7 Things Every 1099 Physician Must Do Before Tax Time

First-Year 1099 Physician Tax Checklist: 7 Steps to Do Before Tax Time I explain why your first year as a 1099 physician can be a shock at tax season—no withholding, more planning decisions, and a higher risk of surprises and I walk through seven actions to take before tax time to build a clean system. I cover opening a separate business bank account, tracking income and ordinary/necessary expenses from the start, setting aside money for federal/state/self-employment taxes, and understanding quarterly estimated taxes using safe harbor versus a current-year projection. I also discuss reviewing whether an LLC, PLLC, or S corp election makes sense, choosing a retirement plan intentionally (SEP IRA vs Solo 401(k) vs cash balance plan, including backdoor Roth considerations), and doing a year-end tax projection before December 31 to capture planning opportunities. The CPA's Guide to Being a 1099 Physician - https://stephenleecpa.com/cpas-guide-... Book an appointment - https://stephenleecpa.com/book-appoin... 🔔 Subscribe for more tips and strategies tailored for business owners and high earning professionals. On this channel, Stephen Lee shares proven strategies to help high earners, business owners, and professionals keep more of what they make, minimize taxes, and build lasting wealth. Whether you’re optimizing your S-Corp, investing smarter, or managing 1099 income, this channel gives you the tools to make confident money moves — backed by real client experience. Subscribe for smart, actionable advice — and take control of your financial future. The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk. 00:00 1099 Tax Wake Up Call 01:21 Who This Applies To 01:57 Free Locums Guide 02:31 Separate Bank Account 03:49 Track Income Expenses 05:38 Save For Taxes 07:26 Quarterly Estimates Explained 09:31 LLC Versus S Corp 11:40 Pick Retirement Plan 13:31 Year End Projection 15:21 Seven Step Recap 16:33 Next Steps And Wrap Up