per my accountant - and being on production
Posted By: I stopped paying quarterly, now pay yearly...sm on 2006-09-16
In Reply to: this does not make sense to me as the IRS site clearly says - sm
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.
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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.
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.
Thank you. My accountant has given me advice.
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.
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.
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
Just enough to cut into my production. nm
:+
production
Don't "P" off your coordinator! lol
production
I have been transcribing for over a year now and I STILL cannot produce 1200 lines a day. Sometimes I have to work 8 hours to do 900. What is my problem? My account manager says most transcriptionists can do 1200 lines in 6 hours. Please tell me how you do it!!! I have developed a good Expander vocabulary...
production
There are a lot of variables in this issue. I know when I have op notes or certain ESL dictators and lots of discharge summaries, my line count drops tremendously. If I have ER notes which I love, I can do a lot more. What are your report types?
production
I have two accts that i can type at least 500 lines per hour!
Production QA
I was looking into a QA/editor position being paid per line. (5 cpl) Does anyone have any suggestions on whether to look into this more? I've been a Transcriptionist for 10 years and I am interested in a different position than typing now. Any advice would be very helpful. From what I understand (??) it is US-based MTs with 100% read throughs on average ESL accounts.
production pay
I'm sure with your 15+ years of experience and your speed you will do very well pay-wise. Be sure your internet research skills are honed and this will make you even more successful. You may want to try and find an account that is all cardiology or all operative notes if you really want to hit the ground running. Good luck to you!
Please try doing more ops. Your production SM
will increase because the doctors dictate faster and some will say the same thing over and over. You can make samples of their standard reports.
Speaking of samples, can your supervisor send you some? Ask to be sent specific op reports such as ob and ortho. Those are the ones the doctors say the same stuff all the time. Try mastering one specialty at a time.
You will be doing yourself a favor by learning to do more report types.
I know this isn't answering your original question, but I would really like to encourage you to try them. I know you can do it! :)
I am on production too s/m
does anyone ever think of that? Everyone keeps saying we are paid to fill in their work, but does anyone ever consider that I get paid by how many jobs I do in a day? Filling in 20 blanks on 1 report versus filling in 1 blank on 20 reports makes a difference to me. Nobody ever thinks a lot of us get paid just like you do, by how much work we produce.
Production
How long does it take to get up to 1200 lines? I've been reading the posts on cafemt.com and I can't believe some of those people get 2000 lines. How do they do that? Any suggestions would be great. thanks.
production...
i average 12-1400 L/day but that is on a 6-7 hr workday. I do acute care, lots of chunk-type expanders, very few 'normals', mostly decent dictators. On days with more diffi dictators, too many short reports, etc, its good if i average 170/lph. i'm not that fast but i get up to 260 lph at times, yet average 200/lph. i've been at this several decades, but take more time than many (probably) to research something or verify accuracy too. i take lots of breaks too, so it stretches my day out. On the other hand, i have, in my years, seen some extremely fast typists, and people who can stay put in the chair a long time. if you have the knowledge, stay put and build momentum and are naturally fast, i can see being able to do 2000-2500 a day with quality. but maybe you burn out or stress your arm nerves too much in a shorter time.
Production/Pay
Okay, you might have some good points but how come the majority of us, who loved our jobs and made great $$ on any and all of our accts are having the exact same problems, the exact same worries at the same time?
Production
500 lines an hour are 12.5 pages! A page has usually 40 lines.
There are people who cannot even read so fast.
I bet all is Expanders and mormals.
LOT more to MT than just production. sm
Maybe you worked at one of those very rare places where they compensated a MT for her knowledge and expertise and not just her production.
Also regarding production
None of us can compare ourselves anyway because there are so many factors involved in determining how many lines get done. Within my own accounts, mine vary up to 70 lph, and I swear I am working harder on the slow days!!
VR Production
Does anyone consistently edit 450 lines per hour on EXT VR? That is what I need to do to keep my salary the same and so far I am not even up to 300 lines per hour. Any suggestions to improve my line count would be much appreciated. Thanks!
Much better for me on production
I worked in house for about four months last year and went back home. Hated the office politics crap, but I made significantly more per hour at home than I did in the office. I was considered a newbie and so wasn't paid as much hourly as the women who had been doing it for years. Because I'm MUCH faster than they are, though, I make more than they do working from my home.
It all depends on your line rate and your speed, and what you think good money is.
Oh, is that so? We get production bonuses, but none for
xx
ASR production increase?!?!
Anyone want to know how MQ came up with the figures to say we have a PRODUCTION increase because of ASR? It will surprise you!
p.s. ASR production up.............. I forgot
to mention that even though my production is up a bit with ASR, it only makes up for being down on production with DQS in general, finally back to getting my lines in an eight hour day instead of 10 hours.
DNS and line production
>>>I have wondered if Dragon Naturally Speaking for Medical Transcription is a way to increase overall line count.
1. It takes several months to reach a good production level.
2. You need to listen to the dictator *AND* dictate at the exact same time. However, if the dictator is one what requires a lot of mental editing, you're better off using the keyboard.
>>>I seriously want to know how is it that some MTs can type up to 2000 lines a day! That is phenomenal! Is there a secret? Please share!
I used to transcribe 250 lph (gross lines) back in the days of using a typewriter (no Expanders and time spent erasing carbons), plus I was only typing around 90 wpm, which isn't all that wonderful. So, my suggestions are:
1. Stay focused.
2. Make the best use of your Expander as you can.
3. Don't treat the BOS like a bible.
Oh foeey on production
Well, you are hearing right then honey.
I do run a great company and I am overwhelmed with some of my girls' abilities. They never cease to amaze me. There are only a handful that really mean something to me and to be honest with you they are not big producers (of lines that is) but that is okay with me.
Our turn-around-time still beats any competitor. Go ahead Spheris, SoftScript, or anyone and try to beat a 3 minutes turn-around-time. Sorry, but it won't happen. My girls are trained to know what happens when they make me happy, and for that reason, and that reason only, I run the best business.
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