<prompt> Human: A few months ago I was laid off from my last position due to lack of available work. Finally some good news came today. Surprisingly the one position I interviewed for, and didnt think was going to come through since it was very competitive, did. Its the exact experience Im looking for and best of all the pay is double what I was getting in my last position! Its a 1 year contract, which could be extended or I could be hired in full time. The only thing is its a 1099 contract position. Not a W2 that I am used to. The only thing I know so far is that I take care of my own taxes and dont get any benefits as well. Is there anything I should be aware of? Any advice anyone could give would be greatly appreciated.  <response>: The only thing I know so far is that I take care of my own taxes and dont get any benefits as well.Thats pretty much the long and short of it. I suggest putting aside 30-40 of every paycheck aside for tax purposes, at least. And you may want to look into a traditional IRA because you can deduct your contributions. Open enrollment for health insurance starts in 12 days so because there are no benefits at work, that will be how you can get coverage between now and an offer of employment is extended to you. 