Whether you are filing your own taxes or using a tax professional, there are some necessary forms that will complete your understanding of your tax situation.

If you are unincorporated, or operating as an LLC or a C Corp sole proprietor, these new IRS rules do not affect you. But if you are a locum tenens physician with S Corporation status, you need to read on.

With the incidence of individual audits increasing over 20%—from 1.0 million to 1.21 million—it is more important than ever for locum tenens providers to understand how to minimize risk and be prepared for a summons by the Internal Revenue Service (IRS).

One of the many questions faced by locum tenens providers is the type of local transportation to use?including walking, cycling, taking a taxi, or driving their own vehicle or rental car. If you take your car or truck on location, is it better for you to buy or lease? Unfortunately, the answer is not as easy or straightforward as you might think.

One of the major benefits cited by most locum tenens providers is the ability to travel from state to state and sample America's diversity of scene, populace, and culture. However, while the federal 1040 tax form is consistent across states, it is safe to say that no two states handle taxation the same way.

Last August, President Bush signed the Energy Tax Incentives Act of 2005, which provides tax breaks for individual homeowners purchasing and installing energy-saving devices in 2006 and 2007. Additionally, the old $2,000 deduction for hybrid cars has been replaced with a series of new tax credits in 2006. If you are thinking about a new car or an upgrade to your home, you may want to consider some of these rules before making a purchase.

With the tax year coming to a close, you may still be able to make a last-minute change that will reduce what you owe, but then again, it might be more prudent to wait until next year. As always, when it comes to tax decisions, "it depends."

What are some of the most important considerations when reviewing potential retirement plans for your practice as an independent contractor?

While you cannot receive a company's defined benefit or 401k plan, there is plenty of planning you can do for yourself.