I called an accountant referred from a friend (who does not work in the medical field) and the CPA quoted me at ~700/month!! Wayy too much for my blood. Is this the going rate for having a good CPA on board? I've been working as a 1099 independent contractor over the past year and would like to have an accountant on board to help maximize my deductions.
Anyone with tips to find someone/something more affordable?
Thinking about doing more locums work whilst keeping my FT benefited job and wondering about experiences between being a 1099 and having an LLC/S-corp. Seems like the people who do this FT definitely have their own company, which makes sense, but wondering how the part-timers choose to manage it.
Along those same lines, when lining up a locums or contracting gig, ever had any push back about being paid through your company rather than directly? Does it make any difference to the placement company's bottom line?
For those that do have an LLC/S-corp, at what point did you set one up with regard to how much contract work you were doing? By that I mean, is it worth it if you're only contracting 40 hours a month? At what point is it requisite?
All input welcome...
I just accepted a new position as a 1099 independent contractor for a home-visit practice where I earn about $50/visit. I will be mostly mobile, traveling to private residences, ALF's, nursing homes, etc.
My question is what are some of the things I need to keep track of for the 2018 year? I have researched online and found many things that independent contractors can use for tax deductions, but nothing specific for medical providers and physician assistants, in particular. Some of the obvious ones to me are:
1. Car Mileage - I plan on keeping record of every route I take at work
2. Supplies - things that the practice may not provide for that I would need for work
3. CME - i'm assuming any type of conferences I plan on doing this year
I have a credit card designated for these purchases. Things I am unsure about:
A. Gas for car - I plan on keeping track of when I fill up; does this count?
B. Car payment - one of my cars is paid off, my other one (which I won't be using majority of the time) still has payments on it but my wife drives it. Can I write these payments off as an expense?
C. Meals at work - there will be times where I will be eating on the go; I will have a Medical Assistant and I'm assuming we will be discussing [some] work at our lunch. Can I deduct this as an expense?
D. Licensing/Professional Organizations - Do these payments count towards deductions? What about a DEA license?
Any other things that I have not thought of? I'm new to the 1099 game but I kind of like the idea. Also, my wife is a W2 employee, does that complicate things?