SSTB status for 1099 work
Hello all, I've been working 1099 through my own s-corp and I'm trying to figure out my taxes for 2023, I wonder if anyone has insight. There is a line on the return that has to do with form 8995 related to specified service trades or businesses (SSTBs). The question is, is my s-corp an SSTB or not? If yes, for my income (~600k) there is no deduction. If no, there is a ~$70k deduction. I have seen both opinions expressed. Any insight is appreciated. I believe this is the relevant... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - May 13, 2024 Category: Universities & Medical Training Authors: stephenpatrickd Tags: Anesthesiology Source Type: forums

Not another EMDR thread! (actually, it's a new research article)
Hi all, Wanted to draw your attention to this 2024 state of the science article on EMDR, which concludes that, despite all of the dismantling studies, there is indeed some scientific evidence for EMDR. The idea is that it taxes working memory, allowing the trauma memory to be reconsolidated in a less vivid or intense manner https://onlinelibrary.wiley.com/doi/full/10.1002/jts.23012 You can also see Sadie Larsen from the NCPTSD interviewing the study authors here: ... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - May 10, 2024 Category: Universities & Medical Training Authors: cara susanna Tags: Psychology [Psy.D. / Ph.D.] Source Type: forums

HPSP Stipend Clarification
Is the stipend money considered scholarship money? I know that it is taxed, so that is why I am a little confused. If so, is the only money that is not considered actual scholarship money the signing bonus and the 45 days of active duty pay? I only ask because I'm looking to live in low income housing which says "All forms of student financial assistance (grants, scholarships, educational entitlements, work study programs, and financial aid packages) are excluded from annual income except... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - May 10, 2024 Category: Universities & Medical Training Authors: tbiv21 Tags: Military Dentistry Source Type: forums

Travel CME--Tax Deductions
What is the general wisdom on the legality of these deductions? From what I understand, some people sign up for an online CME course and travel to a vacation destination of their choosing to complete it and deduct that travel expenses on taxes. To me, this doesn't seem like it would pass the "ordinary and necessary" criteria for business expenses. (Source: Student Doctor Network)
Source: Student Doctor Network - April 16, 2024 Category: Universities & Medical Training Authors: Coffee PRN Tags: Anesthesiology Source Type: forums

Did any docs take the QBI deduction on their taxes?
And I'm referring to taking the QBI for being a doctor, not for other businesses they might have. This applies to 1099 docs, and those with an S-Corp or an LLC for just being an ER doctor. I qualified for it in the past several years, it was a nice tax break. But this year I didn't, and I'm not sure why. My wife and I have W2 and 1099 income (my wife is not a doctor and she gets a W2, and I get a W2 and 1099 from the hospitals I work at), and my 1099 business after expenses was about... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - April 16, 2024 Category: Universities & Medical Training Authors: thegenius Tags: Emergency Medicine Source Type: forums

Big hospital systems take over small docs and raise prices
At least Walmart lowers prices when they come into town and put mom and pops out of business. Not so with hospital systems. CMS Invites Hospitals To Raise Prices And Buy Physician Practices This scheme benefits hospitals, the state, and the Biden Administration, at the expense of workers, employers, independent physicians, and federal taxpayers. www.forbes.com (Source: Student Doctor Network)
Source: Student Doctor Network - April 2, 2024 Category: Universities & Medical Training Authors: Pain Applicant1 Tags: Pain Medicine Source Type: forums

No freebies!...Re: One in two may be prepared to pay more for NHS through taxation, survey shows
(Source: BMJ Comments)
Source: BMJ Comments - March 28, 2024 Category: General Medicine Source Type: forums

Tax season - Do you usually have to pay a lot?
Doing taxes now, and looks like I'm gonna have to pay a handsome chunk again. I thought I did enough to lower it this year, but apparently not. Here's some of what I'm doing: Maxing out 401K Maxing out HSA Other info: I have a house/mortgage, not married, no kids. I do have dividend stocks Am I doing enough, what else can I do? What are your Tax sheltering strategies? (Source: Student Doctor Network)
Source: Student Doctor Network - March 24, 2024 Category: Universities & Medical Training Authors: goldsummer Tags: Finance and Investment Source Type: forums

M4: Advantage of filing taxes even with no income to report?
I heard that there could be some benefits to filing income taxes for your m4 year, but I haven't gotten a clear answer on why. Maybe something to do with loan repayment starting next year? I have no children, no out-of-pocket expenses, no earned income credit. (Source: Student Doctor Network)
Source: Student Doctor Network - February 26, 2024 Category: Universities & Medical Training Authors: openstage Tags: Medical Students (MD) Source Type: forums

helpppp
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Source: The Student Room - January 21, 2024 Category: Universities & Medical Training Authors: Medivinejefffff Tags: Medicine Source Type: forums

Question about taxable student loans
May be a dumb question, but how do taxes work after you pay off your loans - what amount specifically is taxable that is considered as income, the amount you paid that past year? thanks! (Source: Student Doctor Network)
Source: Student Doctor Network - January 17, 2024 Category: Universities & Medical Training Authors: funtertaining15 Tags: Psychiatry Source Type: forums

Real mega Roth conversion (not backdoor Roth) 2010/2011
Just wondering because we have various ages in this form Did anyone do the real mega Roth conversion for tax year 2010? Pay the taxes over 2 years. People talk about backdoor Roth but that’s just a minor yearly $6-7k non deductible maneuver I’m talking about 2 million plus in pretax accounts and converted it in post tax roth. Pay 700k plus on federal taxes (Source: Student Doctor Network)
Source: Student Doctor Network - December 23, 2023 Category: Universities & Medical Training Authors: aneftp Tags: Anesthesiology Source Type: forums

Some questions about Income reporting/taxes as a Physician Scientist
I recently learned about Defined Benefit Plans and Cash Balance Plans (which are a subset of DBPs) that have a very high ceiling for pre-tax contributions for retirement. It seems that private practice or independent contractor docs are able to create/participate in these plans. I was wondering if a physician scientist with protected research/academic time could "split" their salary such that their clinical work is paid as a 1099 and their academic work is paid as a regular W2 employee... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - November 26, 2023 Category: Universities & Medical Training Authors: someqsaboutstuff Tags: Physician Scientists Source Type: forums

Controlling obesity requires more than taxes on junk food
(Source: BMJ Comments)
Source: BMJ Comments - November 25, 2023 Category: General Medicine Source Type: forums

Paying pathologists as a W2 vs. 1099
I’ve heard of some groups, not just in Pathology, pay their pathologists on a 1099. What are the pros and cons of this for the employee pathologist? As a 1099, an employer can more easily fire a pathologist right vs if they were on a W2? With a 1099, the employer saves a good chunk of money as they don’t have to pay taxes for their employee. Anything else should one know before signing a contract where you will be a 1099? If you are in a practice and you function just like an employee... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - November 8, 2023 Category: Universities & Medical Training Authors: MetroPath Tags: Pathology Source Type: forums