Hi Philip. When you just receive a W-2 for wages, it is easy to prepare your own return. However, what a CPA provides is knowledge and consultation when things get a little more complicated.

You should receive forms 1099 from the physician that paid you if $600 or more. You are not responsible for preparing your own 1099, however, you are responsible for reporting that income even if you receive no 1099.

When you receive 1099s, expenses can be deducted directly against that income. This is where a good CPA can help you. There are a lot of planning opportunities available to the self employed.

Yes, you would be subject to self employment taxes on this income, less expenses, in addition to your regular tax.

Please contact me if you have additional questions.

Harry

Zip Code: 11797