Stephen Lee, CPA, CPWA®

Stress-Free Tax Preparation: Essential Tips for 2025 Nearly 30% of Americans procrastinate on their taxes, causing stress and potential errors. In this episode of the Locum CPA podcast, Stephen Lee, a Chicago-based CPA, shares vital tips on preparing for tax season smoothly and efficiently. Learn how to organize your documents, understand your tax position, and choose the right filing method to av...

Should You Pay Off Student Loans or Invest? A Step-by-Step Guide for Locum Professionals In this episode of the Locum CPA Podcast, CPA Stephen Lee addresses a common financial dilemma faced by locum medical professionals: whether to pay off student loans or invest. Stephen provides a detailed framework for making an informed decision, including an analysis of student loan terms, the importance of...

Top Tax Tips for Locum Professionals: Maximize Deductions & Plan for 2025 In this episode of the Locum CPA Podcast, Stephen Lee, a CPA based in Chicago, Illinois, provides a comprehensive year-end checklist for locum medical professionals. Key topics include reviewing your 2024 earnings, maximizing tax deductions, optimizing retirement contributions, making estimated tax payments, and planning...

Financial Tips for Locum Tenens: Opening Business Bank Accounts & Credit Cards In this episode of the Locum CPA podcast, Stephen Lee, a Chicago-based CPA, guides locum tenens professionals through the essential steps of opening a dedicated business bank account and securing a business credit card. Stephen underscores the importance of separating personal and business finances for tax advantage...

How to Set Up a PLLC or LLC for Locum Tenens Professionals Join Stephen Lee, a CPA based in Chicago, as he guides locum tenens professionals through the process of establishing a PLLC or LLC. Learn the essential steps from confirming eligibility and choosing a name, to filing articles of organization, drafting an operating agreement, applying for an EIN, setting up financial accounts, and maintain...

Do Locum Physicians Need to Pay Quarterly Taxes? | Locum CPA Podcast In this episode of the Locum CPA Podcast, Stephen Lee, a certified public accountant, addresses a common question for locum physicians: Do they need to pay quarterly taxes or can they wait until the end of the year? Stephen clarifies the importance of self-employment taxes for locum professionals, the IRS requirements for quarter...

LLCs vs. S Corps: Deciding the Best Structure for Locum Tenens Professionals In this episode of the Locum CPA Podcast, CPA Stephen Lee from Chicago, Illinois, addresses a common dilemma faced by locum tenens professionals: whether to stick with a single-member LLC or switch to an S Corporation. He explains the advantages and disadvantages of both options, including tax implications and administrat...

Maximizing Your Locum Tenens Career: Tips and Insights Join Stephen Lee, a certified public accountant, based in Chicago, Illinois, as he breaks down essential information for medical professionals considering locum tenens work. Learn how compensation works, the benefits of partnering with a locum agency, and key factors that influence pay rates. With insights from CHG Healthcare's 2024 State of L...

Locum Tenens vs. Permanent Position: Navigating Tax Advantages and Challenges In this episode of The Locum CPA podcast, Stephen Lee, a certified public accountant, explores the tax benefits and challenges of locum tenens and permanent medical positions. Learn about the tax implications of being an independent contractor with locum tenens roles versus a full-time employee in permanent positions. Di...

Navigating State Residency for Locum Professionals: Tax Tips and Essentials In this episode of The Locum CPA podcast, Stephen Lee, a Chicago-based CPA, guides locum professionals on determining state residency for tax purposes. He explains that state residency is determined by three key factors: the physical presence test, the domicile test, and financial and social ties. Locum professionals worki...

Maximize Your Tax Savings: Essential Strategies for Locum Tenens Professionals In this episode of The Locum CPA podcast, hosted by CPA Stephen Lee, discover effective tax planning strategies tailored for high-earning locum tenens professionals earning $500,000 or more in 1099 income. Learn how to utilize an S Corporation, determine reasonable compensation, maximize retirement contributions, implem...

Navigating State Taxes as a Locum Professional | The Locum CPA Podcast In this episode of The Locum CPA Podcast, host Stephen Lee, a certified public accountant, discusses the complexities of managing state income taxes for locum tenens medical professionals working across multiple states. Key points include tax filing strategies, the importance of proper income allocation and record-keeping, stat...

Maximize Your Retirement Savings as a Locum Tenens Professional In this episode of the Locum CPA podcast, Certified Public Accountant Stephen Lee explains how locum tenens physicians, nurse practitioners, and other healthcare providers working as independent contractors can save up to $30,000 or more in taxes. Key retirement savings options discussed include SEP IRAs, solo 401ks, and traditional a...

Avoid IRS Penalties: How to Determine a Reasonable Salary for S Corp Shareholders Are you an S Corp shareholder? In this episode of The Locum CPA podcast, Stephen Lee, a Certified Public Accountant based in Chicago, Illinois, dives into the crucial topic of reasonable compensation for S Corp owners. Learn why it's essential to take a reasonable salary, how to calculate it, and the potential IRS pe...

In this informative video, we explore a crucial question for locum tenens professionals: "Do I need an LLC or S Corporation?" Whether you're just starting your locum tenens career or looking to optimize your current business structure, understanding the benefits and drawbacks of each option is essential. We'll cover key topics such as liability protection, tax implications, and the administrative...

Are you a locum tenens doctor working from home in 2024? In this informative video, we dive deep into the essential tax deductions available specifically for you! As a locum tenens professional, navigating the tax landscape can be challenging, but understanding your deductions can help you maximize your earnings and reduce your tax liability. 00:00 Introduction to Home Office Deduction 00:22 Under...

Are you a locum tenens physician looking to maximize your tax savings? In this video, we'll explore the *5 essential tax deductions* that every locum tenens physician should know about! From travel expenses to the home office deduction, we break down how you can keep more of your hard-earned money in your pocket. 00:00 Introduction to Locum Tenens Tax Deductions 00:40 Travel Expenses Deduction 01:...

Are you a locum tenens doctor looking to maximize your earnings and minimize your tax burden? In this video, "Tax Hacks for Locum Tenens Doctors That Will Save You Money," we dive deep into the essential tax strategies specifically tailored for temporary physicians. Discover how to take advantage of unique deductions, understand the intricacies of your employment status, and learn about the best p...

Are you a locum tenens doctor looking to optimize your tax strategy? In this informative video, we break down the 8 most common tax mistakes that locum tenens physicians make and provide essential tips to help you avoid them. From misclassifying your employment status to overlooking deductible expenses, these pitfalls can cost you significantly. Join us as we cover crucial topics such as: Understa...

Are you a beginner struggling with quarterly estimated taxes? Look no further! In this comprehensive video, we’ll guide you through the essential steps to calculate your quarterly estimated taxes like a pro. Learn how to determine your tax liability, understand the importance of estimated taxes, and discover useful tips for staying organized throughout the year. We'll break down complex concepts i...