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

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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.