Getting Started as a 1099 Physician, CRNA, PA, NP, Psychologist, or Social Worker
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Manage your risk.
In addition to an emergency savings fund, make sure you insure yourself against risk with adequate levels of liability, disability, life and health insurance. A financial advisor or insurance broker should be able to help you evaluate your insurance portfolio to make sure you have the right coverage.
Additionally, there are a lot of risk, investment and tax strategies that a wealth manager or financial advisor can help you with that you may have never thought of.
One thing to consider, advises Mr. Cosenza, if you've adequately funded your retirement and investment plans, you may want to consider overfunding a life insurance policy, as another tax advantaged strategy.
"After tax money goes in. While the money is in the insurance policy that money grows tax deferred, and then under current law, at a future date, you can withdraw your cost basis tax free, and through policy loans of any gains in the policy can withdraw those gains tax free," says Mr. Cosenza.
While no strategy guarantees success, this highly specialized strategy may, with the assistance of the right financial advisor, be worth a look.
There's much to consider when you're launching your self-employed career. However, if you have the right team backing you up, it will be a breeze. Find an accountant, financial advisor and insurance broker you trust. Find a locum tenens agency that specializes in superior customer service. An agency that seamlessly manages your assignment logistics will save you a lot of headaches and hassles along the way.
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Chris Cosenza, CFP®, Principal at ClearBridge wealth Management in Atlanta, GA, contributed to this article.www.clearbridgewealth.com
Kevin Hedrick, CPA, Tax Partner at Williams, Benator & Libby in Atlanta, GA, contributed to this article. www.wblcpa.com