How do you use your s-corp and LLC for Locums? I would be very interested in this in the somewhat near future and I have always wondered if I could contract myself out. Was a former travel nurse in the past so locums has been on my mind for a bit.
Don't need and s corp or LLC for that, you can just file as a sole proprietor. Pretty much same deductions with a much simpler tax return and no corporate fees.
Presumably I could keep part of my fees taxed at the corporate tax rate which is much lower than the individual beyond say 100k etc.
But you have to pay yourself a reasonable amount so unless you are being fraudulent about it there shouldn't be much to hold back.
reasonable for primary care is a lot less than locum rates.
Gotcha. I am in private practice so my insurance reimbursement is essentially equivalent to reasonable salary.
About 3-4K. I am in the exact same boat as you and used to pay 5k plus and get ripped off. Now have a better accountant for cheaper.
That sounds like a lot, though maybe it’s because I am a sole proprietor, have no rental properties, etc. Right now I pay $2k for an accountant referred by whitecoatinvestor’s website. My prior account was under $1k/yr but wasn’t very god with communication and took too long to file my taxes I deducted to look for another.
Well I have an SCorp and rental properties which operate at a loss every year but are included. I am cheap as hell but not when it comes to these things. He does my business taxes and my personal taxes and files my business paperwork. So let’s decide on 3k then.
Correct. Better to have someone you trust.
