5 Benefits of Becoming an Independent Contractor (1099)
Dec. 6th, 2024 11:49 am
Five Benefits of Becoming an Independent Contractor (1099)
The majority of locum tenens healthcare providers work as an independent contractor, which means that instead of using a W-2 form to report your income, you will use a 1099 form instead. While this form of work may not be for everyone, there are many upsides to working as an independent contractor as well. Here are some of the top benefits that come from being a 1099 employee:
- Higher Earnings (On Average):
As a rule of thumb, 1099 employees make more on average than their full-time counterparts. These higher wages (before tax) are what often draws people to independent work vs full-time employment.
- Flexible Work Life:
Independent contractors are able to dictate their own working hours, and while the requirements of the job still need to be met, hours are often flexible. This is part of early contract negotiations, and having this control over when you work is a huge bonus as a 1099 employee. This leaves room for enjoying life outside of work, as the flexible hours promote a good work-life balance.
- Tax Deductions:
As a locum tenens provider, there are tax deductions available to you that regular employees are not able to claim. For instance, travel, lodging, licensing and education, and meals are often able to be deducted.
- New Experiences:
Being an independent contractor means you’ll be able to see new environments and gain new experience as a part of your work. 1099 employees are exposed to a new work environment constantly–for example, locum tenens healthcare providers will witness a wider variety of patients than those who are employed at a single facility, since they will be traveling and jumping around to different facilities as they fill in the employment gap.
- Being “The Boss”
Most importantly, being an independent contractor means you will have complete control over how you work, when you work, and for how much. This empowers contract workers to take control over their own life, and if you’re someone who likes to be in charge, 1099 employment may be for you.
Like every form of employment, being an independent contractor can come with its challenges, but the freedom and experience gained from working on your own terms can often overshadow the downsides. Take life into your own hands and venture into the world of contract work today!
