Setting Up Your 2025 Tax Calendar: Essential Tips for Locum Physicians

In this episode of the Locum CPA podcast, Stephen Lee, a CPA specializing in locum medical professionals, guides you through setting up your tax calendar for 2025. Learn about the importance of meeting tax deadlines to avoid penalties, the quarterly estimated tax payment dates, and the different filing deadlines for various business entities such as LLCs, PLLCs, and S-Corporations. Discover practical tips for staying organized with calendar reminders, tracking income and expenses, and using accounting software. This video aims to help locum physicians stay ahead and prepared for their taxes, ensuring a smooth and penalty-free tax season.

00:00 Introduction to Setting Up Your 2025 Tax Calendar

00:31 Importance of a Tax Calendar for Locum Professionals

01:26 Key Tax Deadlines for 2025

02:54 Filing Deadlines for Different Entity Types

05:05 Practical Tips for Managing Your Tax Calendar

08:16 Recap and Final Thoughts

Book an Appointment: https://thelocumcpa.com/

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The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Locum Doctors: Essential Tax Strategies for Maximizing Income

In this episode of the Locum CPA podcast, Stephen Lee, a CPA specializing in locum tenens medical doctors, breaks down why having a tax game plan is crucial for locum doctors. Covering key topics such as mentality shifts, estimated quarterly tax payments, choosing the right entity structure, maximizing deductions, retirement investment planning, and multi-state tax considerations, this episode is packed with actionable tips to help locum doctors save tens of thousands of dollars annually and build long-term wealth. Stick around to the end for valuable insights that can turn everyday expenses into tax-saving opportunities!

00:00 Introduction to Tax Planning for Locum Doctors

01:05 The Importance of Mentality Shift

02:06 Understanding Estimated Tax Payments

03:23 Choosing the Right Entity Strategy

05:03 Maximizing Deductions

07:01 Retirement and Investment Planning

08:31 Navigating Multi-State Tax Considerations

10:29 Conclusion and Final Tips

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice. The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

How Locum Doctors Should Pay Themselves Through an S Corporation

In this episode of the locum CPA podcast, CPA Stephen Lee provides detailed guidance on how locum doctors can pay themselves through their S corporation. The podcast covers crucial topics such as reasonable compensation, payroll, and distributions. Key concepts include why using an S corporation can lead to substantial tax savings, determining a reasonable salary, and navigating common IRS triggers. Stephen also shares best practices for running payroll, documenting salaries, and optimizing tax strategies. Don't miss this valuable information tailored specifically for locum medical professionals.

00:00 Introduction to Locum Doctors and S Corporations

00:51 Why Choose an S Corporation?

03:00 Understanding Payroll and Distributions

05:11 Reasonable Compensation Explained

07:48 Running Payroll Efficiently

11:33 Best Practices for Locum Professionals

14:17 Recap and Final Thoughts

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Understanding State Tax Obligations for Locum Medical Professionals

In this episode of the Locum CPA podcast, CPA Stephen Lee discusses the tax obligations of locum medical professionals working in multiple states. Through a real-life example involving an oral surgeon with an LLC in Illinois and work in Minnesota, Stephen breaks down essential tax concepts. He covers the responsibilities of maintaining an LLC, filing multiple state tax returns, and the importance of paying quarterly estimated taxes. Additionally, Stephen offers practical recommendations on consulting knowledgeable CPAs and legal professionals to ensure compliance and avoid costly mistakes. Tune in for valuable insights and tips to navigate multi-state tax obligations effectively.

00:00 Introduction to Locum Tax Obligations

01:21 Understanding State Tax Responsibilities

03:51 Real-Life Example: Tax Scenario for an Oral Surgeon

05:20 Filing Requirements and Recommendations

09:07 Quick Tips for Locum Professionals

10:34 Conclusion and Viewer Engagement

Schedule an appointment with The Locum CPA:https://thelocumcpa.com/book-appointm...

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Overlooked Tax Deductions You Shouldn't Miss for Your 2024 Tax Return

Join Stephen Lee, a Chicago-based CPA specializing in locum medical professionals, in this must-watch video podcast where he discusses six often-overlooked tax deductions that can significantly impact your 2024 personal income tax return.

Learn about deductions for charitable contributions, state and local taxes (SALT), mortgage interest, medical expenses, health savings accounts (HSAs), and IRA contributions. Make sure you have all the necessary receipts and documentation, and understand the IRS guidelines to maximize your savings and possibly turn a tax bill into a refund. Don't miss out on these critical tips to ensure you're fully prepared before hitting 'submit' on your tax return.

00:00 Introduction: Don't Miss These Tax Deductions!

00:46 Charitable Contributions: A Generous Tax Break

02:06 State and Local Tax Deduction (SALT)

02:44 Mortgage Interest Deduction: Homeowner's Advantage

04:01 Medical Expenses: Claim Your Health Costs

04:59 Health Savings Accounts (HSAs): Tax-Free Medical Savings

06:33 IRA Contributions: Boost Your Retirement Savings

07:59 Conclusion: Maximize Your Tax Savings

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Mastering 2025 Quarterly Taxes for Locum Medical Professionals | Budgeting and Deductions

Join Stephen Lee, CPA based in Chicago, for an in-depth guide on preparing for the first quarterly estimated tax payment of 2025. This video podcast covers essential budgeting tips, tax savings strategies, and key deadlines to help locum medical professionals avoid penalties and interest. Learn about different tax responsibilities, efficient saving methods, and common deductible expenses. Get expert advice on setting reminders, using online payment systems, and possibly forming an S corporation to minimize tax liabilities. Don't miss out on maximizing your retirement contributions to further reduce taxable income.

00:00 Introduction to Quarterly Estimated Taxes

00:50 Understanding Your Tax Responsibilities

02:40 Quarterly Tax Deadlines

03:55 Budgeting for Taxes

05:31 Tracking and Categorizing Deductions

07:15 Submitting Tax Payments

08:26 Advanced Tax Strategies

10:07 Summary and Final Tips

11:21 Conclusion and Farewell

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Denied EV Tax Credit? Here's Why and What to Do Next!

Have you recently purchased an electric vehicle and are looking to utilize the $7,500 EV tax credit? Many buyers are being denied this valuable credit. In this episode of the Locum CPA Podcast, CPA Stephen Lee explains why these denials are happening and what steps you can take to address it. Learn about the common reasons for denial, including dealer misfiling, income limits, ineligible vehicles, and timing issues. Find out how to double-check your eligibility, contact your dealer for corrections, file an appeal with the IRS, and seek professional tax help. Don't let a denial discourage you – take action to secure your EV tax credit! Tune in for crucial insights and helpful tips.

00:00 Introduction to EV Tax Credit Issues

00:27 Welcome to the Locum CPA Podcast

00:56 Overview of EV Tax Credit Denials

01:42 Reasons for EV Tax Credit Denials

03:12 Steps to Take if Denied the EV Tax Credit

04:12 Final Tips and Encouragement

04:26 Conclusion and Call to Action

IRS EV Credit:https://www.irs.gov/clean-vehicle-tax...

IRS EV Credit Income Limitations:https://www.irs.gov/credits-deduction...

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice. The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Track Your Tax Refund: Tips and Tools to Get Your Money Faster!

In this episode of the Locum CPA Podcast, CPA Stephen Lee provides comprehensive guidance on tracking your tax refund using the IRS's 'Where's My Refund' tool. The video includes tips on how to receive your refund faster, the expected timing for refunds based on different filing methods, and common reasons for delays. Stephen Lee also offers advice on avoiding refund delays, understanding status updates, and important filing dates. Ideal for locum medical professionals and anyone looking to streamline their tax refund process.

🔹Online: Go to IRS.gov/refunds

🔹IRS2Go App: Download the IRS’s official mobile app

🔹Phone Hotline: Call 800-829-1954 for an automated update

00:00 Introduction to Tax Refund Tracking

00:29 Welcome to Locum CPA Podcast

00:38 How to Track Your Tax Refund

01:15 Required Information for Tracking Refund

02:26 Timing of Your Tax Refund

04:30 Common Causes of Refund Delays

07:39 Tips to Avoid Refund Delays

08:58 Important Dates for Tax Refunds

10:06 State Income Tax Refunds

10:26 Conclusion and Final Tips

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.