Thank you. My accountant has given me advice.
Posted By: ... on 2007-01-30
In Reply to: I don't know much about runnin' a business - Hayseed
He said I should pay the contractors less.
Yes, the point was for me to make money.
What I'm saying is that it is tough. Not just for MTs. It is a tough business right now. There are lots of companies who can snatch my accounts easily. MTs want more money, clients want faster TAT, I have to be able to afford my equipment and business overhead (and it is SLIM, very lean) but apparently I am the one who is supposed to do without.
Everyone keeps saying to just pay less. Then MTs will quit. Then I'll be forced to send work overseas.
It's a mess.
Appreciate your reply, though.
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
Not an accountant
I am not an accountant -- you can ask a financial advisor or someone. I do have a business, business license - pay city business tax, etc. Registered name with the state. So for me I can. Also should clarify that what you can contribute does depend on what your income is after your business deductions. I cannot claim all of the 10K that I contribue because after all my deductions my income does go quite low. But I continue to contribute it to both an IRA and SEP so that I can maximize my deductions. But being an MTSO/IC does give me more usable income because I do maximize my deductions and plan for the future.
Man! Do I pay a lot for my accountant!
I've given him 22 of the best years of my life, two children, and I do most of his cooking!
But, seriously, my husband is a CPA, and yes, he uses TurboTax. He uses the professional version which has a few more bells and whistles, but that's what he's used for years, and that's what he recommends. In fact, he really wishes his "shoebox and paper bag" clients would just learn to use TurboTax. He has to do corporate returns by March 15, and those suck the life out of him. He doesn't even bother with anyone's personal returns until after March 15.
Unless you have a complicated list of investments, unusual expenses, multiple businesses, or nonprofit stuff to file, you probably would manage just nicely with TurboTax.
As for me, my return is already completed. If he doesn't do it now, he won't have time to finish it in April. I haven't done a tax return since I was 21 years old. :) Lest you feel jealous, know that he can't do a darn thing mechanical around the house, and he snores like a bear! Happy New Year, and Happy Tax Season!
I am going to be an accountant -
I will graduate in December with my associates degree and then on to a job somewhere out of transcription while I work on my 4-year and CPA.
MT to accountant?
I am looking at going into accounting (associates degree - obtaining it on-line). Does anyone have any thoughts, opinions, ideas, suggestions, anything that might be helpful or useful to help guide my decision as to whether or not to pursue it? It will cost me about $8000 over the next 2 years, but I will be able to continue to work full-time as an MT, though will be trying to juggle full-time MT, full-time school, and a 2-year-old, so it will be interesting. That's about it. Any opinions are well appreciated.
per my accountant - and being on production
being on production, you don't know what you're going to make - so it doesn't apply to us. In the beginning, I used to pay quarterly. I now pay annually and the IRS just returned $3700 in overpayment to me for this year. Yep, I just recently received a check back for overpaying my 2005 taxes!!! As long as you pay and on time, the IRS lets us do this. Been doing it this way for years now and I have no IRS problems *thank goodness*
Better get a better CPA/accountant if they don't tell you these things......or maybe different strokes for different states, but I don't think so.
I pay yearly also....per my tax accountant. sm
It doesn't matter as long as you pay - quarterly, yearly, etc.
You really need a good accountant. sm
SS# is fine. You will need to give your contractor a 1099 at the end of the year and deduct her income off of the top. That is a deduction for you from your gross.
Really, though, you need an accountant because things do tend to get a little tricky.
Good luck!
Check with accountant
Pay the money and get do a consult with an accountant so you can understand the basics and know what and what not to do. The money is well worth it. Or get an old copy of Turbo Tax for self employed to see what you can and cannot use for deductions. All of my accounts use by SSN on my 1099 which will will receive from them and in turn prepare a 1099 for your IC or subcontractors. Be sure that they meet the requirements for IC's. Go the IRS website and this will give you some information but again I cannot stress with all of those who are starting out find a good accountant and get their expertise advice. After 2 to 3 years of having my account handling my business, and our joint tax returns and advice, I am now able to do it on my own with Turbo Tax for the past 15 years but to begin with you need some expert advice. I am not knocking you but it really sounds like you do not have an understanding of even the basics of how to handle the taxes and finances of your business so you need to do some homework and get some advice. It is simple but again with his/her help you will know that what you are doing is correct and that will cause a lot less headaches in the years to come.
Patti
Yep, me too. My accountant deducts these
every year and I am a regular employee, not IC.
I'd get a new accountant. I work FT as an
employee, have since day one and I can itemize and claim everything but the self-employment taxes.
Get an accountant...even H&R block will do.
I made the mistake of doing the taxes myself one year (TurboTax)and ended up getting audited for that year 2 years later. Luckily it only cost me $1200 but I'm sure it could have been much worse. I just go to H&R Block. At least if I get audited again, they'll handle all the work AND pay my fine if it's something they messed up on.
become an accountant or personal trainer
Although I dont make under 10$ an hour as an MT, try working more as my supervisors and managers have told me in the past when I have asked for a raise. In all seriousness, where do you work that you make that little? Are you paid by the line and how much? Switch companies, do not accept less than 8 cpl. I saw an ad for MDI and they start you at 8.5 cpl. IC's usually make 9+, if you do not need the insurance coverage.
Hmm. Every doc, nurse, attorney, accountant
I know is making WAY good money and none are working at McD's!!! LOL
I dunno know - leave it up to my accountant. That is what I pay him for. nm
x
If you had an accountant do your taxes, contact him or her. nm
x
See an accountant. I'm sure you saved your old income tax
zz
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
Taxes regarding self-employed = getting an accountant
Get yourself one, and he'll explain everything you need to know.
I wouldn't file w/o an accountant. sm
I know some use Turbo Tax and the like with success, but I like the security of having an accountant tell me what I can and cannot deduct based on my personal situation and facts. You can find private CPAs that don't charge an arm and a leg and the amount is also tax deductible. Our CPA does our taxes and answers questions throughout the year for a very nominal flat annual fee. Well worth it, especially if you ever get audited.
Don't forget the accountant's/bookkeeping
Legal fees, Internet service, subscriptions, dues to organizations, repairs to equipment, % of office space, postage (if applicable), mileage (if deliver/pickup), advertising (if applicable), security system (burglar alarms, etc. if applicable),probably more I can't think of right now.
Why don't you ask the accountant who did your taxes last year?
I'm sure they are better able to answer that question than anyone here.
I suggest you seek out an accountant sm
Since you have no experience as IC, you really need to talk to an accountant. Honestly, that is the only way to be knowledgable about it. I had to do that 18 years ago when I started as IC. Each year, the tax laws are updated, new write-offs, things you were deducting can't be deducted anymore, etc.
I have had the same accountant now for about 12 years, and he is not that expensive. Last year, he charged $180. Not too bad.
I would call a tax attorney/accountant in
x
That's right. Would you give your plumber or accountant a raise?
Or, since they're a business and not your employee, would you expect they will raise their own rates when necessary?
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
6
Don't worry about what you have to pay an accountant. You'll make it up
you OVERPAID your taxes by almost $4K? Sounds like YOU're the one who needs a better accountant.
x
I'm repeating what my accountant told me. Go argue w/him I guess.
He said find out what you need to make and then multiply that x 3.
I paid at least 30% tax last year, or more. even with my piddly deductions.
Advice to YOU..1st learn to spell before insulting poster and trying to give advice...sm
Do u think a lawyer or accountant or doc has "QA" person - nope, if they screw up... they scr
As an MT, we know what our job is period. WE produce a report at 98% quality or better. This should be done without QA as we should take pride in our work and make sure it is correct. Of course, then again, we are "tested" for a job. Other professionals are not. I refuse to be. If a company mentions a "test" that is a big turn off for me.
Bottom line - know what you are doing and complete an accurate report (within 98% for human error rate which we all have) or learn another field... not a hard concept
Sound advice from a fellow MT if you want advice or support (sm)
I have been an MT for over 10 years. I also am getting burnt out, tired of my job, day in day. However, I do love transcription and make excellent money at it, have grossed over $50,000 per year the last 5 years. I decided to go back to nursing school and am very happy with my choice. However, over these 10 years of transcription I have had my ups and downs. My biggest issue with being at home working is lack of socialization, being home day in and day out with just the kids and the animals really gets to a person, sure hubby is home at night and thinks working from home is the easy life, thus the return to school and boy has my overall enjoyment of life changed once I realized I was the problem, not everyone else and I needed to find myself again.
Anyway, my biggest advice to you three-fold:
1. Get into counseling for yourself, find out who you are and what your needs are, whether or not you think you need to, I sense you are feeling overwhelmed and need someone other than your family to talk to that can be nonjudgmental to your feelings and needs.
2. If you're only making $100 after you pay preschool you can either keep doing it and be miserable, or quit because you are lucky enough to have a husband who can support the family without your income. (See how fast his mind changes just by losing the income you do have as to whether your job means anything.) Or look for a different company or office that you like more and are more productive if you really want to do transcription (lots of fish in the sea as far as companies).
3. Find a local "mom's" group where you can get out and socialize. MOPS (mother's of preschoolers) is an excellent one that is nationwide, they have a website. Also Mom2Mom is in a lot of areas. They provide a once a week time for moms with kids the same age to get together, socialize, (some offer spirtual guidance some don't) and each week a different mom takes a turn watching everyone else's children at the facility that hosts it so the other moms can talk about things they have in common. Every stay-at-home and work-from-home mom needs to socialize with adults, without their kids, or they will have a nervous breakdown eventually no matter how much they love their kids.
Sorry so long but it does get better but you have to take the first step at making yourself happy.
my advice
would be to get an MT job that pays by the hour until your experience and accuracy come together well.
I believe that MQ will pay by the hour until you reach "production" -- but i am not sure if there is a time limit on that. I believe i've seen where other companies do this also.
I admire your refusal to quit -- i believe that is one of the essential traits of a transcriptionist. Hang in there. Very little worth attaining comes easy, you'll make it.
Need some advice
I know this isn't MT-related, but it has gotten me so upset that I can't work, so maybe it is MT-related after all. Anyway, if anyone has been in this situation, can you please tell me how you successfully handled it? My son wanted to go away for the weekend and asked to use my credit card to secure a hotel room. We went online to Hotels.com and found a nice place. I put in my credit card number and was given a room confirmation. I then received an e-mail from the hotel telling me there were no rooms available. I called the hotel and they told me I would have to address it with Hotels.com since they were the ones with my credit card information. I called Hotels.com and they told me that my card had been swept for the entire amount of the stay ($276.00!) but since there were no rooms available, the money would be credited back to my account. I got my credit card statement yesterday and they only credited back $71.00 of my money, causing me to incur and over-the -limit fee of another $29.00. I don't know where to turn to get this problem resolved. Do I call Hotels.com and ask them to reimburse my over the limit fee? Do I call my credit card company and tell them that it was Hotel.com's fault for hitting my account for the whole amount when they said they weren't going to? If anyone has been through this kind of thing before, I would really appreciate your input. Needless to say, I will NEVER use Hotels.com ever again!! Thanks in advance for your help!
Well said! I will take that advice.
Here's some advice from another old MT
Give Medquist a try. I know there's a lot of controversy surrounding MQ, but there is a lot positive about the company, too. The transcription platform is very, very easy to learn and quite MT friendly. Set your boundaries about the number of accounts you are willing to do right from the beginning.
You will never have to worry about not getting paid on time. If you need no benefits, go with the statutory employee status. There's flexibility with that.
There are apparently many MQ haters on this board, but there are many more who are happy with MQ. They just don't happen to spend a lot of time posting here.
Whereever you land next, may it be a great fit for you. :)
Need advice, please --
My 15-year-old niece has confided that she has met a boy through an over 21 chat room and has been emailing him (supposedly, he is 18). He has been to her house, and her parents have met him and they think he is a nice boy, but they have no idea how they really met. I have serious reservations about this and feel I should tell her parents, because even if this one is very nice, he is still too old for her, and what about the next one?
Advice
Learning a secondary account can be challenging but it also makes you a more well-rounded transcriptionist. The more accounts, the more doctors you work on, the better off you are in the long run. If its hard at first, work that much harder to learn it. You can't have to much experience!
Need advice
I just wanted to see if anyone had any advice to give.....I have been debating changing jobs. I currently make $15 an hour doing transcription in office. The delima I am having is that the whole reason I started doing transcription was so that I could work from home. I have been doing transcription for 4 years and my job is really easy and I am happy with the money, there are however other down falls with the company and I am not able to have the flexability of working at home, therefore dealing with the stress of not being able to always be there for "home" things. I have three school age kids, and they are all very active. My question is....Do I have a chance of finding anything else working at home or do I just try and suck it up where I am at??? I really have not started looking, so I am not sure what is actually out there. I hate changing jobs, but I also don't want to settle.
Just need some outside help and opinions! Thanks, KL
RE: Need advice
Don't forget your taxes. You can really wind up in a mess if you don't get on top of that right away.
Need Advice! What would you do?
Want opinions about something which has come up at work and need some advice. I am the lead Transcriptionist in a department with three other people.
Last year, one of our physicians in the practice was fired and rejoined another practice in town. He currently has a lawsuit against the company about the firing.
Today, I saw letters typed by one of the girls in the my department for this particular doctor. (because this patient switched physician groups). Apparently she has been working for him on the side since October of 2004. I am not sure if she is still typing for him or not.
My question is this, would this be something you would bring to the manager's attention, talk to my coworker, or just let it go.
On one hand I feel she is being dishonest and not loyal to our current company. I do not know if she is saying anything about our practice to the other doctor or not. Also at looking at the letters, she set them up exactly the same way we do. Isn't this considered a conflict of interest?
Any advice or help would be greatly appreciated!
Re: Advice - sm
My question - is she using YOUR company's equipment to do this typing? Is she doing it on YOUR company's time? THAT would be a NO-NO to me, along with the other points you mentioned, it doesn't seem quite the kosher thing to do.
Thanks for the advice!!! nm
nm
Thanks for the advice!
That does sound reasonable. Anything to get my foot in the door would be helpful.
need advice
I worked for a multispecialty medical center for 6 years that shut down and sent all transcription out to a service. I got a job with spheris. I love the company itself, they are great. But the problem is money. This is my first experience with production pay. To make what I made by the hour, I would have to produce 1500 lines a day. I am now producing about 1000 a day more or less, depending on how much research I need to do, if my cable or power goes out or if their server goes down or is slow.-- I do ER, consults, admit and discharge summaries, no operative reports. Cant really use a lot of expansions, only for simple phrases or individual words, no macros, mostly straight typing. I figured once I got used to their system and compiled all my provider samples and got my Expander glossaries pretty much built I would improve, which I have, but I really cant see myself ever doing much more than 1200 a day, and that would be with no "P" breaks. I am still having to stop multiple times during the day to enter drug names in my drug glossary so I dont have to look them up all the time to see if they are generic or brand names-their spell-check doesnt have automatic caps, which is another problem for me because I am having a hard time training myself to hit that shift key, I am constantly entering text into my expander. The terminology is not a problem for me.
I am reading that a lot of you guys are doing 400 lines an hour.!!! My previous job didnt have a word expander, so I know I need to utilize that better. How do you do it, what am I doing wrong, what can I do to improve, do I need to just forget it and apply at Home Depot? I LOVE transcription!!!!
Looking for advice
Hey, anyone in the Portland/Beaverton area I could speak to about the "real deal" in MT work in the current environment? I'd really appreciate it. Off line at moosefeather at msn dot com :)
My advice to you
You are doing just fine. Trust me, having kids makes it more difficult to get more work done, but you will soon find a good schedule that works for you. I work for Medquist as an SE and am able to work WHENEVER I want which makes it much easier for me, considering I have 3 kids, ages 7, 3, and 2. Your average of 500-700 lines a day is really good for just starting in July. Don't fret, this is one job that you only get better with in time because you become more used to the doctors and type faster, and don't forget to keep adding to your word expanders.
Another tip I can give is to only work when your child is sleeping, otherwise it becomes too much of a distraction to have your child awake and running around while you try to concentrate on your work. Not to mention, it could also be dangerous if you can't see or hear them like you should.
I appreciate your advice and will certainly
take it to heart.
Just wanted you to know though that I already know the information you posted. I had an MT business for 5 years. I've done MT work for 25 years.
I may be new with MQ but I'm no where near new with MT work. This isn't my first time to do IC/SE work either.
My rainy day money isn't going to the govt. It goes for what I want it to. I've been self-employed for a few years now. I know what I'm doing.
Thank you for your advice though!
Advice to MQ.
This advice is given too late, but for future reference...
When you have a new program, just send the information out.
Telling people a month in advance that you are going to send the information out is just upsetting. Calling people on the phone to tell them they will get information next month but you cannot answer any questions just makes everyone more agitated.
If you think you were offering a teaser to get people excited, I am sorry to say that it backfired. As you can see from reading this board, everyone is just nervous and upset. Some people are out looking for other jobs because they think they are going to lose their SE position.
Big mistake......
advice
I quit over 3 years ago. I decided that I couldn't just slack off or use something to help me, I just set a date and totally stopped forever that day. You feel really bizarre for a few days and I still wanted one for probably a year or more, but that was the only way for me. Just stop. Also I chewed lots of gum all the time. I think I probably did gain weight but I got pregnant right after that so who knows what the weight is from.
But it really does make you feel better in the long run and I have a friend in her early 20s whose parents are both already dead because of lung CA (she still smokes, not a big lesson learner).
Anyway, good luck and just stop!! Just make your mind up right now!! Just buy your last pack and don't buy anymore!
Need some advice
Wanting to change from Hospital to working at home and a little confused about what some services are looking for as far as experience like what is basic 4 experience?
My advice to you
HEY BUTT HEAD - SIT ON A POPSICLE STICK AND SPIN
|
