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R3 in last year of EM resident, 1099 Urgent Care Moonlighting Question

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  • R3 in last year of EM resident, 1099 Urgent Care Moonlighting Question

    Title kind of says it all. Wanted to know if anyone can put me in the right direction for tax info. Essentially, can I use turbotax to do my taxes. I know as a 1099 I have to do them quarterly (when will I file the first one?) I know I have to pay self-employment tax in addition to income tax (are these 2 different forms?).

     

    I plan on using some deductions which include Medical License cost, DEA cost, ACEP conference and airfare/hotel - is that legit as business expenses?

     

    Really if anyone can point me to a good resource that is not bogged down with taxlaw jargon I'd greatly appreciate it.

     

    Edit: I'd also like to know if any1 has a good tax calculator tool. I am in the process of looking/applying for attending jobs and I'd like to compare apples to apples. Some gigs sound great but they are also a 1099 and it is hard to see which is a better deal.

  • #2
    If I were you I would just increase your witholding at main job and then you won't have to worry about quartely taxes.

    Those all sound like legit business expenses to me..

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    • #3




      Essentially, can I use turbotax to do my taxes. I know as a 1099 I have to do them quarterly (when will I file the first one?) I know I have to pay self-employment tax in addition to income tax (are these 2 different forms?).
      Click to expand...


      I guess it depends upon the definition of "do my taxes". Usual meaning is to prepare your income tax returns (1040, state, business) but I think you are asking about calculating your estimated tax payments. If so, TT has a good explanatory article that is not filled with tax jargon.

      As for deductions, fees paid to get initial licensing are nondeductible as they are considered the costs of getting your first job in a new profession (see IRS Pub 17 under Professional Accreditation Fees). Yes, there is some tax law jargon, but this particular section is very clear.

      If you were already accredited as a physician when you paid your DEA fees, those are deductible. Same for ACEP and travel.

      Recommend you seriously consider hiring a CPA and not using TurboTax at this point in your career. Even MMM knows that.

      Doing my own taxes cost me $10,000

      This is not to say that everyone needs a CPA or EA - absolutely not. But I have never seen anyone with 1099 income capture all deductions available and report correctly. I probably couldn't make that claim if I had a look at WCI's return.
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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