![]() ![]() This allows each practice to properly report information to the IRS and send a 1099-NEC to the contractor at tax time. Independent contractors, on the other hand, will fill out a W-9 for each practice (institution, clinic, hospital, etc.) they perform services for. At tax time, employees will receive a W-2 to help file their taxes. Those withholdings are sent to the federal government (and state, as applicable). It may not seem like a big deal, but your taxes will be calculated differently for each- especially after the recent tax reform laws.Įmployees will fill out a W-4 upon being hired to establish how much tax should be withheld by their employer each pay period before they receive their wages in the form of a check or direct deposit. ![]() Some nurses are considered employees of the healthcare institution where they work, while others are actually hired as independent contractors. Are you an employee or an independent contractor? To keep things simple, we’re going to refer to nurses below, but this content largely applies to physician’s assistants (PAs) as well. Let’s review some of the core concepts that impact your tax situation and how to pull together some tax relief. While some of you should use a tax professional because your financial situation is more complicated, others may find that their taxes are pretty straightforward. If you’re in the medical field, finding tax breaks may not be as difficult as you think. ![]()
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