Royal Surgical Associates has partnered with Lauryn Charles of Accountable Financial Services Group to offer our clients expert service and advice for all their financial needs.
Lauryn can offer complete management of your business structure starting with a free consultation on how to become an independent contractor all the way through LLC formation, registered agent services, and yearly filings.
There is no replacement for experience. When entering a new style of business and tax structure, it’s understandable that there will be some apprehension and a lot of questions.
At RSA, we practice what we preach. Cort, Nick, and Steve each have personal experience with setting up LLCs, structuring an S-Corp, and all the rewards that come with it.
Benefits of 1099
While the idea may be daunting to some, there are many benefits to the 1099 tax structure.
You will have the ability to write off more business expenses including a home office, your vehicle, and even the insurance premiums we discussed earlier. The 1099 tax structure decreases your exposure to traditional payroll taxes, lowering your overall effective tax rate.
For those seeking early retirement or looking to catch up on their retirement savings, this business structure allows you to make tax-free contributions to your 401K or IRA as both an owner and an employee. In some cases, this can amount to as much as $60,000 per year! As a standard W2 employee, your annual tax-free contributions are limited to just $6,000.
As a 1099 contractor, you will have to withhold and make independent payments at both the state and federal levels for your estimated quarterly taxes. Having an excellent accountant, like Lauryn Charles, will help you calculate what you should be paying each quarter based on several personal factors.
While you may be working with an accountant or firm that has known you for years, we cannot stress enough the importance of switching to, or at least consulting with, an expert who specializes in and has vast experience with 1099, independent contractor tax fillings. This is especially important in the locum tenens healthcare field. Lauryn Charles has established businesses and filed for hundreds of practitioners in every state.
Reach out to Lauryn today for a Free Consultation and tell her RSA sent you!