On This Episode:
The Tax Cuts and Jobs Act (TCJA), enacted in 2017, introduced sweeping changes to both individual and business tax provisions—many of which have significantly benefited Certified Registered Nurse Anesthetists (CRNAs). But with key components set to expire at the end of 2025, now is the time to understand what’s at stake and how it might affect your financial picture.
For CRNAs working as 1099 independent contractors, the TCJA’s Qualified Business Income (QBI) deduction has been particularly impactful. This provision allows eligible business owners to deduct up to 20% of their qualified business income, effectively lowering taxable income. If allowed to expire, this could increase an independent CRNA’s tax burden by thousands. For instance, losing the QBI deduction could mean an extra $22,000 in taxes for someone earning $300,000 annually.
Bonus depreciation, another TCJA provision, enabled 100% deduction of business equipment and vehicles in the year of purchase. That benefit is now phasing out—reduced to 60% in 2024 and 50% in 2025—further emphasizing the urgency to act before these advantages vanish.
The TCJA also lowered tax rates across nearly every income bracket. If the law sunsets, those brackets would revert to pre-2017 levels. For a dual-income CRNA household earning $375,000, this could translate into nearly $17,000 in additional annual taxes. Standard deductions would shrink, child tax credits would be cut in half, and the estate tax exemption would drop drastically from $27.98 million for married couples to just $11.2 million.
While extending the TCJA could boost GDP and job growth, it comes at a projected cost of $3.6–$4.5 trillion in lost revenue over a decade. Lawmakers face a balancing act: promote economic expansion or manage mounting federal debt? Whether you’re a W2 employee or a 1099 contractor, now is the time to evaluate how potential changes could affect your financial plan. Let us help you secure your financial future by exploring proactive strategies before these tax rules potentially expire.
Here’s some of what you’ll hear in this episode:
📜 What the TCJA did — and what’s at risk if it expires
💸 How 1099 CRNAs could lose key deductions
📉 What lower standard deductions and higher tax brackets mean for you
🚐 Why CRNAs are buying RVs (hint: depreciation strategy)
⚖️ Policy trade-offs and the $4.5 trillion price tag for extension
- Does It Make Sense for CRNAs to Go 1099? – NCANA Session 1
- Preparing to Become a 1099 CRNA – NCANA Session 2
- Tax Strategies & Health Insurance Options for the 1099 CRNA – NCANA Session 3
Get Financial Planning Guidance Tailored for CRNAs
Will you be among the Congress attendees tackling some of today's most urgent challenges in nurse anesthesiology?
Join nurse innovator and Hackathon host Rebecca Love, RN, MSN, FIEL, along with former AANA president and Beyond the Mask podcast host Sharon Pearce, DNP, CRNA, FAANA, FAAN, and 14 expert CRNA/nurse anesthesiologist mentors for an exclusive opportunity to collaborate, compete, and create real-world solutions.
This team-based, high-energy event is free to attend — but space is limited. Only 112 seats are available. Save your seat at the AANA Hackathon.
Important Links:
"Your deductions give you benefits starting at your highest tax rates."
- Jeremy Stanley, CFP®
