BCT
BUSINESS CASUAL
TAX
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
I will begin within the next three months
I started within the last year
I have been doing this for more than a year
I am moving from a mix of W-2 and 1099 to primarily 1099
How will you be paid for your physician work this year?
Select all that apply.
Direct 1099 contract with a hospital or facility
1099 work through a locums agency
Telemedicine paid on a 1099
Professional fees billed through my own practice or billing company
Additional W-2 shifts or employment
Medical-director income
Consulting, teaching or expert-witness income
Other physician income
How many separate hospitals, agencies, facilities or other payors do you expect this year?
One
Two
Three to five
More than five
Not sure yet
Which best describes how the income arrives?
A fairly predictable amount each month
A predictable base plus variable extra shifts
The amount changes substantially from month to month
Payment depends on billing or collections
Payments are frequently delayed
Not sure
Are you using an entity for this income?
No—currently paid personally
Single-member LLC or PLLC taxed as a sole proprietorship; no S-corporation election
LLC or PLLC taxed as an S corporation
Professional Corporation or Professional Association taxed as an S corporation
Group, partnership or multi-owner entity
Another structure
How are business income, expenses and owner transfers being tracked?
Bookkeeper-maintained QuickBooks
I maintain QuickBooks myself
Spreadsheet or basic tracking app
Bank activity only
Mixed with personal accounts
Nothing has been set up yet
How do you decide how much cash can safely be moved to your personal account?
A current projection and cash plan
I maintain a fixed tax reserve and transfer the rest
I use a standard monthly amount
I move money when personal cash is needed
My CPA tells me periodically
I am not sure
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?
Which goals are competing for the same cash this year?
Building an emergency reserve
Paying student loans or other debt
Buying a home
Buying investment real estate
A major wedding, move or family expense
Funding retirement accounts
Building a taxable investment account
Replacing a vehicle or other major purchase
None of these
Something else
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