Many of us are but never had the advantages - sm
Posted By: ArmyBrat on 2009-07-28
In Reply to: You really think that you as an MT are smarter than doctors?..sm - it
of the education they had. 
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Couple of advantages
No harm in doing your own - but I have been audited and it was not fun. This fellow is my new accountant I do believe. If after 20 years of IRS management he has no clue how to do my taxes, then I am dead in the water. You might have a CPA do your taxes one year and then use it as your guide. I just feel far and away safer from my own experience than having to worry about it. He also said to save all records for 6 years. The IRS can go 3 years back on one audit.
Do you know why wealthy get tax advantages?
And by the way, they do pay more in tax dollars than a $40K income ... but percentagewise may not.
Wealthy get tax advantages not just because they are wealthy but because they INVEST in businesses -- businesses that provide job opportunities for the rest of us. They invest in research. They invest in the economy and take great risk with their money.
If the wealthy were not willing to invest, none of us would have any companies to work at. We wouldn't have many of the places we shop and work at.
Advantages of being IC vs. employee
IC's are basically self-employed contractors. When you're your own boss, you:
1) Set your hours of availability.
2) Set your days of availability.
3) Can deduct from your income virtually all of your expenses of running your business (a portion of your mortgage for your home office, your taxes, your health insurance premiums, your computer/software/printing expenses, etc.)
4) Sometimes you can even choose your own platform for performing your work. When you provide your own tools, you are free to do with them as you wish, not just worry that the Big Q is going to realize you're posting on this board while you're logged in... ;)
The big key to making those advantages above actually WORK for you is to realize that you are personally in control of your destiny, work-wise. When I'm evaluating being an employee vs. an IC, if the IC company wants me to work THEIR shift (i.e., Tu-Sat, or PM's, or whatever), if I'm not free to change that or pick different hours, then I keep looking. If the employer were to set those restrictions, and I were to choose employment with them, then I would be agreeing to their terms. But a contractor hiring me as a subcontractor is hiring my services as a SUBCONTRACTOR not as a dollars-for-hours servant.
There has been talk around this board about unionizing, but personally I think we would get a lot further along in the game if we all became subcontractors or contractors and bought our own benefits privately. We would be better able to take back our land as far as setting our own hours and maintaining the flexibility that enticed us out of the hospitals and into our homes in the first place!
You're welcome! I find being on the ground floor of an account has its advantages, don't you?
There definitely is a difference and if you want to spend countless minutes searching for docs, countless spellings, then you are not making sense, constantly learning ESLs, then your are in training and not making the mortgage. I post here about inequities I have found and hope they help. Surely, no Transcriptionist is going to go my opinion alone, but if I am not making money and someone asks and I have been there I will try to give them something to ponder. Being on the ground floor of a company or account has its advantages and surely you know that. Thank you for reading my post.
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