What are the pros and cons of working freelance or on contract?

Question

What are the pros and cons of working freelance or on contract?

Answer 1

You have more independence and control the assignments you accept and have a flexible schedule. However, you are not eligible for benefits and are liable for yourself- in other words, if you are injured on the job, you are at fault/responsible for yourself and cannot file a lawsuit. You are not an employee.

Answer 2

Pros - More money(higher rates) and tax deductions

Cons - Less income security and accountants fees

Answer 3

The pros are that you are your own boss so as long as you complete your project on time and it is good work you should be in the money But the Cons are that you get all the money and have to pay taxs on your own . But being that you work for yourself you won't be begging for a raise to drive to work and you will get better tax breaks bing in business.  I have been in my own business for over 20 years and I enjoy the freedom of working for myself . It is feast or famine but as long as you think ahead you can weather all things within a business.