Tax info for locums docs
Many thanks to Ben Nanney, CPA, CFP, and Jarin Dana, CPA, for joining me on today’s episode of “The Art of Medicine with Dr. Andrew Wilner.” Ben is the owner of Locums Tax, PLLC. He specializes in helping locum tenens physicians comply with the internal revenue service code (i.e., pay their taxes correctly)!* Jarin Dana is Chief Financial Officer at Fusion Healthcare Staffing and a partner in the accounting firm Frost Dana Newman, LLP. Both experts have previously appeared on the program and did a great job! ( Ben Nanney, Episode #3, The Art of Medicine, Dr. Wilner interviews Ben Nanney, CPA, CFP Jarin Dana, Episode #68, How NALTO helps locum tenens physicians, an interview with Jarin Dana )
While physicians receive extensive medical training during years of medical school, residency, and often a fellowship, their financial education is usually minimal to nil. Some physicians may wish to complete their own tax returns, but they do so at their own risk. Tax planning with the assistance of a professional can help maximize retirement contributions while reducing taxable income with tax deductions.
During this 30-minute interview, we define tax deductible expenses and how to track them, discuss the relative merits of working as a 1099 vs. W2 employee, the advantages and disadvantages of a sole proprietorship, LLC, and S-Corp, and tips on how to work effectively with your CPA.
To learn more, you can find Ben Nanney on LinkedIn: linkedin.com/in/ben-nanney-2854a044 or at his website: Yourlocumstax.com
Jarin Dana’s LinkedIn profile is linkedin.com/in/jarindanafusionhcs. You can also contact him at the Frost Dana Newman, LLP, website: fdncpa.com
Tax info links provided by Ben Nanney below*
You can also listen to "The Art of Medicine with Dr. Andrew Wilner" on the web: https://andrewwilner.buzzsprout.com/ and on your favorite podcast player! Please search for "The Art of Medicine with Dr. Andrew Wilner."
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Finally, many thanks to “The Art of Medicine's” wonderful sponsor, Locumstory.com. If you are interested in locum tenens, or considering a new full-time position, please go to Locumstory.com. Or paste this link into your browser: https://locumstory.com/?source=DSP_di... Tell them Dr. Wilner sent you!
Thanks for listening!
PS: For more entertainment, watch "Underwater with Dr. Andrew" on YouTube.
*More links on Taxes: Business Structure For Locums- https://www.whitecoatinvestor.com/loc... LLC Doesn't Offer Malpractice Protection- https://www.wolterskluwer.com/en/expe... An S-Corp Does Not Work Well With Outside W2 Income- https://www.whitecoatinvestor.com/why... An Overview of S-Corp- https://www.whitecoatinvestor.com/s-c... An Overview of Self-Employed Retirement Accounts: https://www.whitecoatinvestor.com/bes... An Overview of EV Tax Credits: https://www.irs.gov/credits-deduction... Great Overall Primer On Doc Finances: https://www.amazon.com/White-Coat-Inv...