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Author: xraymd Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Independent Contractor status/taxes Date: 1/1/2002 7:53 PM
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To moonlight you HAD to have a full license; as a resident you might in my state function on a training license. When I was a resident some of my fellow residents had not yet passed licensing exams and therefore functioned on the hospital license rather than having their own. If this is the case in your state you might take the total license expense on Schedule C (more advantageous to you) and if challenged make the point that you did not NEED that license for your residency position, but you did have to have it for the moonlighting.

Greetings, Chris, this is exactly the case for me. Between your answer and irasmilo's answer, I am already 400% smarter tax-wise than I was only 1/2 hour ago, plus I may now be saved some taxes on expenses I didn't realize I could legitimately deduct. Thank you for your fantastic reply! I did okay this year in avoiding having to file for quarterly estimated taxes (I will owe $866 but have already saved it out of earnings) and I have figured out that to be liable for $1000 extra in taxes owed I would have to earn in the neighborhood of $7000 as an independent contractor. T'aint gonna happen, though - call is just too brutal to try to stuff in ER shifts on top of. I would be happy with making just enough extra to try to cover the accrued interest on my giant student loan to at least tread water before entering repayment.

I know from the Credit Card board that you are working for the state - I assume you decided against medical practice? There are times I feel like seeing what I could do with a non-clinical career because the practice of medicine today is frankly very tough. Even many of my attendings still put in 80(plus)-hour weeks and must finance the expenses of a practice. Rather a scary prospect. But I digress, so let me thank you again for your great help - another chunk knocked off the student debt ball-and-chain :-)

xraymd
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