sorry for another one of these questions.
My income is strictly 1099. I get paid from my main practice as a independent contractor and then from a few hospitals directly.
Total income for 2020 was about $650k. (I work my butt off and typically spend at least 2 full weekends a month plus many many weekday nights in the hospital on top of my private practice) Currently filing schedule C and set up as PLLC. About 65k in deductible expenses including health care premiums. I take full 57k in solo 401k and $7100 in HSA. We don't have a cash balance plan or anything else.
I'm loosing a few hospital contracts so 2021 income will likely go down a bit, say $600k, otherwise similar expenses.
Would a S-corp make sense since I'm above the AGI for qualifying for the sec199 QBI deduction?
Any input is much appreciated!
Thank you!
My income is strictly 1099. I get paid from my main practice as a independent contractor and then from a few hospitals directly.
Total income for 2020 was about $650k. (I work my butt off and typically spend at least 2 full weekends a month plus many many weekday nights in the hospital on top of my private practice) Currently filing schedule C and set up as PLLC. About 65k in deductible expenses including health care premiums. I take full 57k in solo 401k and $7100 in HSA. We don't have a cash balance plan or anything else.
I'm loosing a few hospital contracts so 2021 income will likely go down a bit, say $600k, otherwise similar expenses.
Would a S-corp make sense since I'm above the AGI for qualifying for the sec199 QBI deduction?
Any input is much appreciated!
Thank you!
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