Noncompete clauses are everywhere nowadays, even when they can’t be actually enforced. Good scare though for the uninformed. Want to be informed? Check out this: https://bit.ly/2QbwDxN And poof! You’re informed. Some states can allow enforcement of noncompetes, but the limits are sometimes grey – see you in Court as they say.
As a 1099 MD you know that the best way to keep more of your earnings is smart tax planning. To achieve that, you need to know the numbers. The attached provides a succinct summary of deductions and the various limits and phaseouts associated with them, courtesy of The Bradford Tax Institute (which I highly…
Tax reform means opportunity for you the taxpayer. The folks at bradfordtaxinstitute dot com have a wonderful guide now available online that outlines a tremendous amount of valuable information regarding S corps. If you’re a 1099MD and you’re planning on doing lots of locum work, form your LLC, elect S Corp status, and enjoy the…
So you’re a 1099MD running around town or the country filling jobs wherever and whenever the opportunity arises. The fact is, if you have an LLC or similar and a hospital engages your company (whereupon you go to work on behalf of your company as its employee) then you are playing the 1099MD game correctly….
There are some basic tools a 1099 MD needs to survive in the world. Contracting expertise, tax efficiency/accounting expertise, and benefits management expertise. Today I write about the latter, and specifically, healthcare. As a 1099MD you’re on your own to find yourself quality health insurance. Since you cannot take advantage of health system employee group…
Does your physician group or residency need a blazing introduction to the world of contracting, billing, payors, tax management and financial guidance? Want to hear the real deal on contractual pay negotiation for your next gig? Please feel free to reach out to me directly to inquire about a customized seminar for your group,…
Thats right, you heard me. It seems the recent changes to the tax code appear to provide a path to purchasing (and writing off in year 1) the entirety of a new SUV purchase. Caveats: SUV must be over 6,000 GWVR (e.g https://diminishedvalueofgeorgia.com/6000-pound-vehicles/) Does not have to be NEW just new to YOU. Its a business…
Fascinating read regarding the status of whether a W2 is really a W2. You see, the loss of most of the deductions that an employee still had for business expenses is largely gone now as a result of tax law changes. That sucks. But.. perhaps there is some salvation. The Butts case, among others, resulted in…
Congratulations fellow physicians. You’re about to enter the world of being a 1099, an independently contracted physician. You’re ready to proceed, and you’re handed a contract. “Sign here, its what our lawyer has recommended.” Sure, you think, but I’ll need to take a closer look. Perhaps you correctly identify the primal instinct to obtain your…
If you’re not saving 15, 20 or more cents on the dollar, you’re doing it wrong as a 1099MD! Here are 5 reasons, among others, to be a 1099 instead of a W2: 1. Deduct a new (or used) SUV purchase (must be 6,000 GVWR or higher) 100% (via bonus depreciation) = 100% tax deduction…
Another year, another forum. Here’s the (click here)slideset for those interested in capturing highlights of our discussion. Please feel free to email me with your questions.
Being a 1099 as an MD has its own special rewards.. and challenges. You’ll have to learn to provide your own benefits, and understand the limitations and opportunities they each provide. One of the best opportunities is tax planning or tax efficiency. As an employed only W-2, it simply is just not possible to save…
One might not think your pay rate, expenses or call coverage is up for negotiation. I assure you, it most certainly is! No different than any other financial negotiation, all the terms must be fully understood and valued as part of the overall remuneration. While numbers vary by specialty here are some that are relevant…
For many of you who have just joined the locums world, your first opportunity to do locums is one that you may meet with a mix of trepidation and excitement. The unknowns are.. unknown. Perhaps locating the bathroom and figuring out how well you might adapt to whatever EHR is in place is near top…
For those who are not able to attend this year’s ACRO meeting in Fort Lauderdale, the slides will be posted here immediately following the meeting.
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