Let’s map how your physician income actually works.

Full-time 1099 income can look simple on paper while involving several contracts, payment schedules, states and tax decisions. Rough numbers are fine.

Where are you in the transition to full-time 1099 work?

I have not started yet, but expect to begin within three months

I started within the last year

I have been primarily 1099 for more than a year

Other — please describe

How will you be paid for your physician work this year?

Select all that apply.

How many separate hospitals, agencies, facilities or other payors do you expect this year?

One

Two or three

Four or more

Not sure yet

Which best describes how the income arrives?

A fairly predictable amount each month

The amount changes materially based on contracts or shifts

Payment depends on billing or collections, or payments are frequently delayed

Other or not sure — please describe

Are you using an entity for this income?

No — I am currently paid personally

LLC or PLLC without an S-corporation election

LLC, PLLC, PC or PA taxed as an S corporation

Another structure or I am not sure — please describe

How are business income, expenses and owner transfers being tracked?

QuickBooks maintained by a bookkeeper, using separate, dedicated business bank and/or credit card accounts

I maintain QuickBooks, a spreadsheet or another tracking system myself, using separate, dedicated business bank and/or credit card accounts

No reliable system yet, or there are no separate, dedicated business bank and/or credit card accounts

Other — please describe

Will you file a joint return with a spouse?

Yes

No

What state do you live in?

Do you expect to physically work from any other states this year?

Yes

No

Not sure

Which goals are competing for the same cash this year?

Select all that apply.