<prompt> Human: I got a new job! Im staying in my same industry, but I will be moving from a employer-employee relationship to that of a 1099 independent contractor.I havent worked as 1099 before. Ever. I am aware of certain tax breaks I may now be able to take advantage of, but I really have no idea what to expect when it comes to taxes.What can I now take advantage of? What pitfalls should I be aware of?  <response>: A quick reference, you psy 7.6 cents more taxes on every dollar, self employed. So you need 2500.00 in deductions per every 10000.00 of income before you even break even for self employment to be tax advantageous over being employed. Thats before even factoring in unemployment insurance, benefits, businesses insurance, not needing an accountant, and wage protections. So within so little bump on pay, you may actually be effectively taking a pay cut with the new job. 