A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Tempted to go back IC - sm

Posted: Mar 09, 2014

Moved from Hawaii to Florida and thinking about going back to IC status. Been doing some research on the state tax law as I heard/read FL is 1 of 7 states who exempts sole proprieterships from filing 1099 and even corporate income tax. If my understanding is correct, wondering if I should chance IC again, even though it seems MTSOs haven't changed as far as putting you on a schedule :(. Ideas anyone? TIA.

ExemptFromIncomeTax - WishfulThoughts

[ In Reply To ..]
You might be right about the state tax in Florida but the federal income tax exemption also on 1099? If that is in fact the case, you are in a good position to work as an IC in Florida. The way it looks now, IC jobs for MTs/MEs are much more abundant than employee jobs. If you do work as an IC be sure you get a flexible schedule. Sometimes they still try to dictate to you as if you were an employee. There are a lot of IC jobs out there to choose from so you can probably be picky.

IC status - ICMT

[ In Reply To ..]
You'd be exempt from PERSONAL state income tax. That has nothing to do with federal tax. Since Florida doesn't have a personal income tax, you wouldn't pay it as an employee either.

Most reputable MTSOs are now making MTs employees unless they can totally prove they are contractors. A schedule does not determine if you are a contractor or not. There are still a lot of MTSOs who will ask that you work a predictable set schedule so they can reliably know when the work is covered and by whom.

My condolences for having to leave paradise :)

AnotherThought - WishFull

[ In Reply To ..]
Some companies will allow you to be a statutory employee. This way, you are an employee and they take out your social security and medicare tax but you do a 1099 form for state and federal tax. As a statutory employee, you can write off a percentage of business expenses which can be helpful for federal income tax in your case.

thanks for responses guys... - sm

[ In Reply To ..]
I realize I'd still have to pay federal taxes, but it would be a relief not to have to pay the state tax, at least. Thanks, again!

I live in FL - see msg

[ In Reply To ..]
If the state income tax is the only reason you are going IC, just know that employees are exempt from state income tax as well.

yippie! - thanks much!

[ In Reply To ..]
nm

You lost me - sm

[ In Reply To ..]
right after you said you moved from Hawaii. I'm still tying to wrap my head around that!

lol...I'll let you know - when I come up with a good answer.

[ In Reply To ..]
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