Many thanks to Ben Nanney, CPA, CFP, and Jarin Dana, CPA, for joining me on today’s episode of “The Art of Medicine with Dr. Andrew Wilner.” Ben is the owner of Locums Tax, PLLC. He specializes in helping locum tenens physicians comply with the internal revenue service code (i.e., pay their taxes correctly)! Jarin Dana is Chief Financial Officer at Fusion Healthcare Staffing and a partner in the accounting firm Frost Dana Newman, LLP. Both experts have previously appeared on the program and did a great job!
While physicians receive extensive medical training during years of medical school, residency, and often a fellowship, their financial education is usually minimal to nil. While some physicians may wish to complete their own tax returns, they do so at their own risk. Tax planning with the assistance of a professional can help maximize retirement contributions while reducing taxable income with tax deductions.
During this 30-minute interview, we define tax deductible expenses and how to track them, discuss the relative merits of working as a 1099 vs. W2 employee, the advantages and disadvantages of a sole proprietorship, LLC, and S-Corp, and tips on how to work effectively with your CPA.
To learn more, you can find Ben Nanney on LinkedIn: linkedin.com/in/ben-nanney-2854a044
or at his website: Yourlocumstax.com
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Thanks for listening!
PS: For more entertainment, watch "Underwater with Dr. Andrew" on YouTube.