So You Want to be a Freelancer?

by Jeremy L. Stanley, CFP®, AIF®

Today, over 14% of CRNAs work as 1099 contractors or freelancers*. Some of the perks of freelancing include controlling your own schedule, the potential to earn a higher hourly rate while saving more for retirement as well as increased satisfaction in your work. However, many freelancers don’t have the basic business skills to manage a profitable enterprise. At CRNA Financial Planning®, we help CRNAs start and manage their 1099 freelance businesses. Here are a few tips for setting yourself up for freelancing success:

1. Start with a Budget

We suggest calculating your baseline earning requirements to make sure you’re able to pay your bills and live within a comfortable budget. Tax treatment of freelancing income is different than W-2 employment income, so you’ll need to plan accordingly. By calculating how much you need to live, you can estimate the number of hours you’ll need to freelance to meet those needs.

2. Save a Cushion First

Before you quit your full-time position to start working as a 1099 contractor, it’s important to save a buffer in case your income takes a dip. At CRNA Financial Planning®, we recommend a savings cushion of six to nine months of your normal income before you make the move. Freelancing income can vary more than W-2 employment income, so having extra cash is important to keep your finances healthy.

3. Stay Organized

If you lose track of your finances, your business can become overwhelming and stressful. Keep your business and personal finances separate and use separate bank accounts to stay organized. This will help you keep track of business expenses and will make filing your taxes much easier.

4. Plan for Taxes

Speaking of taxes, when you run your own business, you are responsible for setting aside money to pay your taxes. We recommend putting aside at least 25% of your income in a savings account for taxes. Work with an experienced financial professional to estimate exactly how much of your income you’ll need to save, which will vary depending on your actual income and expenses.

5. Get Insurance

Working for yourself can be stressful enough when you’re healthy, but an illness or injury could be catastrophic for your finances if you don’t have proper health and disability insurance. Be sure to speak with your financial advisor to make sure you have adequate coverage.

6. Save for Retirement

As soon as you start earning income, make a habit of saving at least 10% for your retirement through automatic withdrawals. You will not have access to an employer-sponsored retirement plan, but there are various other tax-qualified retirement plan options that can be

set up a through your financial advisor. Saving automatically will ensure that you don’t get behind in your retirement savings.

Freelancing can offer significant opportunities to potentially earn more, save more and retire earlier. While there are important pros and cons to consider, learning more about the business side of freelancing can help you become better prepared to make the right choices for your lifestyle.

Need Help?

At CRNA Financial Planning®, we work with CRNAs to help them make informed financial decisions through education. We understand the employment dynamics that are unique to CRNA professionals and can help explain the options available to you and strategies that we recommend. To learn more about starting a freelancing business, email us at inquiry@crnafinancialplanning.com, call our office at 855.304.3748, or visit our website.

About Jeremy Stanley

Jeremy Stanley is the founder of CRNA Financial Planning®. He has been providing advice and guidance to Certified Registered Nurse Anesthetists (CRNAs) for over two decades. As a CERTIFIED FINANCIAL PLANNERTM, Jeremy has met rigorous certification and professional standards set by the CFP® Board. He is committed to adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. Jeremy is also the author of the book “The Wealthy CRNA,” which lays out a foundational roadmap for CRNAs to help them plan their financial futures.

*http://www.beckersasc.com/anesthesia/6-statistics-on-crna-and-nurse-anesthetist- compensation-and-employment.html

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and CRNA Financial Planning are separate entities from LPL Financial.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. 

Five Ways CRNAs Can Minimize Their Tax Burden

Five Ways CRNAs Can Minimize Their Tax Burden

by Jeremy L. Stanley, CFP®, AIF®

One of the great things about being a CRNA is the lucrative salary. What’s not so great are the high taxes that accompany it. A 2015 Gallup poll showed that 63% of Americans are dissatisfied with the amount they pay in taxes, and many CRNAs fall into this category1. With an average salary of $160,2502, CRNAs can pay between 28% and 35% just in federal taxes (depending on their filing status and spouse’s income)3. On top of that, CRNAs receiving a W-2 face limited tax deduction options, as they often can’t take advantage of deductions for business, travel, and other expenses.

Beyond income taxes, many CRNAs are bumping up against the Alternative Minimum Tax (AMT). The AMT is a supplemental income tax required in addition to the baseline income tax for select taxpayers who have deductions and exemptions that allow for lower payments of standard income tax. This means that some taxpayers must calculate their liability twice (first under income tax rules and second under AMT rules) then pay the higher amount. While this tax was initially designed to keep wealthy taxpayers from using loopholes to avoid paying taxes, it now impacts more than 5 million filers. The AMT exemption is similar to the standard deduction for calculating your alternative minimum tax. For single taxpayers, the 2017 exemption amounts start at $54,300 and phase out at $120,700, and for married couples filing jointly, the amounts range between $84,500 and $160,900.4

Working with a tax professional throughout the year can help you legally minimize your overall tax liability and chances for owing the AMT, including CRNAs who receive a W-2. Here are a few strategies for minimizing your taxes.

Understanding W-2 versus 1099 Tax Planning

Before diving into tax strategies, it’s essential for CRNAs to understand the differences between W-2 tax planning and 1099 tax planning.

As a CRNA receiving a 1099, whether full or part-time, you can take tax deductions that a W-2 employee cannot take, including deductions for travel expenses, insurance, office and medical supplies, and other business-related expenses (as well as saving significantly more money each year in tax-advantaged retirement accounts). Depending on your job status and goals, you may consider working as a business owner or freelancer and using a 1099, which gives a wider array of options for tax deductions. A tax professional may also help you take advantage of deductions you weren’t aware you were eligible for.

Use the Correct Filing Status

Your filing status determines your filing requirements, standard deduction amount, eligibility for a variety of tax deductions, and the amount of tax owed annually. When it comes time to file, make sure you determine which filing status is most appropriate for you.

Currently, there are five IRS filing statuses:

1. Single

2. Married filing Jointly

3. Married filing Separately

4. Head of Household

5. Qualifying Widow with Dependent Child(ren).

It is important that you select the correct filing status for your given situation. The IRS provides a few basic tips to help you determine which filing status is most appropriate for you:

• Your status on the last day of the year determines your status for the entire year. For example, if you were married on December 27th, even though you spent the majority of the year working as a single professional, you must file your return as married.

• If your spouse died during the tax year, and you didn’t remarry, you may choose to file a joint return for that respective tax year.

• Married couples can choose to file separate returns, but depending upon their state of residence, a financial benefit may not result.

• The term ‘head of household’ applies to filers who are not currently married. In order to claim this filing status, the individual must be financially responsible for at least 50% of all costs resulting from maintaining a household, including those costs of another qualifying person.

If more than one of the available filing statuses is applicable, choose the one that results in the least amount of tax owed.5

Use Tax-Favored Retirement Accounts

If you are an employee of a hospital, you may not have as much room to strategize regarding your tax-favored retirement savings. However, if you are a freelancer or business owner, you can employ a variety of strategies to lower your total tax bill. As highly compensated professionals, pre-tax contributions into qualified retirement plans can reduce your adjusted gross income. The most common employer-provided qualified plans are 401(k) and 403(b) plans.

As of 2017, CRNA employees with a 401(k) or 403(b) can defer up to $18,000 of their annual earned income on a pre-tax or after-tax basis. Participants over the age of 50 can also take advantage of the catch-up provision and contribute an additional $6,000 (These amounts can change annually).6

One of the many benefits of being a business owner or freelancer is that you can lower your total taxable income even further. Solo 401(k)s and SEP IRAs are the two primary qualified plan types available. With a SEP IRA, you as an ‘employer’ can contribute up to 25% of your compensation or up to $54,000.7 For solo 401(k)s, the annual employee contribution limit is the same as the traditional 401(k) plan ($18,000 for the 2017 tax year, or $24,000 for those over the age of 50). In addition, ‘your company’ can also contribute a profit sharing contribution of up to 25% of your income allowing total combined contributions to the plan of up to $54,000 (or $60,000 including the catch-up contribution if you’re over the age of 50).6 Some solo 401(k) plans also offer a Roth provision which will allow you to designate some of your elective salary deferrals as Roth contributions. This means that you can put post-tax dollars into a retirement plan which will grow (including the earnings) generally tax free.8 Because of their high salaries, many CRNAs are not eligible to contribute to a traditional Roth IRA, so this may be a good option to diversify funds for retirement.9

Search for Eligible Tax Deductions

The amount you are taxed is based on your taxable income. The lower your taxable income, the less you’re taxed. Tax deductions can help you reduce your taxable income; two-thirds of all tax returns use the standard deduction because many taxpayers aren’t familiar with this strategy.10 Don’t overpay your taxes by not taking full advantage of available tax deductions. You may be eligible to take advantage of one or more of the following tax credits, exemptions or deductions:

• Earned Income Tax Credit: For CRNA employees who earned less than $49,078 from wages or self-employment, a tax credit up to $5,751 may be available.

• Child and Dependent Care Tax Credit: If you have paid ongoing expenses for the care of qualifying children under age 13, a disabled spouse or other dependent, including a parent, you may be eligible to take advantage of this credit.

• Child Tax Credit: If you have qualifying children, depending on your income, you may be eligible to take a deduction up to $1,000 per child in addition to the above mentioned child care credit.

• Education Credits: These education credits are available to help offset higher education costs for yourself or eligible dependents. There are two primary education credits currently available, which include:

  • Lifetime Learning Credit: Up to 20% of the tuition costs, limited to $10,000 of expenses, may be deducted for each eligible student for higher education expenses such as tuition, fees and books required to complete courses. The credit is eligible for married couples filing a joint return with a modified adjusted gross income of $120,000 or less.

  • The American Opportunity Credit: Up to $2,500 per eligible student may be deducted for up to 4 years of postsecondary education. Each eligible student must be pursuing either an undergraduate degree or approved credential. Full credit is available to married couples filing a joint return with a modified adjusted gross income of $160,000 or less.

• Sales Tax Deduction: While this tax offers benefits for all U.S. residents, it offers the greatest benefit for residents of states not currently imposing state taxes. Why? Filers can deduct the greater of their state and local income taxes or state and local sales taxes. If you completed large retail purchases within the most recent tax year (car, boat, furniture, etc.), then this deduction could result in significant federal income tax savings. Additionally, if you live in a state with income tax, the sales tax deduction can limit the federal tax-ability of your state refund.

• Real Estate Deductions. If you own a home, you can deduct expenses by itemizing deductions on a Schedule A. You may be eligible to deduct mortgage interest on up to two properties as well as real estate taxes all properties, if not listed elsewhere on your return. Note, mortgage interest in excess of $1 million in acquisition debt, or for home equity debt that is not used to buy, build or improve your main home is subject to AMT calculations.

• Rental Property Deductions & Income. Keep track of rental property deductions on a regular basis. If you or your spouse are a qualified real estate professional, you may be able to include potential losses on your annual tax return.

Other common tax deductions CRNAs may be eligible for include:

• Interest paid on a first mortgage for your main home, as well as a second home for up to $1 million in loans.

• Interest paid on second mortgages or home equity loans for your main home, as well as a second home for up to $100,000 in loans.

• Interest paid on student loans (depending on whether or not your income is within allowable limits-many CRNAs may not qualify).

• Investment losses.

• Medical expenses (including health insurance premiums)

• Professional fees exceeding 2% of your adjusted gross income (e.g. investment, financial planning, accounting, and some legal fees).

Deduct Eligible Charitable Contributions

Annual gifts to qualified charitable organizations may be deemed an eligible itemized deduction. Each gift must be noted on Schedule A of your 1040. If your annual non-cash gifts are in excess of $500, you must also complete IRS form 8283, which must be attached to your completed return. If you received benefits as a result of your charitable donation, only the amount in excess of the benefit received may be deducted. Non-cash property as well as investment donations can be deducted at their fair market value. If you donate clothing or other household items, consider using available online value calculators to determine the total value of your contribution, saving these records in the event of a tax audit. Records for all donations must be maintained, including bank records, payroll deduction notices, charitable donation receipts from the qualified organization, or phone records for text message donations.

Deduct Eligible Business Expenses

There are a number of benefits of being a 1099 CRNA (or business owner), and one of those is
tax deduction availability. Business owners, freelancers, and sole practitioners may be eligible
to deduct qualified business expenses on their annual tax returns. In order to qualify for these
business expenses as an employee, you must be itemizing using Schedule A.
Along with business owners, CRNAs working in traditional hospital settings may be eligible to
deduct the following non-reimbursed business expenses:
● Business travel (airline tickets, car rentals, taxi cab fees, business meals and
entertainment)
● Use of your vehicle for business purposes
● Business meals and entertainment (Be sure to note who you dined with, how long it
lasted and what was discussed on the receipt for verification purposes when it comes
time to claim the deduction)
● Continuing education (particularly that which is required to maintain professional
licensing requirements)
● Supplies and tools required for your position
In order to deduct qualified business expenses, you must maintain records to serve as proof
(bank statements, receipts, mileage logs), and the expenses claimed on your tax return must
not be part of a reimbursement plan at work.
In addition to taking advantage of each of the credits and exemptions, be sure to spend a few
minutes annually reviewing your tax withholding status. If you receive either a sizable tax bill or
refund annually, it may be wise to adjust your paycheck’s withholdings. If you owe, you need to
increase the amount taken from your paycheck in order to balance out your payments. If you
receive a refund, you are essentially providing the government with an interest free loan by
providing your hard earned capital over the course of the tax year. Instead, adjust your
withholdings so that you receive these funds over the course of the year. Additional
discretionary cash flow can be utilized for a variety of purposes, including debt repayment, cash
reserve accumulation, or retirement investments.
Business owners may also be eligible to establish material participation for tax purposes. In
terms of income taxes, tax law distinguishes between types of income, including income from
passive investments and active businesses in which a taxpayer “materially participates.” Many
sole proprietors are qualified to claim material participation because they often spend a
significant amount of time handling the day-to- day management of their business.
While there are a myriad of opportunities for reducing your taxes, CRNA business owners and
1099 filers have even more opportunities to minimize their tax liability. However you decide to
invest and plan for your financial future, it’s important to work with both an accountant, as well
as a CERTIFIED FINANCIAL PLANNER™ practitioner who specialize in serving the unique

needs and circumstances of CRNA business owners. CRNA Tax Associates ® specializes in
working with CRNAs to make the most of their earnings and collaborates with CRNA Financial
Planning® to keep your strategies aligned. Do you have questions about how we can help you?
To learn more about CRNA Tax Associates®, visit www.crnataxassociates.com or to schedule
an appointment, call 336.793.2264 or email jstanley@crnataxassociates.com.

1. http://www.gallup.com/poll/181241/americans-satisfaction- federal-taxes- low-side.aspx
2. http://www.bls.gov/oes/current/oes291151.htm
3. https://www.irs.com/articles/2015-federal- tax-rates- personal-exemptions- and-standard-
deductions
4. http://www.taxpolicycenter.org/briefing-book/what- amt
5. https://www.irs.gov/uac/newsroom/determining-your- correct-filing- status
6. https://www.irs.gov/retirement-plans/plan- participant-employee/retirement- topics-401k-
and-profit- sharing-plan- contribution-limits
7. https://www.irs.gov/retirement-plans/plan- participant-employee/sep- contribution-limits-
including-grandfathered- sarseps
8. https://www.irs.gov/retirement-plans/retirement- plans-faqs- on-designated- roth-
accounts#general
9. https://www.irs.gov/retirement-plans/plan- participant-employee/amount- of-roth- ira-
contributions-that- you-can- make-for- 2016
10. http://www.usatoday.com/story/money/personalfinance/2015/03/14/irs-taxes-
itemize/22869373/
11. https://www.irs.gov/publications/p527/ch03.html
The opinions voiced in this material are for general information only and are not intended to
provide specific advice or recommendations for any individual. This information is not intended
to be a substitute for specific individualized tax advice. We suggest that you discuss your
specific tax issues with a qualified tax advisor.
About Jeremy Stanley
Jeremy Stanley is the founder of CRNA Financial Planning ® as well as CRNA Tax Associates ® .
He has been providing advice and guidance for Certified Registered Nurse Anesthetists
(CRNAs) for over two decades. As a CERTIFIED FINANCIAL PLANNER™, Jeremy has met
rigorous certification and professional standards set by the CFP Board. He is committed to
adhering to the principles of integrity, objectivity, competence, fairness, confidentiality,
professionalism and diligence when dealing with clients.

Jeremy is also the author of The Wealthy CRNA and A CRNA’s Life After Anesthesia. The
Wealthy CRNA features insights into becoming a financially successful CRNA and how to start
planning for your financial future, and has been prior approved for up to 4 Class A CE credits by
the AANA. A CRNA’s Life After Anesthesia serves as your financial roadmap for a smooth
emergence into retirement. It reviews recent changes in the CRNA industry along with the new

rules of retirement and the final steps of legacy planning. This book has been prior approved by
the AANA for up to 2 Class A CE credits.

Tax Deductions Self-Employed CRNAs Should Know About

By Jeremy L. Stanley, CFP®, AIF®

Tax season has officially started, which often provokes groans and phone calls to your CPA. As a CRNA, you hopefully have a tax minimization strategy in place to help you legally reduce your overall tax liability. However, beyond your year-round strategies, make sure you familiarize yourself with tax deductions for which you may qualify when it comes time to file your return.

There are several tax breaks available if you’re a self-employed freelance CRNA or small business owner. Knowing what write-offs you can claim may help you save more. Here’s a look at a few tax deductions you may be able to claim.

1. Retirement Plan Contributions

As a CRNA business owner, you have a number of options for retirement planning, including opening an IRA, starting a Uni-K plan and/or solo 401(k) plan, or setting up a defined benefit plan. Not only does this help you save for retirement, but you can also save tax dollars. The money you contribute into your retirement account in 2016 won’t be taxed, reducing your total taxable income.

Hopefully, you contribute the maximum into your retirement accounts. For a 401(k), you can contribute up to $18,000 per year (or $24,000 if you’re age 50 or older) as an employee, plus you can put in up to 25% of your business earnings for a total combined contribution of up to $54,000, or $60,000 if you’re age 50 or older. For a traditional IRA, you can contribute up to $5,500 per year (or $6,500 per year if you’re age 50 or older), and for a SEP IRA, you can contribute up to 25% of your net earnings (for a max of $54,000).

2. Mileage Deduction

Did you ever have to drive your car for business purposes? While you can’t deduct your daily commute to your permanent work location, you may be able to deduct mileage costs if you had to travel for work, such as to a conference or to meet with a hospital or medical group. In order to deduct your expenses, you’ll have to have kept records of the distances per trip and the dates of travel. The simplest way to claim this deduction is to use the IRS’ standard mileage rate, which for 2017 is $0.535 per mile.

3. Education Credits

In 2016, did you complete your master’s, return to school to get your doctorate degree, or attend continuing education courses? If so, you may be eligible for education credits, which were created to help offset higher education costs for yourself or eligible dependents.

There are two primary education credits currently available. The first is the Lifetime Learning Credit. For this credit, up to $2,000 may be deducted for each eligible student for higher education expenses such as tuition and fees, books required to complete the courses, and relevant supplies and equipment. The credit is eligible for couples married filing a joint return with a modified adjusted gross incomes of $120,000 or less. While many seasoned CRNAs may be over the income limit, newer CRNAs may be eligible for this credit.

There’s also the American Opportunity Credit. For this, up to $2,500 per eligible student may be deducted for up to four years of postsecondary education. Each eligible student must be pursuing an approved credential. Full credit is available to married couples filing a joint return with a modified adjusted gross incomes of $160,000 or less.

4. Business Equipment and Home Office Deduction

If you had to purchase equipment to do your job, from a computer to office supplies and licensing fees, you can take a deduction for up to $500,000 of expenses. If at any time you have to work out of your home, whether to search for new freelancing opportunities or schedule appointments, you can also claim a home office deduction.

To qualify, the space will need to be solely used for business purposes, such as an office.  Your deduction will be based on the space of your home office, the total size of your home, and your total yearly costs.

5. Health Insurance Deduction

As a self-employed CRNA, you likely pay for your own health insurance premiums. If so, you can claim a deduction. However, this deduction is only available if you did not have the option to take advantage of an employer-sponsored plan. If you also pay the premiums for your spouse and dependents, you can deduct those expenses, as well.

The Tax Cycle

While no one looks forward to Uncle Sam’s visit each year, paying taxes and filing your return are annual necessities. By working year-round with your advisor to maintain a tax minimization strategy, working with a qualified tax professional to file your taxes, and understanding deductions you’re eligible for as a business owner, you can legally mitigate your tax bill and save more for retirement.

At CRNA Financial Planning®, we can help you evaluate your investments and financial plan and determine appropriate tax minimization strategies to help you save more of your hard earned money. To learn more, call our office at 855.304.3748 or email inquiry@crnafinancialplanning.com.

About Jeremy Stanley

Jeremy Stanley is the founder of CRNA Financial Planning®. He has been providing advice and guidance for Certified Registered Nurse Anesthetists (CRNA) for over two decades. As a CERTIFIED FINANCIAL PLANNER™, Jeremy has met rigorous certification and professional standards set by the CFP® Board. He is committed to adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.

Jeremy is also the author of The Wealthy CRNA and A CRNA’s Life After Anesthesia. The Wealthy CRNA features insights into becoming a financially successful CRNA and how to start planning for your financial future, and has been prior approved for up to 4 Class A CE credits by the AANA. A CRNA’s Life After Anesthesia serves as your financial roadmap for a smooth emergence into retirement. It reviews recent changes in the CRNA industry along with the new rules of retirement and the final steps of legacy planning. This book has been prior approved by the AANA for up to 2 Class A CE credits.

Jeremy Stanley is a financial professional with and Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and CRNA Financial Planning® are separate entities from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific financial or tax advice or recommendations for any individual.

A little independence

It’s been a great start.  Do you ever get to the point of I’m going to a new place and you are super excited until a little before you actually go?   

After all the excitement dies, the nerves kick in. You wonder why are they having such difficulty? Why am i needed?  What are the surrounding politics and issues? Then it’s a myriad of conjecture that has you just about to say “nope, I’m good to stay home.” Yes, after multiple years i continue to get those pre jitters.  This time was more because it was very temporary and only a couple weeks work.  I need the work but I could just ride the debt wave just a little.  If you don’t know debt and your a Ramsey fan... i sooooo applaud you and I’m jealous.  

Anyways,  I’m here & so happy i didn’t just give in to staying home.  I’m at a GI center with just myself and another CRNA and it’s nice.  Just enough work to pay some bills. Yet, I get home in time to do things and relax.  We even went to find a YMCA to join while we are around the country! (Did you know they have babysitters for two hours a day?!) yes, that last comment makes me sound ... older.   

Today is another day that will be busy with deliveries and paperwork that is all being pushed to Francisco and my parents as I’ll be working!  It’s awesome to be able to say that I’m sorry and have to work. It’s very true as i had more available weeks and they just couldn’t use me.   

I’ve supplemented with work back in Massachusetts for two weeks!  That’ll be somewhat more of a challenge but still fun to see people i worked with in the past.  

I can’t wait to keep you updated on locum life.  this weekend I start making my presentation for Costa Rica! What an adventure the next 6 months will be!

Rough start

We left Philadelphia and things were looking good for the first 30 seconds.... 

We hit rush-hour traffic and were in a losing battle of time and weather.  I drove the blasted uhaul (26 foot beast) straight down as much as I could.  By 8:30pm it was snowing.  I was supposed to be in by 8:55 and I had so far to go.  Francisco became overwhelmed by the night and snow forcing he and Elizabeth to stop about 80 miles from Hampton Roads.  I forged on with the thought that i would not miss closing on the house or work.   

  I woke this morning to the information that the tunnel was closed and snow would last well into the day.  I made e-mails and texts in order to get the closing on the house accomplished.  Finally, i had an Uber to the notary’s home.  I officially closed and Uber said no cars were available.... i walked through the snow in order to get back to the hotel.  We are now the proud owners of a home loan.  

I found out i was cancelled for work on Friday.  Very happy for the 8 hour guaranteed day!   

This potentially gives me time to get things moved into the house!  Many things to be done!   

All those on the New England coast... be careful in snowmageddon.  

Calendar

i don’t know about you but it’s pretty crazy around our household.  My calendar for January is looking busy. Next week will be a crazy time and my husband might disown me.  

Wednesday, like all days I’ll be up and going to work at 6 AM.  The difference is that the movers will be walking in the door at 6AM.  They are packing everything then loading the Uhaul.  Then, I’ll get home from work and we drop off the keys, fobs, and say see ya later to Philadelphia.  We are to make it 2.5 hours south into Maryland.   

Sounds totally easy right?  We only have to put the dogs up front in the Uhaul.  Get the kid in the back seat of the Jeep and have everything packed/loaded in 10 hours.  The next morning we have to leave by 7AM.  If not we miss the walk-through on the home that has caused some stress over the past weeks.  

We’ll drive another 2.5 hours and arrive immediately at the house.  Park in the driveway walk through the home and make sure all is in good order.  We’ll rush to the hotel and drop off the dogs, check in for my parents and us for the two whole nights.  Then it’s again off to closing in Virginia Beach.  When that part is done we’ll again be home-owners.   

It doesn’t sound like too much.  But, I start work the following day so again it’s up to Francisco to get things unloaded from the Uhaul and unpacked.  my parents are coming to help install, set-up, baby-proof, and shop.  I don’t know if they are ready for what they are in for!

The one-day move and in-between contracts.  It’s going to be a bit stressful but i know we can do it!   

The rest of the month is just surrogacy, 3 work places and contracts, two birthday parties, and having a fence built.  

Planning just like all things is key but being able to maintain the plan as a fluid work is key.  Happy almost New Years! 

House

Have i told you lately how challenging I never thought buying a home would be?  It wasn’t the loan process.  It wasn’t finding the house. It wasn’t that i wanted something high in the price range or terribly crazy. It was the IRS. 

2015 they say they never got my taxes despite them saying they should have.they were electronically submitted twice, mailed and 3 weeks ago faxed. They have given time ranges of 3weeks to 6 months.   i still don’t have the transcript of them being entered. I gave up.  

My mortgage broker is at the top of his company and my brother.  He has been there 9 years and a lender for years before starting.  I knew he was good but he was able to get some exceptions based on who he is and my financial past helped.  It’s not that it was easy or normal and I know i stressed him out.  

Thing is i have been a rule following good boy for nearly 38 years and beurocracy and things out of my control were affecting me.   

I have to say i will time and again always go to him because I know no other mortgage broker would have gone through allllll the hasslesfrom proof of 1099 income, rental properties, strange stock investments, and just one crazy life with a history of moving 38 times in 38 years.  

If you have any mortgage needs i don’t hesitate to recommend him.  You should know that his company will require 2 years 1099 income history, if you are 1099. If W-2 just a contract or statement of employment and verification of income are needed.   

To get Matt please E-mail: MWildy@mloausa.com

Tell him I said he is amazing and you heard on locumCRNA.com ... no i don’t get anything for this.... just want him to know his little bro knows he is amazing!  

Holiday

Merry Christmas Eve, 

This means the Holidays are here!  You would not believe the trouble that surrounds this time of year.  Scheduling work is more challenging as most groups are not looking for summer vacation or the recruiters seem to know this time of year can be more challenging so pay can be less.  I see groups looking for just the holiday week coverage thinking 105 is great pay for that.  It’s sad that groups, recruiters, or CRNAs take advantage of other CRNAs by paying so little.  These rates have been the same since the early 2000s where R.N. travel rates have continued to climb steadily.   

I’ve seen many new CRNA owned companies coming out for CEUs, jobs, & other.  We are becoming more resourceful and entrepreneurial.  Just like going to a new group or workplace please do your diligence in knowing the people you are working with.  I’m going to be speaking for the first time with Education Adventures for CRNAs.  I have a one hour trial lecture with them in Costa Rica where I hope to talk on the pros and cons of locum anesthesia and what i believe some of the requisites, helpful qualities, and needs of the market are through my experiences in the past 7-8 years.  

Christmas can be a challenge for some and even for those that don’t “do” Christmas it’s a period that comes with down-time.  Less activity, less to do and work is minimal.  Look out for those that might have challenges, recent loss in the family, seem to be super happy but no plans.  Sit and chat or ask how they are doing.  Lend an ear or just be a happy person that’s there for them!   

I hope you have an amazing holiday season and from my family to yours.  Have an excellent holiday season and I’ll be chatting with you right here! 

Breaking down the new tax bill into layman's terms!

As an accountant, it has never been a more important time to model out scenarios for taxpayers of tax options this year versus next year.

First things first, the effect of the upcoming tax season will not be significant as almost all of the provisions are effective in 2018.

That being said, here is a checklist of things taxpayers should consider doing by year's end:

-Prepay 2017 state income taxes.

-Accelerate any of your children's unearned income into 2017 (rates go up in 2018).

-Push business income to 2018 (rates go down in 2018, plus deduction).

-Buy & place in service an electric car (tax credit expires at end of 2017).

-Recognize any possible business losses (they will be limited in 2018).

-Prepay investment expenses in 2017 (nondeductible in 2018).

-Pay any moving expenses related to a job in 2017 (the deduction is eliminated in 2018).

-Sell any business processes or patents before the end of the year (this will be treated as ordinary income in 2018, & is capital gains in 2017).

-Wait to buy a business vehicle until 2018 (depreciation on luxury autos goes up substantially in 2018).

Additionally, here is a link to a slideshow list that explains 13 other changes that will result from the new tax bill:

http://www.taxprotoday.com/list/the-congressional-deal-on-tax-reform

Now, more than ever, it is going to be vitally important to seek sound professional tax advice to help you navigate your way through all of these new complex changes.

If this information has proven helpful, please "Like" our page, CMM Financial Services, on Facebook.

https://www.facebook.com/CMM.Financial.Services/

We would also love for you to consider having our firm prepare your 2017 tax return. To RSVP for this upcoming tax season, simply click “Going” on this Facebook event:

https://www.facebook.com/events/286839671822261/

Getting ready for a change

We are getting ready for our next adventure.  I am packing up the desk and supposed to be doing that so I decided to delay the inevitable.  I have credentialing papers to notarize and get back to the agencies.  I will be going through Austin Major and Odyssey.  Neither of which are paying what I have been making and Odyssey isn't paying housing at all which makes it a bummer of a short term contract.  It is intermittent GI coverage for just two months while I await credentialing with Austin Major. 

It is definitely a different story for us as we tend to look for places that have both the pay and hours/work types that I want.  This is the first time I have said I want to be in this area and need a specific area or work radius.  I was trying to independently do a contract but the group/anesthesia Management Company figured I would just take a full time job with them and I wouldn't stick with locums as I have reason to be in the area for a year or so.  They were mistaken and although they need people they have decided not to use me as I am the cost of a standard locum.  Unfortunately, this group doesn't know my work, ability, or flexibility.  However, I do have the ability, albeit at a lower rate, to find a couple more groups that will know for the future.  

So, I'm packing up things.  We have hired Uhaul movers to pack everything and load all into the Uhaul on the 3rd of January.  I will drive down to Virginia either late the third or the fourth.  Maybe close on our house.  I start work on the 5th of January when things are unpacked.  It will be crazy times.  I will be at a GI center for the day and some intermittent weeks.  

Things are crazy with the 11 month old that turns one year 2 days after we arrive in Virginia.  She is starting to crawl well and some surfing some while standing.  We still have the two dogs that will join us in the trek from Philadelphia to the Virginia Beach Area.  

The house is still a big question mark as we have had to push back closing due to a tax problem where they are saying we didn't file although they were sent back in 2016 :(.  This has now caused the builder to impose a $150/day penalty on not closing and the IRS is saying it'll be weeks.  How does one sue the government again?  Oh right, you can't.  Bonus they might even charge me a penalty for them saying they didn't receive my taxes!  Bad week this week.

Things have a way or working out... I'm just hoping somehow all comes together like it should.  Getting ready for the crazy that is January.  Are you ready to do another new environment with me?