How to find time to be S-Corp compliant and administer anesthetics?
Filing taxes is more complicated than it should be. Many CRNAs we speak with share their frustrations about how difficult the process is to reduce their tax burden. We agree, but unfortunately we see no end to the tax law complexity. The Tax Cuts and Jobs Act that was recently passed has only added to the complexities for independent CRNA providers. So how can a practitioner stay compliant and up to date on all of the changes?
Outsource the worst stuff, keep the stuff you like.
When I started my business career 13 years ago I didn’t understand the value of doing what you get paid the most for and paying others to do the things you can’t stand to in order to improve how you enjoy your free time. For example, I now pay an outside compliance firm $600/month to take care of all compliance needs. This keeps me from having to read all of the compliance bulletins that come out daily from the various regulatory outfits that we work under statewide and nationally. Reading those happens to be the least favorite part of my job, as most of the “appear” not to apply to us. Instead, my compliance firm sends me the information that pertains to me, and (even better) has already researched what we need to do, updated any forms we might need to update, and packages the new procedures in an easy to read email.
But $600/month is expensive. We charge $150/hour so was I really spending 4 hours a month on compliance? No I wasn’t, but it was still the right choice because I don’t have to spend the time and the extra mental space in my brain to try and be compliant. Someone else now does that for me, and I can relax knowing I’m not going to end up with a five figure government fine.
My compliance firm is to us what our S-Corp service is to CRNAs. Paying us to take care and read the new tax changes so our clients are compliant is what we are good at (and we’re cheaper than the compliance firm!). Don’t let your down time suffer with unknown anxieties and let us clear your plate of the tax and compliance portion of independent practice. Being able to go home after work knowing you’re done with work is important. We can help you get there.