• Andrew Wilner, MD

the Art of Medicine Episode #3 Dr. Wilner INterviews Ben Nanney, CPA, CFP

Welcome to Episode #3 of The Art of Medicine!


I had the pleasure of speaking with Ben Nanney, CPA, CFP, for this 13-minute video interview. Ben is not only a certified public accountant (CPA) but a certified financial planner (CFP) as well. I posted an email interview with Ben back in August 2019. Our interview today delves deeper into the financial considerations of locum tenens physicians who are often “independent contractors.”


Ben specializes in helping locum tenens physicians tackle their tax returns, which can be more complicated than those of traditionally employed physicians. For example, locums docs may have several employers during the year, resulting in multiple 1099 income statements rather than a single W2. Locums physicians may also work in more than one state, necessitating additional state tax returns.


Ben comes from a family of entrepreneurs and like many locum tenens physicians is a self-employed individual. During our discussion, he points out that independent contractors play by different rules compared to traditional employees when it comes to the IRS. These rules come with additional obligations and benefits. One responsibility is paying quarterly taxes. On the other hand, benefits of self-employment status include business deductions such as a home office and a more substantial retirement contribution. The new Tax Cuts and Jobs Act (TCJA) provides independent contractors additional tax relief on 20% of their income, which Ben can explain better than me!


If you are a locum tenens physician or contemplating locums to improve your lifestyle or maximize your income (or both), my brief discussion with Ben Nanney highlights the wisdom of consulting an expert CPA or CFP to help achieve your financial goals. If you have more questions for Ben, he can be reached at his website: https://crossroadsfinancialconsulting.com/.

20 views

Recent Posts

See All

Strategies for Success

Please enjoy this 15-minute video when I share my "strategies for success" for locum tenens assignments with Chad Saley from CompHealth. Thanks for watching! For more interesting videos, please check

Art of Medicine Podcast Milestone

Great news for my podcast, “The Art of Medicine with Dr. Andrew Wilner!” Thanks to your support, the program reached the required number of subscribers to qualify for an easy-to-remember YouTube URL a

        Ask a question!                                      For  media inquiries,

                                    please contact the author:

Disclaimer: The author's website and books do not intend to provide professional business, medical, or legal advice and should not replace the counsel of an accountant, physician, or attorney, repsectively. Although these books have been carefully researched, the author assumes no liability for loss or damages resulting from their use.

 

As an Amazon Associate, I earn from qualifying purchases.

Copywrite: Andrew Wilner, MD 2019.