Independent Contractor
Along with the tax benefits, comes tax compliance requirements. As an independent contractor, you will not have Federal, State, FICA, Medicare, Unemployment, and Local taxes deducted from your pay automatically, and you will not receive typical employer payments towards these taxes.
This dynamic makes tax planning for independent contractor dentists essential. You need to maintain accurate records, establish a tax plan, and process required tax payments year-round to receive the benefits of being an independent contractor.