Here's a very broad question.
I'm a new doc, out of residency for a few years. My entire life I've been paid as an employee and I understand how taxes work with the W2. Now in a few short months I'll be a partner of a group, and I expect many changes.
1. Does any one know of a good source (other than the obvious answer of consulting a tax pro) to learn about estimating quarterly income, filing K1 forms, etc.? I'd like to educate myself a little bit. I don't ever recall learning about this, ever, in any sense whatsoever.
2. Can you still be paid as an individual with the K1 form or do I need to start an LLC? I do not want to do an S-Corp (although that is an option; it sounds like a very large headache).
3. Any other advice for this young whippersnapper when it comes to learning about this next chapter of financial life. Thanks.
I'm a new doc, out of residency for a few years. My entire life I've been paid as an employee and I understand how taxes work with the W2. Now in a few short months I'll be a partner of a group, and I expect many changes.
1. Does any one know of a good source (other than the obvious answer of consulting a tax pro) to learn about estimating quarterly income, filing K1 forms, etc.? I'd like to educate myself a little bit. I don't ever recall learning about this, ever, in any sense whatsoever.
2. Can you still be paid as an individual with the K1 form or do I need to start an LLC? I do not want to do an S-Corp (although that is an option; it sounds like a very large headache).
3. Any other advice for this young whippersnapper when it comes to learning about this next chapter of financial life. Thanks.
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