Nearly impossible to find NP jobs

umbdude, MSN, APRN · Jan 18, 2021

Yes but if you're grossing $300k after all those fees you paid, it might still make sense if you set yourself up as an pllc (elect as s-corp for tax), pay yourself $100k as self-employment income, then "distribute" the $200k as regular income. That way you pay $15k self-employment tax instead of $46k. It shouldn't be that much more work with all those payroll tax software out there. Might worth consulting a taxation CPA.

myoglobin, ASN, BSN, MSN · Jan 18, 2021

14 minutes ago, umbdude said:

Yes but if you're grossing $300k after all those fees you paid, it might still make sense if you set yourself up as an pllc (elect as s-corp for tax), pay yourself $100k as self-employment income, then "distribute" the $200k as regular income. That way you pay $15k self-employment tax instead of $46k. It shouldn't be that much more work with all those payroll tax software out there. Might worth consulting a taxation CPA.

There is some logic in that, but I think the "self employment" part of the tax ends at around 142K as Social security isn't taxed beyond that amount. Also, I would have to "calculate" the distribution each month and possibly have to do an extra tax filings (or God forbid work). Conversely, if I treat the PLLC (which I currently don't have, but may be forced to create) as a "pass through" entity I can get away with only doing one tax form each year. To my ADHD brain that translates to more time playing Battlefield 4 which is worth anywhere from 10,000 to 200K to me. Really, income is just an avenue to keep my SO from being cranky at me (too much) and to facilitate playing BF4 on my PS4. Then again I'm 52 owe 150K in student loan debt, have no assets (other than my guns and some cryptocurrency, and about 1K in silver)and another 30k in credit card debt (I paid down about 10K last year) so maybe I should care more and play Battlefield 4 less. However, that seems like a great deal of work.. I'm thinking the answer might be buying a PS5 especially after that awesome new Harry Potter game comes out!

DrCOVID, DNP · Jan 19, 2021

16 hours ago, myoglobin said:

To my ADHD brain that translates to more time playing Battlefield 4 which is worth anywhere from 10,000 to 200K to me.

Man, that is one expensive SO and hobby ?... I think I'll stay single, retain my military health care and continue with my PLLC & I'm filling out the s-Corp classification today!

myoglobin, ASN, BSN, MSN · Jan 19, 2021

1 hour ago, DrCOVID said:

Man, that is one expensive SO and hobby ?... I think I'll stay single, retain my military health care and continue with my PLLC & I'm filling out the s-Corp classification today!

Also, if I were to pay myself a "salary" I'm not sure when I would be able to "distribute" the rest of the profits. I pretty much "spend what I earn" throwing a bit towards debt, silver, crytocurrency, ammo and guns each month whether or not I earned 6k per month as an RN or 28K (before taxes) as an NP. Just to take my 35% out for my "tax account" each month represents a pillar of financial management for me (it is pleasing to have 60K sitting in an account even if most if it is for the federal government and the state of Washington. Plus when I file my taxes any tax return is instant). Plus, my income is never guaranteed, it depends upon how many patients I see and the codes I bill (and other factors). Heck, I don't even bother to call the patients for followups so unless they book themselves or my office makes the appointment they don't get seen. Probably why I've seen over 500 patients for intakes in the last year and I struggle to see 200 each month even working four ten hour days each week (of client contact). It probably doesn't help that I don't charge cancellation fees, no show fees, or ever pursue collections (or put unpaid bills on someone's credit). I couldn't work W-2 even if I wanted because few employers would tolerate my approach and that's before we even get to my natural/alternative approach emphasis.