The Locums market is booming for Anesthesiologists and CRNAs. Here are some recent numbers. Remember, the agency is charging around 30% more per hour for these same providers so the cost to the hospital is much, much higher:
Yup. One of the CRNA couples I work with cleared 830k last year between both of them. I know one of them well. We live 10 min apart. So it’s just not heresy.
I am, but not locums.
Depends what the work load. That’s the real question. $400/hr working in ghetto place with no anesthesia tech dealing with Asa 4.5 patients etc may not be worth it.
Getting paid more to *not* have to cover CRNAs is worth it in almost any situation. The other day, I dealt with a CRNA who refused to come out and mask ventilate a rapidly desatting & cyanotic obese patient. I had to physically remove the blade from the patient's mouth as the patient's HR dropped precipitously. Things that just don't happen when I'm by myself...
can you explain to me what you did to lower your effective tax rate with a 1099?
Deduct expenses out the wazoo.
Because they're CRNAs and have an inferiority complex.
Corporations are far worse with use of private jets for personal use even written into executives contracts (though the irs has changed the rules on personal use of jets in the past few years).
Both.
Good luck with the "but corporations commit bigger acts of fraud than me" defense. 🙂
The main points is to keep ur average business deductions to less than 50%.
taxfoundation.org
The main points is to keep ur average business deductions to less than 50%.
Say you generate 700k 1099. Write off 300k
Pay urself a nominal salary 150k is fine these days. Pay the non working spouse a nominal salary for book keeping (spouse has college degree in accounting). Put away 100k-150k plus retirement (or around 80k between spouse and u in solo 401k)
It’s not that hard to get down to 15% effective tax rate.
40% of people effective tax rate is 0. As in zero most years anyways. During the pandemic a whopping 60% of people paid no federal income taxes
COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax
In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...
I really do not get the hate with paying less income taxes. I still pay sales taxes. The more you spend. The more you contribute to the economy. I still pay real estate taxes for the schools.
Even as w2. My w2 income was 470k last year (working 35 hours a week with no weekday calls home at 1-3pm most days and incentive based weekend call when I want ). My effective tax rate was 21%.
The locums guys I know made 600k paid 12% effective tax rate. The locums who made 1.5 million paid 18% effective tax rate.
Man. What a completely made up post. Wow.The main points is to keep ur average business deductions to less than 50%.
Say you generate 700k 1099. Write off 300k
Pay urself a nominal salary 150k is fine these days. Pay the non working spouse a nominal salary for book keeping (spouse has college degree in accounting). Put away 100k-150k plus retirement (or around 80k between spouse and u in solo 401k)
It’s not that hard to get down to 15% effective tax rate.
40% of people effective tax rate is 0. As in zero most years anyways. During the pandemic a whopping 60% of people paid no federal income taxes
COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax
In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...
I really do not get the hate with paying less income taxes. I still pay sales taxes. The more you spend. The more you contribute to the economy. I still pay real estate taxes for the schools.
Even as w2. My w2 income was 470k last year (working 35 hours a week with no weekday calls home at 1-3pm most days and incentive based weekend call when I want ). My effective tax rate was 21%.
The locums guys I know made 600k paid 12% effective tax rate. The locums who made 1.5 million paid 18% effective tax rate.
How is it completely made up?
Made up or not, I've seen multiple docs who are more aggressive than this. So far none of them have been audited, so I can't say what happens when they get caught. I try to keep my distance.
dude. I said 300k on 700k 1099 income
The main points is to keep ur average business deductions to less than 50%.
Say you generate 700k 1099. Write off 300k
Pay urself a nominal salary 150k is fine these days. Pay the non working spouse a nominal salary for book keeping (spouse has college degree in accounting). Put away 100k-150k plus retirement (or around 80k between spouse and u in solo 401k)
It’s not that hard to get down to 15% effective tax rate.
40% of people effective tax rate is 0. As in zero most years anyways. During the pandemic a whopping 60% of people paid no federal income taxes
COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax
In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...
I really do not get the hate with paying less income taxes. I still pay sales taxes. The more you spend. The more you contribute to the economy. I still pay real estate taxes for the schools.
Even as w2. My w2 income was 470k last year (working 35 hours a week with no weekday calls home at 1-3pm most days and incentive based weekend call when I want ). My effective tax rate was 21%.
The locums guys I know made 600k paid 12% effective tax rate. The locums who made 1.5 million paid 18% effective tax rate.
The main points is to keep ur average business deductions to less than 50%.
Say you generate 700k 1099. Write off 300k
Pay urself a nominal salary 150k is fine these days. Pay the non working spouse a nominal salary for book keeping (spouse has college degree in accounting). Put away 100k-150k plus retirement (or around 80k between spouse and u in solo 401k)
It’s not that hard to get down to 15% effective tax rate.
40% of people effective tax rate is 0. As in zero most years anyways. During the pandemic a whopping 60% of people paid no federal income taxes
COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax
In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...
I really do not get the hate with paying less income taxes. I still pay sales taxes. The more you spend. The more you contribute to the economy. I still pay real estate taxes for the schools.
Even as w2. My w2 income was 470k last year (working 35 hours a week with no weekday calls home at 1-3pm most days and incentive based weekend call when I want ). My effective tax rate was 21%.
The locums guys I know made 600k paid 12% effective tax rate. The locums who made 1.5 million paid 18% effective tax rate.
$80 Billion in IRS funding the majority of which will be used to hire agents and audit small businesses and Independent Contractors. The vast majority of audits will be through the mail and result in significant fines to small businesses or they must hire lawyers/CPAS to defend against in-house audit. Either way it's going to cost you money in the range of $15,000-$50,000 depending on how "aggressive" you are with those deductions.
Yes, going 10mph over the speed limit and committing tax fraud to the tune of hundreds of thousands of dollars are exactly the same thing.
There are rules and there are gray areas.
What matters is the IRS. I expect audits to triple in 2024 and 2025 vs 2022. As long as whatever you are doing in 2023 will survive an audit then what others think doesn't matter. $80 billion is being given to the IRS so the agency can bring in 3 X that amount from taxpayers. The only way to accomplish that feat is by auditing a lot of taxpayers like you.
People cheating on their taxes isn't a victimless crime.
What kind of hilariously dumb rationalizing are you doing right now?
www.keepertax.com
No one here is saying one shouldn't avail oneself of every legal tax avoidance measure out there.I know most already made up their minds.
Here’s something I just googled.
Spouse
Computer
Self-Employed Computer Tax Deductions: The Ultimate Guide
For freelancers and self-employed people, the computers you use for work are tax-deductible. You can write off the full cost, or depreciate it.
Travel
How to Deduct Travel Expenses (with Examples) | Bench Accounting (I especially like the overseas travel, if more than 25% business related then it’s considered business… who knew…)
These are just the first entry that popped up for me. Some of these are more nuanced/gray than I think most will admit.
As I’ve also mentioned already long ago. Most of them mega million (so billionaires, I suppose) pay effective taxes less than 1%. And that 1 trillion dollar figure, probably mostly made up by them than physicians who are still paying at least 10 (10%) times than those.
And also look at Justice Thomas…. Whatever he is doing with his money or perks…. If he can rationalize it we should be able to too…..
That's pushing the limit.
That’s baloney.
