Moonlighting and taxes

[Hallux]

Hopefully someone has had some experience with this...

I am currently working as an associate in a private practice, but am not as busy as I would like to be so I contacted one of those big podiatry groups that services long-term care facilities to see if they had any part time work. They did and now I'm going to be working for them occasionally to stay busy. They will take care of all the billing. My question is this...how should I handle this added income from a tax perspective? Should I get a new tax ID separate from the practice, should I form an LLC, or can I simply use my SSN?

Any experience or insight would be appreciated. Thank you.

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[NatCh]

I think the absolute best thing to do would be to talk to a CPA and an attorney about your setup. If you don't already have one of each it's time to get one.

 

[Creflo]

Agree that its best to speak with accountant and lawyer, but I would at least create an LLC instead of doing this in your own name (sole proprietor) as this may give you some liability shield. But I wouldn't expect to get any liability protection fro the LLC from a medical practice perspective. You should be able to set up your own LLC yourself at the local courthouse.