Seeking guidance and insight from health care provider colleagues! Thank you!

[NPDude]

Hi everyone,

 

I am a new FNP graduate working in South Florida in private psych practice. I love it, but I am interested in getting some guidance and insight from health care provider colleagues.

 

I am a 1099 with no benefits at $50 bucks an hour working 20-30 hrs a week ,while I have 1 year left to complete my postmasters in PMHNP (for board certification in psychiatry). I want to know...

 

1. Should I incorporate as an LLC or stay a Sole Proprietor?

 

Does it provide better protection if one of my fellow ARNP's or another provider practices negligently on a patient we both provide care for or or does it provide better protection if someone sues the practice I work at?

 

2. What are the tax benefits of filing as an LLC elected for tax purposes as Sole Proprietor vs. an S Corp?

 

I estimate to earn between 50-70k. I have to pay about 15k for school out of pocket and I will try tor reduce my tax liability by maxing out a solo 401k or Roth IRA as much as possible. I live at home with a car I paid in cash so my major expenses are insurances (health, car) and things like gas and food.

 

3. Are there difference in tax deductions that I can take as sole proprietor vs. an LLC

 

5. Can I deduct health insurance, school tuition as a sole proprietor or an LLC.

 

6. Should I have my own malpractice, I am covered under the medical director's policy but I don't know much about it, and the administrator said he would pay for my own malpractice.

 

7. Where do you get your disability insurance from?

 

8. How would I transition into my own practice, as an independent contractor with a tele-psychiatry provider or otherwise?

 

It's a lot. I know, but any little bit helps. Thank you colleagues!  ? 

[White.Beard.Doc]

I will comment on your first question.

Forming an LLC does not provide any protection from professional malpractice liability.  That requires medical malpractice insurance.  I recommend you learn a bit more about your coverage.  Since your medical director takes care of that for you, you might ask to see a copy of the coverage with your name on it.

 

[jfoxcpacfp]

1. Sole proprietor, probably. Just not enough info.


2. Virtually no difference


3. No


4. Health ins - yes. School tuition - not normally a business expense.


5. You need to learn more about this, read the policy, talk to a malpractice agent.


6. (pass)


7. That would require too much information to post on this forum.

Note that there is no question "4" above. I used the toolbar provided for auto-numbering so my numbers don't correspond to yours after #3.