaTaxExpert]

1) Yes.

2) Yes, but you probably should get competent professional advice before you set up such a program for yourself.

3) That's another area where you need to get competent professional advice.

4) Reimbursements are always a sticky problem when negotiating a contract. Just include these costs as part of your bid.

5) No way I can answer that one.

Your situation SCREAMS for professional tax advice. I recommend you contact a local enrolled agent or CPA who handles corporate returns.