Stress-Free Tax Preparation: Essential Tips for 2025

Nearly 30% of Americans procrastinate on their taxes, causing stress and potential errors. In this episode of the Locum CPA podcast, Stephen Lee, a Chicago-based CPA, shares vital tips on preparing for tax season smoothly and efficiently. Learn how to organize your documents, understand your tax position, and choose the right filing method to avoid last-minute panic. Key steps include creating physical and digital folders, confirming your filing status, and knowing your deductions and income sources. Stephen also highlights important tax deadlines for 2025 and offers exclusive tips for locum professionals to save up to $50,000 annually. Get organized early, file on time, and make this tax season your easiest yet!

00:00 Introduction: Tackling Tax Season

00:28 Welcome to the Locum CPA Podcast

01:10 The Importance of Organization

01:17 Creating Your Tax Folders

03:06 Understanding Your Tax Position

03:21 Reviewing Prior Year Tax Returns

03:50 Steps to Prepare for Tax Season

06:22 Choosing Your Filing Method

07:31 Important Filing Deadlines

08:27 Final Tips and Recap

09:11 Conclusion

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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.

Should You Pay Off Student Loans or Invest? A Step-by-Step Guide for Locum Professionals

In this episode of the Locum CPA Podcast, CPA Stephen Lee addresses a common financial dilemma faced by locum medical professionals: whether to pay off student loans or invest. Stephen provides a detailed framework for making an informed decision, including an analysis of student loan terms, the importance of emergency funds, and the pros and cons of both paying off loans and investing. He recommends a balanced approach that combines both strategies to achieve financial stability and growth. Watch till the end for Stephen's practical tips and personalized recommendation to help you make the best choice for your financial future.

00:00 Introduction: Pay Off Student Loans or Invest?

01:05 Understanding Your Financial Situation

01:39 Analyzing Student Loan Terms

02:34 Building an Emergency Fund

03:43 Emotional and Financial Benefits of Paying Down Loans

05:17 The Case for Investing Your Money

07:39 A Blended Approach: Pay Loans and Invest

09:26 Practical Tips for Decision Making

11:06 Conclusion 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.

Top Tax Tips for Locum Professionals: Maximize Deductions & Plan for 2025

In this episode of the Locum CPA Podcast, Stephen Lee, a CPA based in Chicago, Illinois, provides a comprehensive year-end checklist for locum medical professionals. Key topics include reviewing your 2024 earnings, maximizing tax deductions, optimizing retirement contributions, making estimated tax payments, and planning ahead for a financially successful 2025. Get actionable tips to save thousands of dollars and set yourself up for long-term financial success. Don't miss out on this essential guide for locum tenens practitioners!

00:00 Introduction to Tax Planning for Locum Professionals

00:59 Reviewing Your 2024 Earnings

02:13 Maximizing Your Tax Deductions

03:55 Maxing Out Retirement Contributions

05:33 Handling Estimated Tax Payments

06:37 Planning Ahead for 2025

08:23 Conclusion and Final Tips

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

🔔 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.

Financial Tips for Locum Tenens: Opening Business Bank Accounts & Credit Cards

In this episode of the Locum CPA podcast, Stephen Lee, a Chicago-based CPA, guides locum tenens professionals through the essential steps of opening a dedicated business bank account and securing a business credit card. Stephen underscores the importance of separating personal and business finances for tax advantages and simplified bookkeeping. Learn about the necessary documentation, choosing the right bank, account setup, and the benefits of having a business credit card. Stay organized and ensure financial success in your locum tenens career with practical tips and expert advice. Don't forget to like, subscribe, and hit the notification bell for more actionable insights tailored to locum professionals.

00:00 Introduction to Locum Tenens Finances

00:30 Importance of Business Accounts

01:01 Step-by-Step Guide to Opening a Business Bank Account

01:58 Choosing the Right Bank

02:44 Opening the Business Account

03:25 Applying for a Business Credit Card

04:18 Maintaining and Monitoring Your Accounts

04:51 Conclusion and Final Tips

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

🔔 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 to Set Up a PLLC or LLC for Locum Tenens Professionals

Join Stephen Lee, a CPA based in Chicago, as he guides locum tenens professionals through the process of establishing a PLLC or LLC. Learn the essential steps from confirming eligibility and choosing a name, to filing articles of organization, drafting an operating agreement, applying for an EIN, setting up financial accounts, and maintaining compliance. This episode offers valuable insights to protect your practice, streamline your taxes, and effectively manage your business.

00:00 Introduction to Setting Up a PLLC or LLC

00:48 Why Consider a PLLC or LLC?

01:21 Steps to Establishing Your PLLC or LLC

03:47 Drafting an Operating Agreement

04:34 Applying for an EIN

05:05 Setting Up Financial Accounts

05:30 Maintaining Compliance

05:52 Conclusion and Next Steps

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

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#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals

Do Locum Physicians Need to Pay Quarterly Taxes? | Locum CPA Podcast

In this episode of the Locum CPA Podcast, Stephen Lee, a certified public accountant, addresses a common question for locum physicians: Do they need to pay quarterly taxes or can they wait until the end of the year? Stephen clarifies the importance of self-employment taxes for locum professionals, the IRS requirements for quarterly estimated tax payments, the consequences of skipping these payments, and how the Safe Harbor rule can help minimize penalties. The video concludes with practical tips for ensuring timely and accurate tax payments to avoid penalties. Tune in for insights and tips on managing your tax obligations as a locum tenens professional.

00:00 Introduction to Locum CPA Podcast

00:37 Understanding Self-Employment Taxes

01:16 Quarterly Tax Payment Requirements

01:45 Consequences of Skipping Quarterly Payments

02:24 Safe Harbor Rule Explained

02:59 Practical Tips for Locum Physicians

03:29 Summary and Closing Remarks

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

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

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.

#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals

LLCs vs. S Corps: Deciding the Best Structure for Locum Tenens Professionals

In this episode of the Locum CPA Podcast, CPA Stephen Lee from Chicago, Illinois, addresses a common dilemma faced by locum tenens professionals: whether to stick with a single-member LLC or switch to an S Corporation. He explains the advantages and disadvantages of both options, including tax implications and administrative requirements, to help listeners make an informed decision. This episode is particularly useful for new resident graduates who are just beginning their locum work and navigating tax structures. Tune in to get key insights on optimizing your locum's practice and maximizing tax savings as your income grows.

00:00 Introduction to Locum CPA Podcast

00:35 Understanding Single Member LLCs

01:22 Exploring S Corp Election

02:08 Considerations for Switching to S Corp

02:37 When to Make the Switch

03:36 Recap and Final Thoughts

03:50 Closing Remarks

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

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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.

#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals

Maximizing Your Locum Tenens Career: Tips and Insights

Join Stephen Lee, a certified public accountant, based in Chicago, Illinois, as he breaks down essential information for medical professionals considering locum tenens work. Learn how compensation works, the benefits of partnering with a locum agency, and key factors that influence pay rates. With insights from CHG Healthcare's 2024 State of Locum Tenens report, this episode of the Locum CPA Podcast covers everything from hourly rates and tax responsibilities to the perks of working with a locum agency, such as malpractice insurance, licensing assistance, and travel reimbursements. Don't miss top tips for starting and operating your locums practice and insights into the business side of being a locum professional.

00:00 Introduction to Locum Tenens

01:05 Understanding Locum Tenens Compensation

02:11 Factors Influencing Locum Tenens Pay

03:30 Benefits of Working with a Locum Agency

04:20 Additional Perks of Agency Partnerships

05:04 Conclusion and Final Thoughts

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

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

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.

#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals