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Listen " State Residency for Locum Tenens Professionals"
Episode Synopsis
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 working in multiple states may face double taxation, but many states offer reciprocity agreements or tax credits to mitigate this issue. By understanding these factors and state rules, locum professionals can effectively manage their tax obligations. The video provides essential advice for locum professionals to focus more on their work and less on tax complexities.
00:00 Introduction: Understanding State Residency for Tax Purposes
00:14 Welcome to The Locum CPA Podcast
00:26 Importance of State Residency in Taxes
01:00 Key Factors in Determining Residency
01:08 Physical Presence Test
01:30 Domicile Test
01:50 Financial and Social Ties Test
02:15 Summary and Practical Tips
02:32 Avoiding Double Taxation
02:50 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 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.
#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals
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 working in multiple states may face double taxation, but many states offer reciprocity agreements or tax credits to mitigate this issue. By understanding these factors and state rules, locum professionals can effectively manage their tax obligations. The video provides essential advice for locum professionals to focus more on their work and less on tax complexities.
00:00 Introduction: Understanding State Residency for Tax Purposes
00:14 Welcome to The Locum CPA Podcast
00:26 Importance of State Residency in Taxes
01:00 Key Factors in Determining Residency
01:08 Physical Presence Test
01:30 Domicile Test
01:50 Financial and Social Ties Test
02:15 Summary and Practical Tips
02:32 Avoiding Double Taxation
02:50 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 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.
#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals
More episodes of the podcast Stephen Lee, CPA, CPWA®
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01/11/2025
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