So you are a recent graduate from an optometry school. If you’ve begun working, there is a good chance you are currently working as an independent contractor optometrist. If you are an independent contractor, you are self-employed. The definition of an independent contractor is defined by the IRS as:
People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. However, whether these people are independent contractors or employees depends on the facts in each case. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. The earnings of a person who is working as an independent contractor are subject to Self-Employment Tax. – IRS website
Here is a video, The Basics of Tax W2 vs W9 in Optometry – Interview with CPA Gary Topple
Develop an Efficient Way to Track All Expenses
This is my first year, making a decent income after all those years of being a student. Getting 100% of the money I earn and putting it into the bank sounds great, but there are also tax obligations required by the IRS.
Check out the IRS Website for the Self-Employed Individuals Tax Center. It has information such as…
- Who is Self-Employed?
- What Are My Self-Employed Tax Obligations?
- How Do I Make My Quarterly Payments?
- How Do I File My Annual Return?
- Am I Required to File an Information Return?
- Business Structures
- Home Office Deduction
- Husband and Wife Business – What is a Qualified Joint Venture?
- Considering a Tax Professional
- Online Learning Tools
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