The Money Meets Medicine Podcast

Physician Tax Strategy: W2 vs 1099 vs K1

Money Meets Medicine, Jimmy Turner, Justin Harvey

Jimmy paid $180,000 in taxes last year—here’s how physicians can stop overpaying the IRS.

CPA Spencer Carroll from Gelt joins the show to unpack tax strategy for physicians: why your income type matters more than your income, and where the real savings hide. Whether you’re a W-2 employee, a 1099 locums doc, or a K-1 partner, the levers you can pull are wildly different.

What you’ll learn:

  • Which of W-2, 1099, and K-1 is the best—and worst—way to get paid as a physician
  • When an S corp actually makes sense, and how “reasonable salary” really works
  • The truth about real estate professional status and the short-term rental loophole, from a CPA who owns rentals himself
  • The one red flag that means you’re probably overpaying: barely talking to your CPA all year

      Resources:

      • 💵 Looking for a CPA that does more than just file taxes each year? Check out Gelt, the proactive tax strategy partner that Jimmy personally uses, and receive 10% off the first year through the MMM link.

      Transcript from the Show

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