If you have a side gig or you're working strictly as an IC (hospitalist, locums, for example) and have questions about how to get started, I wrote this post for you. Even if you don't want to totally DIY, it wouldn't hurt you to know the basics before you call a CPA for advice. After all, you should at least be aware if you know more than the professional.
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How to set up your new business (locums, side gig, etc.)
Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087Tags: None
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It's really easy if you have no employees and will just be a sole proprietor.
- Figure out who's paying the malpractice.
- Collect check.
- Deposit check.
- Get an EIN in 5 minutes for free online if you want a solo 401(k).
- Buy benefits if you don't have someone else (an employed gig or a spouse's job) providing them.
The tricky stuff all comes in with your first employee.Helping those who wear the white coat get a fair shake on Wall Street since 2011
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Not so tricky if your first employee is your spouse. Quite a bit trickier with your first non-spouse employee.
Don't get too cute and call someone who should be an employee a 1099 contractor.
A good HR manual and a payroll company like Sure Payroll can help a little with that first non-family member employee. (We didn't care for Paychex and ADP.) Still plenty of challenges and potential problems with employees who aren't family.
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