There are many advantages of being a contracted therapist versus an employee. Contracted therapists are often called “independent contractors”. Independent contractor status is on the rise in the United States. In fact, the Freelancers Union reports that there are now 53 million Americans are working as freelancers or independent contractors.
While an independent contractor might perform the same type of work as an employee, they are actually much different. An employee is a person that is hired by a company to perform a job. Their duties are usually controlled by others, such as supervisors and managers. An independent contractor has more freedom and control over their work. As a contracted therapist, you would typically set your own schedule, decide how many clients that you want to see and how many hours you want to work in a week. As an employee, you would not have this kind of freedom.
Independent contractors are responsible for their own taxes, insurance and retirement accounts. Since they are not employees, they do not receive any benefits, including workers compensation, sick leave or vacation pay. A is contractor often responsible for their own tools and training, as well. In spite of these drawbacks, the benefits typically outweigh the disadvantages of being a contracted therapist. In fact, in Randstad’s Workforce360 Annual Study, more than 85 percent of contractors report that their current level of job satisfaction is very good to excellent. Only 73 percent of permanent workers reported feeling satisfied with their Independent contractors and freelancers are on the rise in the United States. Here are 5 of the top benefits of being a contracted therapist.
Earn More Money
Independent contractors really have a lot more control over how much they make. Contract therapists decide how much they make. The amount of money they make is related to how much work they do and the performance. This is not the case with employees. An employee can work hard and still not get a raise because the company wants to cut costs. Contracted employees do not have to deal with this. In addition, independent contractors are typically paid more per hour than employees. The Wall Street Journal reports that independent contractors can be paid as much 40 percent more per hour than employees doing the same job. performing the same work.
Be Your Own Boss
When you are a contracted therapist, you are your own boss. You are in charge of your workload. You have the ultimate freedom. There is no need to request vacation days when you want a vacation.
Work How Many Hours That You Want
“You can work the number of hours that you want as a contracted therapist,” said Therapy Source. In addition, you choose your schedule. Need to leave early one day to attend your child’s school awards program? As a contracted therapist, you have the flexibility to do just that.
Maintain a Good Work/Life Balance
Independent contracting typically means less office politics, fewer meetings and shorter commutes. All of these things result in a better work/life balance and leaves you with more time to do the things that are important to you.
Pay Less in Taxes
Being an independent contractor opens the door to many tax benefits that employees simply do not get. There are many business-related tax deductions that employees do not receive. You can deduct any necessary expenses related to your business, as long as they are needed for you to do business and are reasonable. You may be able to deduct a home office, automobile expenses and more. Because of all of these tax benefits, contracted therapists often pay less in taxes than their employed counterparts.
With all of the benefits of being a contracted therapist, it is easy to understand why so many people are giving up traditional employee status to be an independent contractor.