While tax preparation can be stressful, it should feel manageable with the help of an experienced CPA. We put together five tax preparation tips for physicians with independent contractor (1099) income.

As with many things this year, COVID-19 has dramatically impacted the physician job market for residents, fellows and experienced physicians who are looking for more hours or a complete change. Use these tips to make yourself stand out from other physician candidates in today’s highly competitive job market.

Similar to the health and societal effects of the current pandemic, COVID-19 likely will continue to impact your finances for years. Whether you are an independent contractor physician or an employed clinician, keep these tips in mind as you navigate these turbulent times.

Congratulations! After years of hard work, little sleep and lots of determination, you finished residency, and your paycheck finally reflects a physician’s salary. The increase from the average residency pay of $61,2001 to a full-time physician salary is typically large.

Over the last several years, an increasing number of hospitals are contracting with physician service groups to provide coverage for their emergency departments versus employing physicians on their own

The benefits of working as an independent contractor (IC) physician are immense. In addition to receiving special tax incentives, IC physicians also have greater control over financial earnings, customized investment options and, one of the most important, more options of insurance carriers, plan types and coverage limits.

Over the last several years, an increasing number of hospitals are contracting with physician service groups to provide coverage for their emergency departments versus employing physicians on their own