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Radiologist here needing help regarding cross-state teleradiology work/taxes

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  • Radiologist here needing help regarding cross-state teleradiology work/taxes

    Dear WCIs

    Quick question:

    I'm on the east coast (moving to Virginia in a month) and getting ready to moonlight for a teleradiology company on the west coast. For teleradiology, the radiologist is typically credentialled to work for multiple hospitals across multiple states. I will be paid as a 1099. I am married.

    Q1: should I form a LLC? I'm currently a sole proprietor and tax filing has been fairly straightforward as a SP.

    Q2: how does working for multiple hospitals outside of my home state work as far as taxes are concerned? Anyway/vehicles to save on taxes?

    Q3: am I better off getting an accountant? I find managing my own taxes and finding different vehicles to save very interesting, but I certainly dont want to overextend myself and thinking I know more than I actually do.

    Thanks all,
    Chu

  • #2
    1. There is no need for an LLC. If/when your income exceeds ~$400k/yr, you might consider an S-corp. (And, to tell the truth, a SMLLC is also pretty straightforward, just unnecessary.) Physicians’ liability is limited to:
      • Their skills (protected by good malpractice insurance) and
      • Their employees and/or partners/shareholders (not applicable here, but that typically is the determining factor re: whether you need entity protection).
    2. Home office, keep great records, know what is deductible.
    3. Given the situation you have described and the questions you are asking, I think you would be foolish not to hire a CPA/EA with deep experience in this area. It’s nice that this is an interesting hobby for you and it can be very productive for you. That should make you a better-informed client who can ask tough questions of your CPA, but you don’t know what you don’t know.
    Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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    • #3
      What's the typical fee that a competent accountant would charge for something like this?

      And what's the best way of going about finding an experienced CPA? Does the CPA need to be in my area?

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      • #4
        Originally posted by chudat View Post
        And what's the best way of going about finding an experienced CPA? Does the CPA need to be in my area?
        funny you should ask, theres a site for that: https://www.whitecoatinvestor.com/tax-strategists/
        you can also look up jfoxcpacfp 's info as her firm is listed there as well.

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        • #5
          thanks so much

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          • #6
            parallel discussion at BH for those interested

            https://www.bogleheads.org/forum/vie...69360#p5269360

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