Considering 1099 Contract Work?

One of the most frequent questions Meredith gets asked being a Locums CRNA is “𝙒𝙝𝙖𝙩’𝙨 𝙞𝙩 𝙡𝙞𝙠𝙚 𝙗𝙚𝙞𝙣𝙜 𝙖 1099 𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙚?”  The short answer is ’𝙜𝙧𝙚𝙖𝙩, 𝙞𝙛 𝙮𝙤𝙪 𝙙𝙤𝙣’𝙩 𝙢𝙞𝙣𝙙 𝙖 𝙡𝙞𝙩𝙩𝙡𝙚 𝙥𝙖𝙥𝙚𝙧𝙬𝙤𝙧𝙠’. Seriously though, you have to be diligent with just about everything!

Here’s some high level things to know:

1. Stay organized. Since you are now self-employed, you’ll need to pay taxes to the IRS Quarterly.

2. Capture all receipts and document your work related expenses. These are ALL tax deductions as a full 1099.

3. Probably should be listed as number one…but, FIND YOU A GREAT CPA. Schedule meetings with them every quarter. Have your numbers and expenses available to show your income so they can help you plan the appropriate amount to pay in so you don’t have any penalties or issues at the end of the year.

4.  As a 1099’r, YOU are responsible for paying your own taxes, which as a W2 you don’t have to because your employer manages this on your behalf.

Another big question she gets, “𝙒𝙝𝙖𝙩 𝙙𝙤 𝙮𝙤𝙪 𝙙𝙤 𝙖𝙗𝙤𝙪𝙩 𝙝𝙚𝙖𝙡𝙩𝙝 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚“?

Admittedly, this one can be a challenge, BUT great news. If you are healthy, CCM or Christian Care Ministries offers a Health-Share plan that comes with a high deductible but keeps the monthly expense lower. They are a wonderful organization to be a part of and knowing that we help share the cost of health expenses with others in CCM is great for us. As an added bonus, you can sign up for a HSA (Health Savings Account) which is a triple tax advantaged account that allows you to save money for qualifying health expenses. (I’ll talk more about this in another post). Leveraging a HSA

CRNA’s with licenses, insurances, and organization

Since she’s a CRNA who is self employed as a 1099, there’s another Mountain to climb with managing all of her licenses (they vary by State), she has to independently manage and setup her disability insurance, and she has to fund other insurance like malpractice. Like I said, PAPERWORK. It’s very rewarding and you learn a thing or two about “Human Resources”. Lol.

What questions do you have?