A : As an Independent Contractor, you are your own boss (not an employee); and, as such you have the option of partnering with a Nurse Registry to meet the needs of clients to whom you are referred.
Advantages of Being an Independent Contractor
One of the of the tools used to deliver on these goals is the Independent Contractor Model. Below are some of the positive aspects of working under this model:
Advantages:
1. You are your own Boss.
2. You choose who to provide service for.
3. You decide which days to work.
4. You determine the number of hours to work .
5. You set your rate of pay (Also, if transporting a client in your private vehicle be reimbursed for mileage at the IRS rate).
6. You could be eligible for health insurance under the Affordable Care Act/Market Place.
7. You are free to contract with other registries, work for an employer, or secure work directly from clients not referred by this registry.
8. Schedule C: Also, as an Independent Contractor you are essentially a small business owner or sole proprietor, this means you have certain tax responsibilities (your social security portion is higher than if you were an employee) but also certain advantages. Specifically, instead of having to itemize your deductions and having to have enough to exceed the 2% Miscellaneous Deduction threshold, armed with your EIN, you become a Sole Proprietor. You may be able to write off a host of expenses directly to the income you received as an independent contractor.
9. While you don’t get Workers Comp under this model, you can purchase your own Occupational and Accident Insurance.
10. It is suggested that all caregivers carry their own Liability Insurance. This can be purchased for less than $100 a year.
Here are a few possible examples:
Advantages:
1. You are your own Boss.
2. You choose who to provide service for.
3. You decide which days to work.
4. You determine the number of hours to work .
5. You set your rate of pay (Also, if transporting a client in your private vehicle be reimbursed for mileage at the IRS rate).
6. You could be eligible for health insurance under the Affordable Care Act/Market Place.
7. You are free to contract with other registries, work for an employer, or secure work directly from clients not referred by this registry.
8. Schedule C: Also, as an Independent Contractor you are essentially a small business owner or sole proprietor, this means you have certain tax responsibilities (your social security portion is higher than if you were an employee) but also certain advantages. Specifically, instead of having to itemize your deductions and having to have enough to exceed the 2% Miscellaneous Deduction threshold, armed with your EIN, you become a Sole Proprietor. You may be able to write off a host of expenses directly to the income you received as an independent contractor.
9. While you don’t get Workers Comp under this model, you can purchase your own Occupational and Accident Insurance.
10. It is suggested that all caregivers carry their own Liability Insurance. This can be purchased for less than $100 a year.
Here are a few possible examples:
- Travel to and from independent contractor cases (and in between).
- Wear & Tear on a vehicle, portion of auto insurance.
- Cell phone charges, when the phone's used to respond to the Registry (for referral opportunities or client matters, etc.).
- Internet charges if you use it to receive emails from the office, client, or check the Caregiver/Client Portals for information.
- Uniform costs (shoes, scrubs, gloves, etc.).
- A portion of your rent or mortgage if you have a home office.
- Cost of liability insurance and other similar fees.
- Cost of Criminal Background checks and other similar fees.
Note we are not an attorney's or CPA's and cannot give tax or legal advice. The content above is for illustrative purposes only. Please obtain information and direct any questions to a professional of your choice.