State of Locums market

[aneftp]

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The Best of Both Worlds​

Perhaps the best of both worlds is to get some of your income as an employee and some of your income as an independent contractor. That way you can write off all your work expenses that are required for your independent contractor job (but are used for both jobs—like CME, uniforms, licensing fees, DEA fees, specialty society dues, etc.) against your 1099 income. This way also lets you have your employer provide your benefits and at least the employer portion of the Social Security taxes, which are the lion's share of the payroll taxes for a doctor with a median physician income.

Another bonus of having two jobs is you may get two 401(k)s as well, allowing you to protect more of your hard-earned money from both Uncle Sam and any potential future creditors.

W-2 vs. Self-Employed | White Coat Investor

Is it better to take a job as an employee or as an independent contractor? The short answer is "it depends." The best answer may be "both."

www.whitecoatinvestor.com

Blade. I agree with everything u said

But we have to be careful with 415c limits with 401k/403b etc. it’s like 62k combined (I think that number changes each year)

As for the tax code. Most everyone knows I’m the master of the us tax code.

The tax code favors singles w2 under 225k taxable income. And married couples under 450k taxable w2 wages.

Everyone harking on doing 1099 has their own self serving bias. Too many factors involved

My break even point for going pure 1099 is if I were guaranteed 600k 1099’income with no nights and weekend and a 40 week year. Yes that’s attainable but hard to obtain those consistent hours.

Right now I make 450k married w2. I can put away 70k pretax as a w2 through state retirement programs. They also kick back 30k into my retirement and my health care is literally free. Plus access to dependent care fsa and hsa etc.

It would take 600k mo and no weekends 1099 working 40 hours a week

Tell me where I can get that deal. In a nice area as well.

While my w2 wages say I make $215/hr based on 2080 hours year. It really over $300/hr when u factor everything in over a 40 week year.

Also remember my effective tax rate (not marginal) was only 21%. Some of the guys know me personally and know that’s the truth cause I’ve shown them my USA tax returns My self employed effective tax rate when I was full time self employed hovered around 15%

Now if I were to jack up my 1099 full time income to over 1 million. Yes my effective tax rate likely jumps to 28%.

If u keep ur taxable income as single to around 200k or 325k (married). You will be alright.

It sucks for singles on a w2 wage. They would pay 20k more in federal taxes for same taxable income

 

[AKMD_1984]

my biggest expense is health insurance - and i researched that and selected a health share plan. for malpractice, thats just the cost of doing business. i adjust that by increasing my hourly rate every year with some practice. havent done it yet, but will start to as i do this full time,

in any case, there are certain non-monetary benefits of being an independent doctor for me - so this 20-30K here and there has no impact.

 

[Coffee PRN]

Blade. I agree with everything u said

But we have to be careful with 415c limits with 401k/403b etc. it’s like 62k combined (I think that number changes each year)

As for the tax code. Most everyone knows I’m the master of the us tax code.

The tax code favors singles w2 under 225k taxable income. And married couples under 450k taxable w2 wages.

Everyone harking on doing 1099 has their own self serving bias. Too many factors involved

My break even point for going pure 1099 is if I were guaranteed 600k 1099’income with no nights and weekend and a 40 week year. Yes that’s attainable but hard to obtain those consistent hours.

Right now I make 450k married w2. I can put away 70k pretax as a w2 through state retirement programs. They also kick back 30k into my retirement and my health care is literally free. Plus access to dependent care fsa and hsa etc.

It would take 600k mo and no weekends 1099 working 40 hours a week

Tell me where I can get that deal. In a nice area as well.

While my w2 wages say I make $215/hr based on 2080 hours year. It really over $300/hr when u factor everything in over a 40 week year.

Also remember my effective tax rate (not marginal) was only 21%. Some of the guys know me personally and know that’s the truth cause I’ve shown them my USA tax returns My self employed effective tax rate when I was full time self employed hovered around 15%

Now if I were to jack up my 1099 full time income to over 1 million. Yes my effective tax rate likely jumps to 28%.

If u keep ur taxable income as single to around 200k or 325k (married). You will be alright.

It sucks for singles on a w2 wage. They would pay 20k more in federal taxes for same taxable income

How often are you taking call and weekend though? Is your average number of hours per week 40 hours? (Averaged over a 40 week work year). It's important to make apples to apples comparisons which can admittedly be challenging to do and factor in all the benefits.

 

[coffeebythelake]

The Best of Both Worlds​

Perhaps the best of both worlds is to get some of your income as an employee and some of your income as an independent contractor. That way you can write off all your work expenses that are required for your independent contractor job (but are used for both jobs—like CME, uniforms, licensing fees, DEA fees, specialty society dues, etc.) against your 1099 income. This way also lets you have your employer provide your benefits and at least the employer portion of the Social Security taxes, which are the lion's share of the payroll taxes for a doctor with a median physician income.

Another bonus of having two jobs is you may get two 401(k)s as well, allowing you to protect more of your hard-earned money from both Uncle Sam and any potential future creditors.

W-2 vs. Self-Employed | White Coat Investor

Is it better to take a job as an employee or as an independent contractor? The short answer is "it depends." The best answer may be "both."

www.whitecoatinvestor.com

How about multiple 1099 locum gigs? Can u do multiple 401k?

 

[Ashers]

How about multiple 1099 locum gigs? Can u do multiple 401k?

You can have multiple 1099 jobs. I have 3. You can max out your 401k contributions. Mine's based on my S-corp salary, which I really need to contribute more to now that it's November.

 

[MirrorTodd]

How good are these health insurance plans offered by employers? Personally, I do not have much faith in employer paid health plans.

 

[BLADEMDA]

How about multiple 1099 locum gigs? Can u do multiple 401k?

There are years I had 4 retirement plans. 3 of them through my W-2 job and one through my 1099 gig. I am not doing enough 1099 work to fully fund the LLC retirement plan. Typically, an LLC/S-Corp can have one retirement plan plus a Cash Balance plan or Defined Benefit plan. You can put away as much as $250,000 or more combined through those plans. For example, let's say Neutro earns $600K as a 1099 worker. He can set up his business to put away as much as $250K or more per year into his retirement plans depending on his age. That's how you get ahead in terms of early retirement planning.

Cash Balance Plan Contribution Limit for 2025 [Age + IRS Maximum]

Understanding the cash balance plan contribution limit is tough. In this post, we'll discuss the lifetime, minimum and maximum contributions.

www.emparion.com

 

[aneftp]

How often are you taking call and weekend though? Is your average number of hours per week 40 hours? (Averaged over a 40 week work year). It's important to make apples to apples comparisons which can admittedly be challenging to do and factor in all the benefits.

No calls or weekends homie. I average 36-38 hours a week. It’s daytime job. 450k w2 with state benefits and state holidays and 9 weeks off. So really 11-12 weeks off. A few free days here and there

That’s why I said it would take a 600k 40 hour 1099 job for me to leave my 450k w2 job with no calls.

I can work extra on weekends if I wanted to for extra pay. But I’m taking more 1099 weekend gigs cause it pays better and less of a tax hit. In addition to my daytime w2 job

I literally left work 10am from my w2 job Friday went home. Slept a little. Went to the gym. Drove to my 1099 gig 1 hour away at 3pm Friday and made 25k beeper through Monday morning 6am. I did take a leave day at my w2 job cause it wanted it to be legal for post Monday

 

[rick roller pump]

No calls or weekends homie. I average 36-38 hours a week. It’s daytime job. 450k w2 with state benefits and state holidays and 9 weeks off. So really 11-12 weeks off. A few free days here and there

That’s why I said it would take a 600k 40 hour 1099 job for me to leave my 450k w2 job with no calls.

I can work extra on weekends if I wanted to for extra pay. But I’m taking more 1099 weekend gigs cause it pays better and less of a tax hit. In addition to my daytime w2 job

I literally left work 10am from my w2 job Friday went home. Slept a little. Went to the gym. Drove to my 1099 gig 1 hour away at 3pm Friday and made 25k beeper through Monday morning 6am. I did take a leave day at my w2 job cause it wanted it to be legal for post Monday

That sounds like a great setup. I am in a W2 position with call. I make more than you, about 575k. But my state has > 9% tax. So the extra 125k gets taxed 48% and now is only 65k. A daytime W2 job combined with picking up call as 1099 seems like the ideal setup to take home the most $$.

 

[ToKingdomCome]

I'm starting locum side gig next month. Do these hospitals tend to dump on the locum guy and are these places that look for locums sketchy hospitals? I have the benefit of just backing out but idk what to really expect since all I had was a phone interview with one of the docs

 

[Ashers]

I'm starting locum side gig next month. Do these hospitals tend to dump on the locum guy and are these places that look for locums sketchy hospitals? I have the benefit of just backing out but idk what to really expect since all I had was a phone interview with one of the docs

It depends. I have been called the "GI Queen" because for a while, I was in GI all the time in 2 locations. I don't mind GI, but I don't like it every day. One place said it was because they couldn't put their AAs in GI because the patients were too sick, so it had to be docs. It's gotten better, and I've gotten more case variety. In another location, I've also had great case variety. One place put us with a dangerous surgeon that no one in the main group liked. Eventually, after a few complaints from people in the little group I'm in about the same surgeon, we all refused to work with him and said that the main group had to work with him because none of us were willing to work with him.

 

[Arch Guillotti]

Drove to my 1099 gig 1 hour away at 3pm Friday and made 25k beeper through Monday morning 6am.

Are you contracting directly or going through a locums company?

 

[ToKingdomCome]

It depends. I have been called the "GI Queen" because for a while, I was in GI all the time in 2 locations. I don't mind GI, but I don't like it every day. One place said it was because they couldn't put their AAs in GI because the patients were too sick, so it had to be docs. It's gotten better, and I've gotten more case variety. In another location, I've also had great case variety. One place put us with a dangerous surgeon that no one in the main group liked. Eventually, after a few complaints from people in the little group I'm in about the same surgeon, we all refused to work with him and said that the main group had to work with him because none of us were willing to work with him.

I guess as others have said, as a 1099 side gig, I'm my own boss and have a lot more say. I am otherwise doing supervision

 

[aneftp]

Are you contracting directly or going through a locums company?

Technically agency. Agency that is 100% wholly own by AMC that has had exclusive contract with the hospital for 12 plus years.

So agency really is the amc. That’s what I mean by conflict of interest. They have third party locums docs there also

 

[aneftp]

How good are these health insurance plans offered by employers? Personally, I do not have much faith in employer paid health plans.

Mine when I was state employee in one southern state was $0 premium plus free prescription

I did have to pay taxes on the premiums they zero out. Premiums were like $120 a month for the family So I paid taxes on all of $1440 for the year. Or $350 was my health premium FOR THE YEAR

My current job my premiums for the year is a whopping $1500 FOR THE YEAR with no deductible. So it’s practically free.

So the healthcare plan is worth easily 20-25k

When I was self employed (last time was 2016 post Obamacare) my premiums were $1700/MONTH plus $7200 deductible or $1200/month plus 10k deductible

Pre Obamacare in 2013 my premiums were $700/month with $6000 deductible
So Obamacare screwed things up big time for self employed.

I really feel sorry for those making barely over 400% of poverty self employed

The further u get away from 400% poverty. The less hit u tax as self employed for Obamacare.

So some one making 800k feels less of a hit obviously than someone making 150k self employed cause that self employed 150k (family of 4) pays the same massive healthcare as the 800k self employed So it really pushes that 150k self employed into taking a w2 job with good healthcare (for family of 4)

 

[ToKingdomCome]

Is my 1099 locum income going to be taxed the same as my w2 income? I assume less?

 

[BLADEMDA]

Is my 1099 locum income going to be taxed the same as my w2 income? I assume less?

You still must pay taxes. In fact, your taxes on the first $160,000 of income will be higher than W-2. 1099 allows you to deduct many more things vs W-2 so for higher wage earners ($500K ++) the advantages exceed the disadvantages. The key is a Cash balance plan or Defined Benefit Plan. Almost all successful high earning 1099 people have such a plan. Have you watched any You Tube Videos on the subject?

Typically, those earning a gross 1099 income of $200,000 or less may want to consider a S corp set-up.

2025 Social Security Tax Limit

The federal government annually limits the amount of your earnings that is subject to the Social Security tax. For 2025, that limit is $176,100.

www.investopedia.com

 

[nimbus]

You still must pay taxes. In fact, your taxes on the first $160,000 of income will be higher than W-2. 1099 allows you to deduct many more things vs W-2 so for higher wage earners ($500K ++) the advantages exceed the disadvantages. The key is a Cash balance plan or Defined Benefit Plan. Almost all successful high earning 1099 people have such a plan. Have you watched any You Tube Videos on the subject?

Typically, those earning a gross 1099 income of $200,000 or less may want to consider a S corp set-up.

2025 Social Security Tax Limit

The federal government annually limits the amount of your earnings that is subject to the Social Security tax. For 2025, that limit is $176,100.

www.investopedia.com

I’d only add that cash balance plans are also available to W-2 workers. The caveat is that your group must be sufficiently motivated and have enough willing participants. It’s easier to do if you have a large stable group without high turnover.

 

[ToKingdomCome]

You still must pay taxes. In fact, your taxes on the first $160,000 of income will be higher than W-2. 1099 allows you to deduct many more things vs W-2 so for higher wage earners ($500K ++) the advantages exceed the disadvantages. The key is a Cash balance plan or Defined Benefit Plan. Almost all successful high earning 1099 people have such a plan. Have you watched any You Tube Videos on the subject?

Typically, those earning a gross 1099 income of $200,000 or less may want to consider a S corp set-up.

2025 Social Security Tax Limit

The federal government annually limits the amount of your earnings that is subject to the Social Security tax. For 2025, that limit is $176,100.

www.investopedia.com

I have a full time W2 job and doing 1099 on the side l. I Don’t think I’ll hit 160k in my 1099 job. So I’m going to get taxed a **** ton ? Is this worth it ?

 

[BLADEMDA]

I have a full time W2 job and doing 1099 on the side l. I Don’t think I’ll hit 160k in my 1099 job. So I’m going to get taxed a **** ton ? Is this worth it ?

First, you don't owe Social Security taxes on the your side gig. You will owe Obama care tax and Medicare taxes. You should find deductions for your side business:

1. CME
2. Licensure fees
3. Cell phone
4. Automobile Deduction
5. Home Office Deduction
6. Retirement plan
7. Cash Balance Plan if you can keep up the income

 

[aneftp]

First, you don't owe Social Security taxes on the your side gig. You will owe Obama care tax and Medicare taxes. You should find deductions for your side business:

1. CME
2. Licensure fees
3. Cell phone
4. Automobile Deduction
5. Home Office Deduction
6. Retirement plan
7. Cash Balance Plan if you can keep up the income

My rule of thumb is to try to deduct 50% if making less than 100k 1099 side gig

If making 100-200k than it’s closer to 40% write offs

If it’s 300k and up. I’m deducting 30% of all expenses

So the more 1099 I made the lesser the percentage of write off. I simply run out of things to write off

 

[coffeebythelake]

My rule of thumb is to try to deduct 50% if making less than 100k 1099 side gig

If making 100-200k than it’s closer to 40% write offs

If it’s 300k and up. I’m deducting 30% of all expenses

So the more 1099 I made the lesser the percentage of write off. I simply run out of things to write off

What are things to deduct?

Also if I decide to buy durable products such as computer, butterfly iq ultrasound etc does this deduct over multiple years?

 

[BLADEMDA]

What are things to deduct?

Also if I decide to buy durable products such as computer, butterfly iq ultrasound etc does this deduct over multiple years?

No. You deduct them in the year you buy them. If you don't have enough 1099 income then you can go negative for expenses. IRS allows negative income years for several years. But, I highly doubt you won't earn enough money to be able to deduct all your equipment the same fiscal year.

 

[aneftp]

What are things to deduct?

Also if I decide to buy durable products such as computer, butterfly iq ultrasound etc does this deduct over multiple years?

Ski trip (online cme)
Dinners with friends (other independent contractors discussing business)
Travel lots of travel related expenses for me(one of my friends is higher up at one of the AMCs) so we have dinner over at this house up north. Expense it even though we talk about old times
Electronics
Cell phones
Section 179 is the big one
Licenses
Furniture for my home office

I think I’m at 130k-140k at 1099 on my side gig. So have around 50k I can deduct so far. Got 6 more weeks to figure out more stuff.

 

[Maverikk]

Do you write off for hotels even if you get a stipend?

 

[aneftp]

Do you write off for hotels even if you get a stipend?

Some do double dip.

Many also get 4k a month housing stipend so 48k (long term locums) and many make up fake addresses (setup llc at friends locations that make it look like they live further away? Sometimes that money is taxed. Sometimes that money isn’t taxed. Depends how it’s reported

 

[triggermaster]

Some do double dip.

Many also get 4k a month housing stipend so 48k (long term locums) and many make up fake addresses (setup llc at friends locations that make it look like they live further away? Sometimes that money is taxed. Sometimes that money isn’t taxed. Depends how it’s reported

You make a strong case for the flat tax 😉

 

[pasgasser2]

Ski trip (online cme)
Dinners with friends (other independent contractors discussing business)
Travel lots of travel related expenses for me(one of my friends is higher up at one of the AMCs) so we have dinner over at this house up north. Expense it even though we talk about old times
Electronics
Cell phones
Section 179 is the big one
Licenses
Furniture for my home office

I think I’m at 130k-140k at 1099 on my side gig. So have around 50k I can deduct so far. Got 6 more weeks to figure out more stuff.

Any advice for which site to use for travel cme? Someone pointed me to American Seminar but don't know how legit this site is.

 

[aneftp]

Any advice for which site to use for travel cme? Someone pointed me to American Seminar but don't know how legit this site is.

Travel medical seminars is what I used in the past. Just get the short course $460. U just need some documentation in case of an adult.

 

[coffeebythelake]

No. You deduct them in the year you buy them. If you don't have enough 1099 income then you can go negative for expenses. IRS allows negative income years for several years. But, I highly doubt you won't earn enough money to be able to deduct all your equipment the same fiscal year.

Do u llc or can u do this without

 

[nimbus]

Ski trip (online cme)
Dinners with friends (other independent contractors discussing business)
Travel lots of travel related expenses for me(one of my friends is higher up at one of the AMCs) so we have dinner over at this house up north. Expense it even though we talk about old times
Electronics
Cell phones
Section 179 is the big one
Licenses
Furniture for my home office

I think I’m at 130k-140k at 1099 on my side gig. So have around 50k I can deduct so far. Got 6 more weeks to figure out more stuff.

My usual monthly spend for everything (mortgage/food/utilities/gas/entertainment/etc) is about $10k. Occasionally I get a big house bill or a big vet bill on top of that. So I can’t imagine having $130-140k of business deductions.

 

[aneftp]

My usual monthly spend for everything (mortgage/food/entertainment/etc) is about $10k. Occasionally I get a big house bill or a big vet bill on top of that. So I can’t imagine having $130-140k of business deductions.

Well that includes solo 401k for me and the non working spouse (some people have defined benefits plan putting away 150-200k also)

My monthly spending can be anywhere 15-25k

 

[Shimmy8]

I have a short term rental in a vacation destination. I really need to get that state license and pick up some shifts.

 

[Coffee PRN]

You still must pay taxes. In fact, your taxes on the first $160,000 of income will be higher than W-2. 1099 allows you to deduct many more things vs W-2 so for higher wage earners ($500K ++) the advantages exceed the disadvantages. The key is a Cash balance plan or Defined Benefit Plan. Almost all successful high earning 1099 people have such a plan. Have you watched any You Tube Videos on the subject?

Typically, those earning a gross 1099 income of $200,000 or less may want to consider a S corp set-up.

2025 Social Security Tax Limit

The federal government annually limits the amount of your earnings that is subject to the Social Security tax. For 2025, that limit is $176,100.

www.investopedia.com

Do you mean 200,000 or more? I was always told s-corp is better for higher 1099 incomes

 

[pgg]

You make a strong case for the flat tax 😉

It's a stronger case for 87,000 more IRS agents or whatever the Fox News soundbite was.

 

[ERRES2288]

Ski trip (online cme)
Dinners with friends (other independent contractors discussing business)
Travel lots of travel related expenses for me(one of my friends is higher up at one of the AMCs) so we have dinner over at this house up north. Expense it even though we talk about old times
Electronics
Cell phones
Section 179 is the big one
Licenses
Furniture for my home office

I think I’m at 130k-140k at 1099 on my side gig. So have around 50k I can deduct so far. Got 6 more weeks to figure out more stuff

Do you have accountant or do your own on turbo tax ?

 

[BLADEMDA]

Do you mean 200,000 or more? I was always told s-corp is better for higher 1099 incomes

 

[BLADEMDA]

 

[BLADEMDA]

What Are the Disadvantages of Being an S Corporation?​

Despite the potential benefits, S corporation status for an LLC isn’t a no-brainer. This may not necessarily be the case. There are some disadvantages to be aware of as well.

• Not Every Business Is Eligible: First, not all LLCs are eligible for S corporation status. Only U.S. corporations with no more than 100 owners, all of whom are U.S. residents, can choose S corporation status. Plus, they can only have a single class of shareholders. These restrictions can prevent an S corporation from attracting investors.
• Added Costs: There are also extra administrative costs. S corporations have extra recordkeeping and meeting requirements compared to sole proprietorships. However, the paperwork burden is lighter than for C corporations.
• Earnings Could Impact Retirement Plan Contributions: Meanwhile, earnings determine caps on annual IRA or other retirement plan contributions. So the more you take in dividends, the less you can put into a tax-advantaged plan.
• Potential Audits: S corporations are also somewhat more prone to IRS audits and, if the IRS determines you aren’t paying yourself a reasonable salary, it may reclassify some dividends as earnings. Then you might owe self-employment tax plus penalty and interest on those.

 

[BLADEMDA]

Let's say Jonny forms an S corp as a 1099 worker. Jonny is doing a lot of locums work and his gross income is $650,000. Johnny has a S corp and pays himself $200,000 in salary.

A $200,000 in salary means Johnny is paying all FICA taxes and he isn't saving on Social Security. Johnny is saving Medicare taxes on his dividend distributions. But, Johnny is also limited in his pre-tax contributions into his Cash Balance plan or Defined Benefit plan because his salary is only $200,000.
If Jonny was an LLC or Sole proprietor he could contribute much more to these plans. So, an S corp makes sense only if Johnny doesn't want to make extra large pre-tax contributions.

 

[narcotics999]

Let's say Jonny forms an S corp as a 1099 worker. Jonny is doing a lot of locums work and his gross income is $650,000. Johnny has a S corp and pays himself $200,000 in salary.

A $200,000 in salary means Johnny is paying all FICA taxes and he isn't saving on Social Security. Johnny is saving Medicare taxes on his dividend distributions. But, Johnny is also limited in his pre-tax contributions into his Cash Balance plan or Defined Benefit plan because his salary is only $200,000.
If Jonny was an LLC or Sole proprietor he could contribute much more to these plans. So, an S corp makes sense only if Johnny doesn't want to make extra large pre-tax contributions.

Some states impose tax on s Corp profit. Cali, Illinois from my mind. 1.5%

If you have a regular w2 (assume w2 is above ss maximal), s-Corp is no good. You have to pay the employer portion of social security tax for your s Corp.

 

[aneftp]

Let's say Jonny forms an S corp as a 1099 worker. Jonny is doing a lot of locums work and his gross income is $650,000. Johnny has a S corp and pays himself $200,000 in salary.

A $200,000 in salary means Johnny is paying all FICA taxes and he isn't saving on Social Security. Johnny is saving Medicare taxes on his dividend distributions. But, Johnny is also limited in his pre-tax contributions into his Cash Balance plan or Defined Benefit plan because his salary is only $200,000.
If Jonny was an LLC or Sole proprietor he could contribute much more to these plans. So, an S corp makes sense only if Johnny doesn't want to make extra large pre-tax contributions.

I been doing just schedule c
Single member llc the past several years. Single member llc is treated as schedule C for my tax purposes

Why?

1. Simple like u mentioned above
2. I still deduct on schedule c
3. My employers allow me to have up to 70k pretax already(on top of giving me close to 30k into retirement). That’s almost 100k

I really need/want to have any more tax shelters

So I really want to put even more money away pretax I can’t touch for the next 10 plus years? Without penalties.

 

[lotsapain]

View attachment 378785

Go apply to this one

Who wants to work in S***hole like Chicago, that add might as well be taken down. As was said before even ASCs now pay in the $300.... looks like either an old ad or a CRNA posting

 

[lotsapain]

I currently do some locums 1099 with one of the amc

I’m in direct contract with the medical director who makes the anesthesia schedule

It’s a mess. The amc directs him to try to use the amc’s 1099 side company (envoy, anesthesia on call, Dystaffing, echo etc) instead of a 3rd party locums company (comp health, locums tenems) etc.

Conflict of interest. Cause the amc saves/gains money using from their own 1099 Division. I do get preferential dates since I’m with one of their 1099 divisions

Not really conflict of interest it makes financial sense..... Locums firms are up-marking hourly north of 20% now, for what? Your wholeslare malpractice insurance costs very little... even on the high end if you are paying your own perdiem rates for malpractice its $125-150 a day.... these guys are ripping at $100 / HOUR! they make up to $1000 off of you DAILY!.... for providing zero services essentially... once you have been recruited by the hospital through them there is no value added.... except for malpractice cost described above. Some larger firms MAYBE borrowing money to pay you while they wait for the hospital to pay them, which is highly unusual as most of their contracts stipulate that they will only pay you if THEY can get paid.... of course It is smarter for Management Firms to use their own 1099 wing...... what would be even smarter if that wing would pay you more money of course that is not the case, they will just pocket it.

 

[aneftp]

Not really conflict of interest it makes financial sense..... Locums firms are up-marking hourly north of 20% now, for what? Your wholeslare malpractice insurance costs very little... even on the high end if you are paying your own perdiem rates for malpractice its $125-150 a day.... these guys are ripping at $100 / HOUR! they make up to $1000 off of you DAILY!.... for providing zero services essentially... once you have been recruited by the hospital through them there is no value added.... except for malpractice cost described above. Some larger firms MAYBE borrowing money to pay you while they wait for the hospital to pay them, which is highly unusual as most of their contracts stipulate that they will only pay you if THEY can get paid.... of course It is smarter for Management Firms to use their own 1099 wing...... what would be even smarter if that wing would pay you more money of course that is not the case, they will just pocket it.

It just shows u how lazy hospital admin is. They need to create their own in house staffing agency and cut the middle guy out.

Hca does that with their in house division healthtrust or whatever it’s called.

 

[narcotics999]

It just shows u how lazy hospital admin is. They need to create their own in house staffing agency and cut the middle guy out.

Hca does that with their in house division healthtrust or whatever it’s called.

The saved $$ does not go to their own pockets. Why bother?

I tried to contact some hospitals directly. They have ads on gaswork recruiting full timers and part timers. I am local so no hotel or travel cost. They just refused and tried to gaslight me to work for them as w2.

 

[private practice warrior]

Ski trip (online cme)
Dinners with friends (other independent contractors discussing business)
Travel lots of travel related expenses for me(one of my friends is higher up at one of the AMCs) so we have dinner over at this house up north. Expense it even though we talk about old times
Electronics
Cell phones
Section 179 is the big one
Licenses
Furniture for my home office

I think I’m at 130k-140k at 1099 on my side gig. So have around 50k I can deduct so far. Got 6 more weeks to figure out more stuff.

I was in a PP group W2 pay but several of us set up individual C Corps and our group paid us as 1099 workers so we could do our own deductions. This was in CA and a full time job. I had a good CPA. Made my house address my home office for the corp. Corp paid me rent monthly which is taxable income so saves nothing. But then Corp could write off 15% of utility bills, lawn care costs, homeowners ins. Redid one bathroom which was the business bathroom so wrote off remodel. Office (or sometimes non-office) furniture. In CA, if you put in corp docs the correct provision, the next year (after you do not use your disability insurance), you can reimburse yourself the cost of disability insurance from the prior year and the disability ins won’t be tax deductible if you have to use it. Not sure how that might work in other states but worth checking out. If house is home business address, 1st daily commute to office is done when you wake up. Any trip to work is then a business trip so anywhere you drive to work is deductible mileage. Instead of cents/mi for my car I wrote off legally about 70% of my car payment, car ins, car repairs, etc. My CPA had me write off the entire car payment instead of the 70% and said in the unlikely instance I got audited I would have to pay back 3 years worth of tax savings on that. I did this for 15 years without an issue so came out ahead. All the other stuff you mentioned is legal to deduct.

 

[coffeebythelake]

I'm anticipating about 500k in locums / 1099 pay for next year. Someone told me I should set up an S corp to get more tax benefits. Can someone explain

 

[sevo00]

I'm anticipating about 500k in locums / 1099 pay for next year. Someone told me I should set up an S corp to get more tax benefits. Can someone explain

Talk to your CPA. And legalzoom website to set it up

 

[Status Sciaticus]

anyone got reccs on CPAs? Looking to do W-2 + 1099 locums in 2024, plus would like someone who can help set up all these 401ks, cash benefits or defined benefits plans, and make use of all the available deductions that is mentioned in this thread.

Came across Fox wealth management, but dont know too much about them.