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Twice a month, get clear, smart tips to help you keep more money, build wealth, and make taxes easier for 1099 CRNAs.
Hey there, CRNAs. Welcome back to Money Moves for CRNAs. If you're a 1099 nurse anesthetist and want to hold on to more of the money you earn, you're in the right spot. Last time, we talked about big business tax changes. Today, we're zooming in on personal taxes.
Bill White:What's new? What's changed? And how it all helps you? We'll turn tricky tax talk into something easy to follow. Stick around because at the end, we're giving you a free handout, two full pages of the most important updates from the One Big Beautiful Bill Act.
Bill White:This podcast comes to you twice a month, always short, simple, and designed to make your money work smarter. And quick reminder, this show is for learning only. For your personal plan, check with a tax or financial adviser. Now let's dive in with your host, Randy Larkin, CPA from Atlanta Tax Planner
Randy Larkin:Hi there. This is Randy Larkin of Atlanta Tax Planner. If you're a 1099 CRNA, the one big beautiful bill act brings you some great news. Let's break it down. One, tax brackets stay low.
Randy Larkin:Good news. The income tax brackets are staying low, ranging from 10 to 37%. For high earners like CRNAs, this is a big deal. Lower brackets mean you can keep more of the money you earn from those long shifts. It's like giving yourself a raise without working more hours.
Randy Larkin:Two, the standard deduction is bigger. Second, the standard deduction jumps to $15,750 for singles and $31,500 for married couples. That's instant relief. As a CRNA, you may sometimes itemize if you have mortgage interest or state tax deductions, but this bigger standard deduction sometimes beats itemizing. For busy CRNAs, juggling shifts, family, and travel, it's a fast automatic way to cut your tax bill.
Randy Larkin:Starting in 2026, the standard deduction amounts will be adjusted annually for inflation. Three, special deduction for seniors. If you're 65 or older, you now get a $6,000 bonus deduction, $12,000 for married couples. This deduction is available to eligible taxpayers regardless of whether they choose to itemize their deductions or take the standard deduction. Many CRNAs continue working part time later in life.
Randy Larkin:This deduction puts extra cash in your pocket as long as the married couple does not make $250,000 or more. Four, the child tax credit is better. For CRNAs raising kids, the child tax credit is now $2,200 per child, which will grow with inflation after 2025. It was going to drop to $1,000 per child. And since it is refundable, you can still benefit even if deductions reduce your tax bill close to zero.
Randy Larkin:This helps cover family expenses, from tuition to sports fees, on top of managing your own self employment tax. Five, Charity Deduction Even Without Itemizing Giving back is part of the CRNA spirit. Whether you support medical missions, hospitals, or local charities, now up to $2,000 of your giving reduces your taxes even if you don't itemize. Your generosity gets recognized. Six, SALT deduction cap goes up.
Randy Larkin:Finally, the SALT deduction cap rises to $40,000 for married couples. If you live in a high tax state, this is a game changer. You can now deduct more of what you already pay in property income taxes, lowering your federal tax bill. Closing. Put it all together, and you'll find the one big beautiful bill act generally means more breathing room for 1099 CRNAs amid more complexity.
Randy Larkin:Lower brackets and bigger deductions helps you focus on your patients, your family, and your future, not just your tax bill.
Bill White:That's it for today's money talk CRNAs. See? Not so scary after all. Today, you learned how the new rules can put more money in your pocket without working longer hours. Pretty great.
Bill White:Right? Take a minute to download your free two page handout. It's waiting for you in the show notes. If you liked today's show, leave us a review or share it with a fellow CRNA. Until next time, work smart, save more, and take control of your money.
Bill White:Music licensed from premiumbeat.com. Under license number 7394047.