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If you're a physician wondering how to start investing for your children, you'll usually hear three recommendations: open a 529, open a Roth IRA, or invest in a taxable brokerage account. The truth is, there's no single best answer because these three accounts solve three completely different problems. In this episode, Stephen Lee, CPA and certified private wealth advisor, breaks down: 529 plans: Tax-advantaged education savings, beneficiary changes, and the new 529-to-Roth IRA rollover rules (including the $35,000 lifetime cap and 15-year holding period)Roth IRAs: Why earned income is required, how parents can fund the contribution while their child keeps their paycheck, and what counts as legitimate compensationTaxable brokerage accounts: The flexibility to fund goals beyond college or retirement, parent-owned vs. custodial (UTMA/UGMA) structures, and why starting early matters more than choosing the perfect account Stephen also walks through seven real-world physician family scenarios, from newborns to teenagers with earned income, families behind on their own retirement, and parents who've already fully funded a 529. You'll get a practical starting allocation framework (like 60% 529 / 40% brokerage for young families) and guidance on when to shift as your child grows. The biggest takeaway: your child's biggest advantage isn't picking the perfect account. It's time. Start now, automate, and adjust later. Book a consultation with Stephen: https://thelocumcpa.com/book-appointment/?utm_source=podcast Read the CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

If you're a 1099 physician making $350K, $500K, or over $1 million this year, the next few months could have a bigger impact on your tax bill than anything you do next April. Once December 31st passes, many of your best tax planning opportunities disappear. In this episode, Stephen Lee, CPA and certified private wealth advisor, walks through a 7-item year-end tax planning checklist specifically for 1099 and locum tenens physicians: Project your full-year 2026 incomeReview your business structure and S corp compensationMaximize the right retirement planEvaluate legitimate year-end business purchasesClean up your business expenses and deductionsFund smaller tax-advantaged accounts like your HSARun a real year-end tax projection (not just a guess) You'll learn why asking your CPA in March is too late, how your income level changes the strategy, what retirement plan limits apply for 2026, and how to know whether you'll owe a large tax check in January or April or whether there's still time to act. Book a discovery call with Stephen:https://thelocumcpa.com/book-appointment/?utm_source=podcast Read the free CPA's guide to locum tenens:https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

Should high-income physicians put everything into Roth? Many doctors earning $400K, $1M+ hear the same advice: pay taxes now, let it grow tax-free, and never worry again. But for many high-income physicians, maxing out Roth could actually mean paying more tax over your lifetime. In this episode of The Locum CPA, CPA and Certified Private Wealth Advisor Stephen Lee breaks down when Roth makes sense, when traditional pre-tax contributions are the better play, and why most high-income physicians probably want both. You'll also learn why choosing traditional inside your 401(k) doesn't necessarily mean you should stop doing a backdoor Roth IRA. The real question isn't whether taxes will go up. It's: what tax rate are you avoiding today versus what tax rate will you likely pay later? Your income level, retirement timeline, Roth conversion opportunities, and deferred compensation all matter. Don't make a 30-year tax decision based solely on "taxes are going up." Book a consultation: https://thelocumcpa.com/book-appointment/?utm_source=podcast Free guide, The CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

Navigating the financial side of locum tenens work can feel overwhelming. The Locum CPA Podcast is here to change that. Hosted by a CPA who understands the unique challenges of locum tenens professionals, this show breaks down everything from taxes and retirement planning to entity structuring and contract considerations, all in plain language. Whether you're a physician, CRNA, NP, or PA doing locum work, each episode delivers practical, actionable guidance to help you keep more of what you earn, stay compliant, and build long-term wealth. No jargon. No fluff. Just real strategies from a CPA who works with locum tenens providers every day. New episodes cover topics like: Tax planning specifically for 1099 and W-2 locum incomeRetirement options for self-employed healthcare professionalsBusiness entity setup and when it actually mattersDeductions and write-offs unique to travel and locum workBookkeeping habits that make tax season painlessReady to take control of your financial future? Book a consultation: https://thelocumcpa.com/book-appointment/?utm_source=podcast Read the free guide, The CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

Welcome to The Locum CPA podcast, your go-to resource for tax strategies, financial planning, and business insights tailored specifically for locum tenens healthcare professionals. Navigating the financial side of locum work can be overwhelming. Between multiple assignments, varying state tax filings, self-employment considerations, and retirement planning, you need guidance from someone who truly understands the unique challenges of locum tenens life. That's exactly what this show delivers, practical, no-nonsense advice from a CPA who specializes in working with locum providers. Each episode breaks down real-world tax scenarios, money-saving strategies, and financial best practices to help you keep more of what you earn, stay compliant, and build long-term wealth, all without the jargon and confusion. Book a one-on-one appointment: https://thelocumcpa.com/book-appointment/?utm_source=podcast Read the CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast New episodes drop regularly. Subscribe so you never miss one, and have a question or topic you'd like covered? Reach out, this podcast is built around what you need to know.

If you're a 1099 physician earning $350,000 or more, tax deductions are only the beginning. The real opportunity is in how your entire tax structure works together, your entity, your S-Corp salary, your retirement plan, your quarterly estimated payments, your state tax footprint, and how money actually flows through your business. Hosted by Stephen Lee, CPA and founder of The Locum CPA, this show is built specifically for high-income self-employed and locum tenens physicians who want a proactive tax strategy, not just a tax return prepared after the year is already over. Each episode breaks down the key pillars of a real tax plan: • Income structure, understanding how you get paid, from one locums company or five, with or without W2 or K1 income • Entity selection, LLC vs. S-Corp, and why your tax classification matters more than your legal structure • S-Corp evaluation, reasonable compensation rules, payroll tax savings, and when the administrative cost is worth it • Retirement planning, solo 401(k), advanced plans, and how your retirement strategy ties back to your entity and salary • Tax cash flow systems, reserving for taxes, covering expenses, and making owner distributions intentional instead of guessing • Multi-state tax, filing and planning across states where you live, work, and earn income • Clean reimbursements, separating personal and business expenses for stronger substantiation • Year-round planning, adjusting salary, estimated taxes, and retirement contributions as your income changes throughout the year Because none of these decisions should be made in isolation. Your salary affects your payroll. Your payroll affects your retirement strategy. Your entity affects your administration. Your state footprint affects your liability. It all needs to work together, and that's what a tax plan actually is. 🔗 Book a complimentary discovery call with Stephen: https://thelocumcpa.com/book-appointment/?utm_source=podcast 🔗 Read the CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast New episodes weekly. Subscribe so you don't miss a strategy.

If you're a 1099 physician earning $350K or more, you've probably heard advice like "just write it off" or "put the car through the business." But that's not how the tax code actually works. In this episode, CPA Stephen Lee, founder of The Locum CPA, breaks down what self-employed physicians can legitimately deduct, what usually isn't deductible, and the gray areas where physicians get into trouble. We cover: Professional expenses (licensing, malpractice, CME, board certification)Technology and equipment — business vs. personal useVehicle deductions and the commuting rules that trip people upTravel expenses and why your "tax home" matters for locum physiciansHome office deductions, meals, and entertainmentHealth insurance and retirement planning strategiesWhy maximizing deductions isn't where the biggest tax planning opportunities are for high-income earners The difference between good tax planning and aggressive tax behavior comes down to one question: Is this genuinely connected to your business? Stephen explains how to think like a business owner, not just a high earner chasing write-offs. 📅 Book a complimentary discovery call with The Locum CPA: https://thelocumcpa.com/book-appointment/?utm_source=podcast 📘 Read The CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

If your S-Corp earns $500,000 as a 1099 physician, someone will tell you to pay yourself $80,000 and take the rest in distributions. The IRS disagrees. Your salary must be reasonable. So what should it actually be, and can you defend it in an audit? In this episode, CPA and certified private wealth advisor Stephen Lee walks through a real-world case study of a 1099 radiologist making $500,000. He explains why percentage rules of thumb don't work for physicians, who personally generate nearly every dollar of revenue. You'll learn the five core criteria for setting a defensible salary: specialty, hours worked, scope of duties, geography, and business, and how to use W2 replacement cost as a practical benchmark instead of guessing. Stephen also breaks down the actual math at different salary levels ($100K, $250K, and $350K), showing how each affects your distributions, payroll tax savings, and audit risk. He shares a five-step playbook for documenting your salary and warns against common mistakes like picking an arbitrary number in December or blindly copying a colleague's setup. The episode closes with the radiologist's real result, a defensible $250,000 salary backed by market data, and how reasonable compensation impacts your solo 401(k), cash balance plan, and pass-through entity tax strategy. Resources & Links: 📅 Book a complimentary 15-minute discovery call with Stephen Lee: https://thelocumcpa.com/book-appointment/?utm_source=podcast📗 The CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

Someone told you that as a 1099 physician, you need an S-Corp — but is that actually true? In this episode, Stephen Lee, CPA and Certified Private Wealth Advisor at The Locum CPA, breaks down a real-world case study with Dr. Swanson, an anesthesiologist transitioning to full-time locums work, to reveal the exact income threshold where an S-Corp election actually starts making financial sense. You'll learn why revenue isn't the metric that matters (net profit is), how "reasonable compensation" rules limit your payroll tax savings, the hidden costs of running an S-Corp that can wipe out your gains, and the five key questions to ask before making the switch — including how a W-2/1099 hybrid income situation changes the math entirely. Whether you're a full-time locums physician or juggling a W-2 job with side 1099 work, this episode will help you evaluate your entity structure with real numbers instead of generic advice. 📅 Book a complimentary discovery call: https://thelocumcpa.com/book-appointment/?utm_source=podcast 📖 Read the CPA's Guide to Locum Tenens: https://thelocumcpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast

If you're a physician earning 1099 income, your tax strategy involves much more than finding deductions. In this episode, Stephen Lee, CPA and Certified Private Wealth Advisor, breaks down The 1099 Physician Tax Playbook—a six-part framework for building a coordinated tax strategy around your income, business structure, tax payments, deductions, retirement, and year-round planning. You'll learn: • How your level and type of 1099 income drives your tax decisions• The difference between an LLC and an S corporation—and when an S corp may or may not make sense• How to build a tax reserve and quarterly payment system• Which legitimate business expenses 1099 physicians may be able to deduct• How retirement plan design can become a major part of your tax strategy• Why tax planning needs to happen before the end of the year—not after it• How W-2 income, multiple states, business changes, and major life events can affect your overall strategy The goal isn't to chase obscure tax loopholes. It's to build a system where your entity structure, payroll, retirement contributions, estimated taxes, state taxes, deductions, and wealth strategy work together. If you're earning $350,000, $500,000, or more in 1099 income, having a coordinated strategy becomes increasingly important. Learn more about strategic tax planning for 1099 physicians at thelocumcpa.com or apply for a complimentary 15-minute discovery call at thelocumcpa.com/book-appointment/. You can also get the free CPA's Guide to Locum Tenens here: The CPA's Guide to Locum Tenens Disclaimer: This podcast is for educational purposes only and does not constitute tax, legal, or financial advice. Your individual tax situation may differ.

If you're a 1099 physician earning $500,000 or more, you've probably heard plenty of aggressive advice about tax write-offs: write off your car, your house, every meal, or just put it on the business credit card. But being 1099 doesn't make everything deductible. In this episode of The Locum CPA, Stephen Lee, CPA and Certified Private Wealth Advisor, breaks down the most important deductions 1099 physicians should understand, including professional expenses, technology, home office, mileage, locums travel, business meals, health insurance, and retirement planning. You'll also learn why business and personal expenses need to be separated, why documentation matters, and why bigger planning opportunities can matter far more than chasing small deductions. For cleaner bookkeeping and better visibility into your business finances, check out Xero. If you'd like help applying these strategies to your own 1099 situation, you can book an appointment with The Locum CPA. And if you're a CPA working with locum tenens physicians, get the free CPA's Guide to Locum Tenens.

If you're a 1099 or locum tenens physician working in more than one state, your home state's tax rules may not be the whole story. In this episode, CPA and Certified Private Wealth Advisor Stephen Lee explains one of the most overlooked tax issues facing locums physicians: multi-state taxation. You'll learn why living in a no-income-tax state doesn't necessarily make your locums income tax-free, how nonresident state tax returns work, why estimated tax payments can end up in the wrong state, and how poor planning can lead to penalties, cash flow problems, and unnecessary stress at tax time. Whether you're taking your first out-of-state locums assignment or regularly working across multiple states, understanding these rules can help you avoid costly mistakes and stay compliant. 📘 Download the FREE CPA's Guide to Locum Tenens:https://stephenleecpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast 📅 Apply for a complimentary 15-minute discovery call:https://stephenleecpa.com/book-appointment/?utm_source=podcast If you found this episode helpful, follow the podcast and share it with another physician working locums across state lines.

W-2 income doesn't exist in a vacuum, and neither does your 1099 income. If you're a physician earning both, your tax strategy is more connected than many people realize. In this episode, Stephen Lee, CPA, explains five tax rules that physicians with both W-2 and 1099 income frequently get wrong. Learn how your hospital salary can affect self-employment tax, why an S corporation isn't always the best answer, how retirement contribution limits work across multiple plans, and why withholding from your W-2 paycheck may still leave you with a large tax bill. Whether you're working locums, moonlighting, consulting, or transitioning into more 1099 work, this episode will help you understand how these income sources interact so you can make more informed tax planning decisions. Free CPA's Guide to Locum Tenens:https://stephenleecpa.com/cpas-guide-to-locum-tenens/?utm_source=spotify Book a complimentary 15-minute discovery call:https://stephenleecpa.com/book-appointment/?utm_source=spotify If you found this episode helpful, follow the podcast and share it with another physician earning both W-2 and 1099 income.

If you're a 1099 physician, one of the biggest financial mistakes you can make is treating every dollar that hits your bank account as money you can spend. Unlike W-2 employees, no one is withholding taxes for you, which means a surprise tax bill can quickly turn a great income into financial stress. In this episode, CPA and Certified Private Wealth Advisor Stephen Lee explains a practical tax reserve system for 1099 physicians. You'll learn: • Why your tax reserve should be based on net profit, not gross income• The practical 30–45% tax reserve rule• Why self-employment taxes catch so many physicians off guard• How to use a separate tax savings account to stay ahead• How S corporations and retirement contributions affect your tax reserve• A simple 7-step framework to estimate, save, and pay your taxes with confidence Whether you're new to locum tenens or have been working as an independent contractor for years, this episode will help you build a tax system that replaces guesswork with clarity and keeps you prepared all year long. 📘 Download the FREE CPA's Guide to Locum Tenens:https://stephenleecpa.com/cpas-guide-to-locum-tenens/?utm_source=podcast 📅 Book a Discovery Call:https://stephenleecpa.com/book-appointment/?utm_source=podcast 📊 Try Xero Accounting Software (90% off for 6 months – terms apply):https://referrals.xero.com/StephenLeeCPA_SCorp

Is an S corporation the right tax strategy for your 1099 physician income? The answer isn't based on gross income alone—it depends on your net profit, reasonable compensation, and whether the tax savings outweigh the added costs and compliance. In this episode, CPA and Certified Private Wealth Advisor Stephen Lee breaks down a practical framework for evaluating an S corp election at three common income levels: $150,000 of net 1099 income – When an S corp may be too early.$300,000 of net income – When it's time to seriously run the numbers.$500,000+ of net income – Why an S corp often becomes a compelling strategy when implemented correctly. Stephen also explains: Why net profit matters more than gross 1099 income.How reasonable compensation impacts S corp tax savings.The hidden costs of payroll, bookkeeping, tax filings, and compliance.Common mistakes physicians make when electing S corp status.Why proactive tax planning is essential before year-end.How clean bookkeeping supports better tax and financial decisions. Whether you work locum tenens, telemedicine, moonlighting, or any other independent contractor role, this episode will help you understand when an S corp may—or may not—make sense for your practice. Helpful Resources: 📘 Free CPA's Guide to Locum Tenens https://stephenleecpa.com/cpas-guide-to-locum-tenens/ 📅 Schedule a Discovery Call https://stephenleecpa.com/book-appointment/?utm_source=spotify 📊 Try Xero Accounting Software (90% off for 6 months—terms apply) https://referrals.xero.com/StephenLeeCPA_SCorp Disclaimer: This episode is for educational purposes only and should not be considered tax, legal, or financial advice. Every physician's situation is unique. Consult a qualified tax professional before making tax or entity decisions.