Track Your Tax Refund: Tips and Tools to Get Your Money Faster!

In this episode of the Locum CPA Podcast, CPA Stephen Lee provides comprehensive guidance on tracking your tax refund using the IRS's 'Where's My Refund' tool. The video includes tips on how to receive your refund faster, the expected timing for refunds based on different filing methods, and common reasons for delays. Stephen Lee also offers advice on avoiding refund delays, understanding status updates, and important filing dates. Ideal for locum medical professionals and anyone looking to streamline their tax refund process.

🔹Online: Go to IRS.gov/refunds

🔹IRS2Go App: Download the IRS’s official mobile app

🔹Phone Hotline: Call 800-829-1954 for an automated update

00:00 Introduction to Tax Refund Tracking

00:29 Welcome to Locum CPA Podcast

00:38 How to Track Your Tax Refund

01:15 Required Information for Tracking Refund

02:26 Timing of Your Tax Refund

04:30 Common Causes of Refund Delays

07:39 Tips to Avoid Refund Delays

08:58 Important Dates for Tax Refunds

10:06 State Income Tax Refunds

10:26 Conclusion and Final Tips

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Top 8 Tax Deductions for Medical Professionals in 2024 | Locum CPA Podcast

Are you a locum medical professional preparing for your 2024 tax return? Join Stephen Lee, a certified public accountant specializing in helping locum medical professionals, as he reveals the top eight tax deductions you can't miss. Learn how travel and lodging expenses, licensing and certification fees, malpractice insurance, work-related supplies, home office deductions, retirement contributions, health insurance premiums, and CME costs can significantly lower your taxable income. Don't miss out on these vital tips to maximize your savings for 2024!

00:00 Introduction to 2024 Tax Deductions for Medical Professionals

00:54 Importance of Tax Deductions for Locum Professionals

01:30 Top 8 Tax Deductions: Travel and Lodging Expenses

02:27 Licensing and Certification Fees

03:28 Malpractice Insurance

03:44 Work-Related Supplies and Equipment

04:06 Home Office Deduction

05:06 Retirement Contributions

06:30 Health Insurance Premiums

06:49 CME and Conference Costs

07:26 Conclusion and Final Tips

https://thelocumcpa.com/

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Top IRS Audit Triggers to Avoid: A Guide for Locum Professionals and Business Owners

Are you concerned about an IRS audit? With increased funding and hiring at the IRS, there's no better time to ensure your tax returns are compliant. In this episode of the Locum CPA Podcast, CPA Stephen Lee from Chicago, Illinois, breaks down the biggest IRS audit red flags for business owners and high-income individuals. Learn about the likelihood of getting audited, the major triggers, and how to protect yourself. This video covers everything from reporting all income accurately to avoiding excessive deductions and ensuring proper documentation. Stay informed and file your taxes with confidence!

00:00 Introduction to IRS Audits

00:28 Welcome to the Locum CPA Podcast

00:51 Understanding IRS Audit Likelihood

02:19 Top IRS Audit Red Flags

10:17 How to Protect Yourself from an IRS Audit

13:29 Conclusion and Final Tips

How to Start and Operate Your Locums Practice:https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Avoid Common Tax Filing Mistakes: Tips for Locum Professionals and Business Owners

Tax season is here and avoiding costly errors is crucial. Join Stephen Lee, a CPA specializing in locum medical professionals, as he discusses the most common tax filing mistakes and how to avoid them to ensure a smooth process for your 2024 income tax returns. Learn about the importance of choosing the right filing status, not missing tax deductions and credits, providing accurate personal and banking information, and filing at the right time. Stay organized and informed to maximize your tax return and minimize stress.

00:00 Introduction to Common Tax Filing Mistakes

00:49 Mistake #1: Choosing the Wrong Filing Status

03:14 Mistake #2: Missing Tax Deductions and Credits

05:49 Mistake #3: Incorrect Personal or Banking Information

07:41 Mistake #4: Filing Too Early or Too Late

09:32 Conclusion and Final Tips

IRS Tax Filing Assistant

https://www.irs.gov/help/ita

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Maximize Your Tax Savings for 2024 - Don't Miss Last Minute Tax Deductions

In this episode of the Locum CPA Podcast, Stephen Lee, a Certified Public Accountant specializing in locum medical professionals, shares valuable last-minute tax deductions for the 2024 tax year. Learn how to save on taxes by contributing to SEP IRAs, traditional IRAs, and HSAs, even retroactively.

Discover specific tips tailored for single-member LLCs, S Corporations, and more. Additionally, Stephen highlights essential deductions for home offices, travel expenses, and office supplies. Don't miss out on optimizing your tax savings and watch last week's episode on how to travel for free as a locum professional!

00:00 Introduction to Tax Savings for 2024

00:46 Maximizing SEP IRA Contributions

06:47 Traditional IRA Contributions Explained

09:03 Health Savings Account (HSA) Benefits

11:24 Locum Professionals' Tax Deductions

14:58 Conclusion and Upcoming Topics

https://thelocumcpa.com/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Maximize Your Travel: Deductible Expenses for Locum Medical Professionals

Join Stephen Lee, a CPA based in Chicago, as he reveals critical tips for locum medical professionals on how to deduct your travel expenses legally. In this podcast, learn how to combine professional trips with personal vacations, ensuring business remains the primary purpose. Discover which expenses, like airfare, lodging, and meals, are deductible and how to strategically plan your trips to maximize savings. A practical example and pro tips on record-keeping and planning ahead are also shared. Travel smart and save more in 2025!

00:00 Introduction: Travel for Free as a Locum Professional

00:12 Welcome to the Locum CPA

00:24 Combining Business with Personal Travel

01:03 Making Business the Primary Purpose

01:51 Choosing the Right Conference Locations

03:41 Deductible Travel Expenses

04:30 Practical Example: Miami Medical Conference

05:34 Pro Tips for Maximizing Travel Deductions

05:49 Conclusion: Travel Smarter in 2025

How to Start and Operate Your Locums Practice: https://thelocumcpa.com/free-ebook/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Unlock Tax-Free Retirement with the Backdoor Roth IRA | Locum CPA Podcast

In this episode of the Locum CPA Podcast, Stephen Lee, a CPA based in Chicago, Illinois, explains the Backdoor Roth IRA—a powerful strategy for high-income earners, including locum medical professionals, to achieve tax-free growth on retirement investments. Stephen breaks down the straightforward steps to set up a Backdoor Roth IRA, key considerations like the pro rata rule and contribution limits, and the numerous benefits such as no required minimum distributions (RMDs) and tax-free withdrawals during retirement. Don't miss out on maximizing your financial goals with this essential tax hack!

00:00 Introduction to Tax-Free Retirement Income

00:18 Understanding the Backdoor Roth IRA

01:33 Steps to Set Up a Backdoor Roth IRA

04:04 Key Considerations and Pro Rata Rule

04:42 Contribution Limits and Benefits

06:53 Conclusion and Final Thoughts

How to Start and Operate Your Locums Practice: https://thelocumcpa.com/free-ebook/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.

Maximize Your S Corp Tax Savings as a Locum Medical Professional

In this episode of the Locum CPA Podcast, CPA Stephen Lee guides new and experienced locum medical professionals through an S Corp tax-saving strategy tailored specifically for them. With the New Year upon us, Stephen Lee emphasizes the importance of reviewing your S Corp setup to maximize tax benefits. He discusses projecting income for the year, determining reasonable salary versus distributions, making retirement contributions, and maximizing tax deductions. Don't forget to comment your New Year's resolutions and share this valuable advice with fellow locum professionals!

00:00 Introduction to S Corp Tax Strategies

00:44 New Year Resolutions and Podcast Goals

01:53 Importance of Reviewing S Corp Tax Strategies

02:25 Step 1: Projecting Your 2025 Income

04:40 Step 2: Determining Reasonable Salary

06:56 Step 3: Planning Retirement Contributions

10:55 Step 4: Maximizing Tax Deductions

14:55 Conclusion and Upcoming Topics

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.