Nursing jobs offered as 1099 independent contractor positions are more and more common in Duluth, GA and surrounding areas. This tax status has pros and cons, but for the nurses themselves, the bad seems to outweigh the good.
Let’s take a closer look at the pros and cons of working as a 1099 contract nurse.
- Freedom – The major selling point of most 1099 gigs is the freedom they provide. You’re not employed in the traditional sense, so you may be able to select your own clients, set your own hours, and charge your own rate.
- Tax Deductions – As an independent contractor, you’re viewed as your own business by the IRS. This means you can take advantage of tax deductions designed for small business and write off business-related expenses.
- You’ll Pay More in Taxes – On the whole, you’ll end up with a much larger tax burden when you work as a 1099 independent contractor. Since an employer isn’t paying their share of FICA taxes (Social Security and Medicaid), you’re on the hook for those payments. Plus, you’ll have to pay your income tax in one large chunk when tax season arrives, or split it into installments in the form of estimated payments throughout the year — that can prove to be a heavy burden.
- No Benefits – You’re not employed in the traditional sense, so you won’t have the advantage of employer-provided benefits like health insurance and a retirement plan.
- No Stability – You’re contracted to do a job — once it’s over, you’re out of work. Plus, companies employing 1099 workers can terminate those contracts at any time, often for any reason they see fit.
- No PTO – 1099 independent contractors typically aren’t eligible for paid time off the way employed nurses are. You won’t have the advantage of sick days or vacation days, and overtime pay will be nonexistent.
- Liability Risk – Because you’re self-employed as a 1099 contractor, the liability risk falls on you if there is an accident on-site or if a patient is harmed. Your own risk is also increased; if you’re hurt on the job, you don’t have a workers’ compensation program to cover you.
Clearly, nurses in and around Duluth, GA have more to worry about when they’re employed as 1099 independent contractors. Luckily, BOS Medical is here to help. We place all our nurses in W2 positions — that means they will save in the tax department and enjoy all of the associated benefits of stable employment!
Ready To Start A New Career?
If you’re ready to find your dream nursing job in the Duluth, GA area, give BOS Medical a call today. We’re here to help you get started with the career you deserve.