Tax question as an independent contractor

yes, I have an SEP IRA.

Do I talk with a tax guy or an insurance guy regarding the LLC?

This is the third or fourth thread I've seen that you've started seeking some really in depth and life changing financial advice. They all revolve around how can you save money, especially taxes.

You've mentioned your independent contractor status as an ER doctor a couple of times. And you've posted that you hope to open your own clinic.

You even asked in one thread you started if you need to see a professional financial adviser.

The answer is yes.

You're not going to get the in depth financial advice you need from a message board where the posters don't know and will never know enough about your current situation, employment prospects, future plans, etc., to give you the quality of advice you need to set up your financial future. The bits and pieces you're getting on here is going to work against you in the long run.

You should be seeking the advice of more than one experienced professional. The first person you should be seeking advice from is an attorney to discuss asset protection and personal liability issues related to your independent contractor status. An experienced CPA would be the second person on the list to seek advice from. The CPA should be able to provide you with advice that quantifies the information you got from the attorney so you can compare the alternatives to decide an approach that best satisfies your current and future needs. You should also seek advice from a insurance broker who can analyze all of your risks and find products to fit your needs (don't forget something to replace your income in case you are injured or maimed). And you should also consult with an investment advisor/financial planner to determine how to achieve long-range goals.

As for current tax savings, there are a few obvious ways to reduce them. Maximize retirement savings, contribute as much as possible to a HSA, and look for expenses that have a business purpose and suit personal desires (combine professional education events with vacations).

Setting your wife up as an employee will mean 2 people in your household will be subject to Social Security tax. It will create the administrative burden of withholding income and payroll taxes. The amount you pay your wife will have to be reasonable for the type and amount of work she performs. It may not be worth the effort.

You may be subject to penalties if you do not pay quarterly estimated taxes.

Start here
LINK

Read his blog too. You're welcome.

If another professional went about trying to gain medical knowledge in this way, the vast majority of your craft would excoriate them for this form of attempt.

To start with, find and pay a competent tax/business attorney for advice and then follow it.

Get a certified estate planner working on your case now too. I knew several thirty-something docs/surgeons who expired. Nasty and tragic business that.

I'm already pretty much set up. I don't change my plan based on what yall say. There are though some relatively smart people here and I was just trying to see if yall had any good ideas.

I don't take what yall say and run with it. But, you never know what you might learn if you don't ask the question.

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Tax question as an independent contractor
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I don't change my plan based on what yall say.
Note to self: Never respond to another WP "Please help me out," thread again.

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Seriously. Imagine that, a med professional who wants a second opinion only to disregard it.