CRNA 1099 Contractor Mini Portal

Posted Thursday, December 5, 2024

CRNA 1099 Contractor Mini Portal

We have written several different articles about various Certified Registered Nurse Anesthetist tax matters including S Corp elections, CRNA tax deductions, multi-state payroll, nomadic and itinerant issues, among other exciting things. Several hospitals are mixing it up and converting more and more CRNAs from W-2 to 1099 contractor positions. It can be a win-win if you are willing to just a few more small headaches to your life.

This CRNA 1099 contractor mini portal is a nice collection of things to consider. Enjoy!

CRNA Tax Deductions

WCG has more than 190 Certified Registered Nurse Anesthetists as business owners, and it is one of the fastest growing segments in our client base in 2022. As such, naturally we have had several discussions with CRNAs regarding their tax deductions.

Increased tax deductions is one of the primary reasons to ditch that W-2 job and convert to a 1099 contractor. Prior to the Tax Cuts and Jobs Act of 2017, W-2 employed CRNAs could deduct expenses, such as mileage and home office, associated with their work on Form 2106 (Employee Business Expenses) and eventually on Schedule A of their 1040 tax return. That is no more, but in 1099 land, all these wonderful business tax deductions are alive and well.

Read more below-

CRNA Tax Deductions

Learn how 1099 CRNAs can maximize savings through smart financial strategies and deductions.

No More S Corp for Traveling CRNAs

WCG continuously reviews our services to ensure we are providing the best tax strategy with efficiency. Upon a lot of discussion and reflection, we are recommending that nomadic or traveling CRNAs do not operate as an S Corp. This includes any professional that provides direct services to clients or patients. Why?

The fees and hassles of closing payroll accounts and opening new ones, and continuously updating payroll plans, is eating into the S Corp savings to the point where it no longer makes sense. It also creates a bunch of homework for you and for us which can be unnecessarily distracting.

Read more below-

Traveling CRNAs

Read about tax planning and entity options for traveling CRNAs, including S Corp considerations.

Tax Reduction Strategies

One of our primary focuses at WCG is ensuring you are paying the least amount of taxes allowed by law. Some of our other primary focuses are helping you build wealth and leverage the most of your financial worlds for you and your family. However, these focuses or objectives are not isolated; they are very much related to each other and intertwined.

Before we run through several tax reduction and tax avoidance ideas, let’s talk about some basic concepts.

Read more below-

Tax Reduction Strategies

Discover practical strategies for tax reduction/avoidance to maximize your financial savings.

CRNA Tax Return Preparation

As mentioned throughout our articles aimed at CRNAs is the slight difference between being a business owner in the truest sense, and being an independent contractor. A 1099 contractor performing CRNA services might have converted from a W-2 and simply see the arrangement as a new way of being paid. True! However, the two biggest challenges when converting are-

  1. Need to track expenses (tax deductions)
  2. Need to pay your taxes from your cash (versus having them deducted from a paycheck… out of sight, out of mind)

The three massive wins for “going 1099” are-

  1. More pay
  2. More freedom (use your sleepy sleepster skills as a lifestyle enhancement)
  3. Less taxes (although you see big bucks being shot out of the money canon, you actually save taxes overall)

To help with the tracking of expenses and tax deductions part above, here are some helpful resources-

Expense Worksheet Excel

Download and complete our business income and expenses worksheet securely via Sharefile here.

Expense Worksheet PDF

Download and complete our business income and expenses PDF securely via Sharefile here.

Tax Prep Checklist (Getting Started)

Tax deadlines and preparation tips for individuals and businesses – stay informed and plan ahead!

LLCs and S Corp Book

WCG CPAs & Advisors and Jason Watson, CPA, have released the 2023-2024 Edition of Taxpayer’s Comprehensive Guide to LLCs and S Corps. Over 400 pages of pure pleasure! This edition has updated 2024 data such as IRA and 401k limits including Social Security wage limits, but it also has a bunch of new information spread out various chapters such as customized multi-entity structures, expanded reasonable shareholder salary sections, more tax reduction mechanics among various little tidbits gleaned from hundreds of small business consultations. Riveting!

Read more here-

LLC and S Corp Book

Learn the latest tax updates and insights for small business owners in the 2023-2024 Edition.

WCG CPAs & Advisors is a boutique yet progressive CPA firm located in Colorado Springs serving small business owners and the medical community.

Lorem ipsum dolor sit amet

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Professional Consultation

Did you want to chat about this? Do you have questions about CRNA 1099 Contractor Mini Portal? Let’s chat!

The tax advisors and business consultants at WCG are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.

We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.” Yes, it is fun to brag about how complicated your world is at cocktail parties, but let’s not unnecessarily complicate it for the bragging rights.

Let’s chat so you can be smart about it.

We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?

Should we need to schedule an additional consultation, our fee is $250 for 40 minutes. Fun! If we decide to press forward with a Business Advisory or Tax Patrol Services engagement, we will credit the consultation fee towards those services.

Text WCG Offices

Need to get in touch through a quick text?  We’ll respond back as soon as we can!

Call Our Amazing Team

If you need to speak to someone, we’re good listeners!  Give us a call and we’ll help you out!