How Locum Doctors Should Pay Themselves Through an S Corporation

In this episode of the locum CPA podcast, CPA Stephen Lee provides detailed guidance on how locum doctors can pay themselves through their S corporation. The podcast covers crucial topics such as reasonable compensation, payroll, and distributions. Key concepts include why using an S corporation can lead to substantial tax savings, determining a reasonable salary, and navigating common IRS triggers. Stephen also shares best practices for running payroll, documenting salaries, and optimizing tax strategies. Don't miss this valuable information tailored specifically for locum medical professionals.

00:00 Introduction to Locum Doctors and S Corporations

00:51 Why Choose an S Corporation?

03:00 Understanding Payroll and Distributions

05:11 Reasonable Compensation Explained

07:48 Running Payroll Efficiently

11:33 Best Practices for Locum Professionals

14:17 Recap and Final Thoughts

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

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The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Understanding State Tax Obligations for Locum Medical Professionals

In this episode of the Locum CPA podcast, CPA Stephen Lee discusses the tax obligations of locum medical professionals working in multiple states. Through a real-life example involving an oral surgeon with an LLC in Illinois and work in Minnesota, Stephen breaks down essential tax concepts. He covers the responsibilities of maintaining an LLC, filing multiple state tax returns, and the importance of paying quarterly estimated taxes. Additionally, Stephen offers practical recommendations on consulting knowledgeable CPAs and legal professionals to ensure compliance and avoid costly mistakes. Tune in for valuable insights and tips to navigate multi-state tax obligations effectively.

00:00 Introduction to Locum Tax Obligations

01:21 Understanding State Tax Responsibilities

03:51 Real-Life Example: Tax Scenario for an Oral Surgeon

05:20 Filing Requirements and Recommendations

09:07 Quick Tips for Locum Professionals

10:34 Conclusion and Viewer Engagement

Schedule an appointment with The Locum CPA:https://thelocumcpa.com/book-appointm...

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Overlooked Tax Deductions You Shouldn't Miss for Your 2024 Tax Return

Join Stephen Lee, a Chicago-based CPA specializing in locum medical professionals, in this must-watch video podcast where he discusses six often-overlooked tax deductions that can significantly impact your 2024 personal income tax return.

Learn about deductions for charitable contributions, state and local taxes (SALT), mortgage interest, medical expenses, health savings accounts (HSAs), and IRA contributions. Make sure you have all the necessary receipts and documentation, and understand the IRS guidelines to maximize your savings and possibly turn a tax bill into a refund. Don't miss out on these critical tips to ensure you're fully prepared before hitting 'submit' on your tax return.

00:00 Introduction: Don't Miss These Tax Deductions!

00:46 Charitable Contributions: A Generous Tax Break

02:06 State and Local Tax Deduction (SALT)

02:44 Mortgage Interest Deduction: Homeowner's Advantage

04:01 Medical Expenses: Claim Your Health Costs

04:59 Health Savings Accounts (HSAs): Tax-Free Medical Savings

06:33 IRA Contributions: Boost Your Retirement Savings

07:59 Conclusion: Maximize Your Tax Savings

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.