Nurse Anesthetist Incorporated ?

[apaphoenix]

Hey guys,

I will be graduating in less then a month and I have signed on to a 1099 position with an anesthesia group. I understand that I will have to provide all my own benefits and file all my own federal income tax, SSI and such. Some of my CRNA preceptors have suggested that I file articles of incorporation and become a small business owner. I am told that this option will allow me to get greater tax breaks an better benefits. Are any of you expeienced CRNA's familiar with this process and have any pro's or cons to add?? Any input would be appreciated.

Phoenix

[sandman1]

I would highly advise taking advice only from a Certified Public Accountant regarding this matter. Congrats on your job and upcoming graduation.

[zentuit]

I would echo sandman1 in that you need to talk to a CPA/tax attorney. One option that you should specifically ask about is a Limited Liability Company (LLC). They have the liability protection of corporations, the income passthrough of partnerships with usually much less paperwork.

tom

[deepz]

......preceptors have suggested that I file articles of incorporation and become a small business owner. I am told that this option will allow me to get greater tax breaks an better benefits.......

Yes, definitely use a good CPA and an attorney if you incorporate. States vary as to what form corporations can take.

However, you can get many of the same advantages by doing business as an unincorporated Sole Proprietor CRNA, filing your taxes on IRS Schedule C along with your 1040. Also simpler and easily DIY, plus cheaper than paying a CPA every year to file the tricky complicated Corp forms.

If you have considerable personal assets, incorporation can offer some degree of protection of those assets. States vary. Maybe incorporate later in life?

Do check out the various retirement plans, especially the new Solo 401k.

deepz