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  • Economics of tele radiology as an independent contractor?

    Posted by candyalbano on June 9, 2023 at 11:00 am

    Hi all,
     
    I have an opportunity to work part-time for a small private practice group remotely, but not sure it makes sense economically. For those of you doing teleradiology as an independent contractor, can you tell me what your expenses (e.g. monitors, malpractice insurance, etc.) are and the pros/cons versus being an employee? Why did you choose that route versus being employed? Multiple gigs?
     
    TIA!

    alvarezgga1 replied 1 year, 1 month ago 8 Members · 12 Replies
  • 12 Replies
  • Unknown Member

    Deleted User
    June 9, 2023 at 11:18 am

    Great question. Im curious about this as well. If someone can provide a hypothetical budget/enumeration for what this looks like, would be helpful.

    • Unknown Member

      Deleted User
      June 9, 2023 at 11:33 am

      it can make sense if you have a primary W2 job. Then you can deduct all the PT side work 1099 expenses. If you commit to a certain work load, chances are the side gig will pay malpractice and provide you with home workstation.

      • buckeyeguy

        Member
        June 11, 2023 at 11:13 am

        I’ve done both, the combo and now just straight IC. For most on the board, they’d dislike the amount of money I make, since I put so much more value on time than money, and frankly like to do a lot of other things in life that are fun, less stress, have time open for vacations whenever I please, etc. That also takes a good relationship with those for whom you work, and is hard to pull off. Also, if you are married, it can make way more sense, since the QBI and brackets then get majorly elevated compared to being single. I like working, but only intermittently, as I find it fun and somewhat stimulating, but if I did it every day it would be a grind and in many ways is already rather boring. I do some reading alongside others, some later shifts, and some weekends. If I had a family I’d either keep doing the same thing or just do a cubicle-like VA job, depending on where I wanted to be in the US or world.

        • andy.lippman_422

          Member
          June 11, 2023 at 1:34 pm

          I wouldn’t want to be a 1099 primarily, but it’s great side income because then you can deduct all the 1099 things, and I highly recommend everyone have at least a 30-40k a year 1099 side gig.

          • afazio.uk_887

            Member
            June 11, 2023 at 1:45 pm

            What 1099 stuff

            • andy.lippman_422

              Member
              June 11, 2023 at 2:44 pm

              Licenses, computer hardware, CME, trips for conferences, etc.

              • alvarezgga1

                Member
                June 11, 2023 at 4:26 pm

                I have a primary well paying W2 gig but also do 1099 stuff on the side. besides some of the deductions mentioned above, you can also park money into a solo 401k and even have a cash balance plan if the side gig income is substantial. This can be in addition to retirement options provided by your W2 gig.

                • abd.fawzi_217

                  Member
                  June 11, 2023 at 4:31 pm

                  Youre only supposed to deduct 1099 stuff in proportion to the 1099 work compared to w2 though right? i.e. cant deduct all your licenses if 1099 work is 10% of your income

                  • alvarezgga1

                    Member
                    June 11, 2023 at 5:25 pm

                    No, you can take it out of ur 1099 income after u account for payroll taxes.

                    My situation is different since I m also a partner in the practice so I get a w2 and k1. Most expenses such as Cme, licenses etc are deducted as a practice expense already. I just use the 1099 for supercharging my retirement rather than deductions

                    • Unknown Member

                      Deleted User
                      June 14, 2023 at 6:16 am

                      1099 is good if you can bank a lot per year and set up your own defined benefit plan where you can set aside hundreds of thousands tax free.
                       
                      1099 deductions with a w2 job is childs play, you might save like 10k total as oppose to full w2 job.  

                    • ebshanon

                      Member
                      June 14, 2023 at 9:57 am

                      For those of you with a significant side 1099 income, what income do you need to have a cash balance plan?  Is that in addition to a solo 401k plan?

                    • alvarezgga1

                      Member
                      June 14, 2023 at 3:28 pm

                      That varies based on your age and how you set up your plan. Reach out to an actuary and they will do the calculations for you.