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thinking about becoming an independent contracto - tanyag76

Posted: Oct 01, 2013

I have been working at home as an employee for a MT company for over 6 years and I'm now thinking about becoming an independent contractor. What is my first step to do this and also any advice after I figure out how to become one? Thanks :)

do you mean - SM

[ In Reply To ..]
you want to get your own clients?

You get a client, do their work, bill them.

If you mean IC, like working for MTSOs as an IC, then you just find a service hiring IC status.

You'd have to share what "becoming an independent contractor" means to you.

ok, well - tanyag76

[ In Reply To ..]
to get my own clients. I thought you had to fill out some kind of legal paperwork to "be your own boss" and maybe even file for an independent contractor license? I live in Montana and have heard this is the case. Something about workmans comp status paperwork too. I don't know, that's why I'm asking. Thanks for any help. :)

see the company board (link inside) - Lisa

[ In Reply To ..]
http://forum.mtstars.com/504849.html

There should be plenty of - xx

[ In Reply To ..]
information available from various official Montana websites. Google is your friend. There might even be a state office that provides information to people wanting to open small businesses. I'd start there.

There is also at least one book on starting your own MT business. Amazon probably has it and several more.

If your state has specific requirements, it is unlikely that information from someone from another state with different requirements would be of much use.

call your city or county clerk -- they will tell you how to set up - a business in your state sm

[ In Reply To ..]
Varies depending in local laws. you need to check into license requirements, insurance requirements, decide are you setting up sole proprietor, LLC, LLP, partnership, corporation (each of those carries different needs for opening a busienss) -- you need a separate bank account -- you need to contact the IRS and apply for an EIN, you need to get set up to pay quarterly taxes

To work as an IC you need to be a business. It's not always so simple. Can be done, but does require some time and effort.

ok then, go to your state's portal - SM

[ In Reply To ..]
You'll need to know a few things. Do you plan on hiring employees? If not, you don't need an EIN from the IRS.

Do you just want to be a sole proprietor? (You're the boss, you do the work, you get paid, you claim schedule C on your income tax. This is what most MTSOs do who are just looking to work themselves.)

Once you decide what kind of business you want to be, then you can figure the other stuff. Definitely need a separate bank account, keep good records, consult with an accountant.

Educate yourself on HIPAA and HITECH, make sure you have your contracts written clearly and concisely and CYA-ly.

Determine who you want your clients to be - hospitals, clinics, dr offices? Find an application that you will use for receiving dictation, encrypting records, storage, transcription, etc.

Here's a couple of links that might help you.

http://sos.mt.gov/Business/Startup/

http://sbdc.mt.gov/default.mcpx

Thank You! - tanyag76

[ In Reply To ..]
Thank you everyone. Very good info and I really appreciate it. :)

Just wanted to add that being the type of - Good luck!!!!!!!

[ In Reply To ..]
IC who types for private practices and individual doctors has become a little dicey. I don't know if that was what you meant by "IC, but I just wanted to add my $0.02 worth.

I have been an IC with private clients for 11 years. I would type reports at home and deliver the work to the offices. In July, my biggest client switched over to an electronic medical record (EMR), and when that happened, I decided to stop being a full-time MT.

Between outsourcing work to other countries, EMRs, and voice recognition software, it has become almost impossible for me to find new clients. Plus, the line rate that potential clients wanted to pay in the past was not enough for me to live on in the Northern Virginia area.

I just wanted to share my experience as an IC with you, just in case you were thinking about going that route. Also, the taxes! Goodness, the taxes!

Same thing - Twinklefingers

[ In Reply To ..]
Exact same situation for me. IC since 1994 doing private office work. First big acct. dropped last year for EMR, and then again this past August. What are you doing now? I have 2 small accts. left and doing some work online. Even looking at coding. Only 55 and the main source of income in the house, so I gotta get something going.

I am 60 years old and in the Washington, - Good luck to all of us!

[ In Reply To ..]
DC area. God willing, I only have 5-7 years more to be on the workforce. I don't want to retire before first qualifying for Medicare.

I am in a VERY INTENSIVE, five-week, paid training class to drive a school bus for Fairfax County, VA. If I pass the course and become official, I will be a non-exempt employee who will qualify for much welcomed and needed overtime, which is offered on a regular basis.

I also wanted to get with a large-sized employer who offered health insurance, and they pay approximately 80% of the monthly premium, if I'm reading their benefits info properly.

I also have one client for whom I transcribe reports in the evenings.

Hope I answered your question.

Postpone license as long as possible - BEWARE PERSONAL PROPERTY TAX

[ In Reply To ..]
Try to get by as long as you can without getting a business license; personal property tax is a big headache, and a big expense. Eventually, you may have to do so, but don't be in a rush to do so.

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