Independent Contractor

[NSDDS]

Hey guys...
I'm new to this forum (spend most of my time on dentaltown), but I had a quick question. Have any of you guys had experience working as an associate under the terms of an independent contractor? I'm curious about the tax exemptions, and how the whole process works. Thanks.

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[JamieMac]

Being an independent contractor as a dentist is probably like any other independent contractor for any business or company. You will receive a 1099 (instead of a W-2) from the doc/practice, and will report your income on a schedule C. You can request that federal or state taxes be withheld from this income by the doc, or you can set aside a certain percentage on your own to pay your quarterly estimates. The benefit of this situation is that you can write off various expenses associated with your profession. Hope this helps.

 

[coreyb]

A good place for info on associate/independent contractor dentist is www.dentaltown.com .

A lot more information and a lot more practicing dentists.

 

[toofshucker]

A good place for info on associate/independent contractor dentist is www.dentaltown.com .

A lot more information and a lot more practicing dentists.

I don't think you read the OP's post....

 

[12YearOldKid]

Despite the fact that the IRS has come out with several specific points that define IC status, many dentists still continue to use this classification. It is very rare that an associate dentist actually meets the standards of an IC. The owners push this because it is in their advantage; an associate will almost alway come out on the short end of the deal. You will not incur enough professional expenses to justify the increased tax liability you will see as an IC.

Short answer: Don't do it.

 

[NSDDS]

Despite the fact that the IRS has come out with several specific points that define IC status, many dentists still continue to use this classification. It is very rare that an associate dentist actually meets the standards of an IC. The owners push this because it is in their advantage; an associate will almost alway come out on the short end of the deal. You will not incur enough professional expenses to justify the increased tax liability you will see as an IC.

Short answer: Don't do it.

That's definitely true, and it's a big stretch to classify dentistry under the Independent contractor umbrella, but this place is one of the larger chains and has been contracting its associates for a while now with a clean record. I know I should be cautious, but when the pay is what it is there, saying no is difficult. I realize though that the exemptions and writeoffs can never be enough to equate to working as an employee, but with a higher salary, sometimes it offsets this negative. I guess we'll see what happens. Thanks for all your advice. (and yeah, I love dentaltown and got similiar results on their forum).