Meet Monica Multani, a Gastroenterologist (GI) physician specializing in the diagnosis and treatment of disorders of the digestive system.
Monica is a detective of the digestive tract, using cutting-edge tools and techniques to get to the bottom of any trouble. With her expertise, you can trust that your digestive health is in the best hands possible.
In addition to being a champion of her patients and a leader in the field, Monica is also an accomplished writer, an angel investor in the GI tech startup scene, and an emerging syndicate lead.
So as someone who’s continually thinking ahead of the curve, Monica knew she needed a financial solution for her business when she launched her 1099 career as a “locum tenens” or traveling physician because each hospital pays her as an independent contractor.
Monica’s Journey with Formations
Formations was able to help Monica streamline her business financials and taxes from day one. She got this system in place right away and has been taking advantage of proactive tax strategies since the start of her 1099 journey as a physician.
And when it comes to her personal taxes, Monica had used TurboTax in the past but has since elected for Formations to prep and file those as well. Monica's decision to trust Formations with her personal taxes is a testament to the level of service and expertise the Formations Customer Success teams provide.
What’s the Greatest Value You’ve Received from Working with Formations?
“The greatest value of Formations is having visibility into bookkeeping, payroll, and my taxes all in one platform, which is the most helpful as my income changes from month to month.”
Monica also values the educational initiatives provided by Formations, which include an extensive knowledge base, exclusive customer-only webinars, and dedicated success teams.
“There are webinars I listen to, and my Customer Success Manager Sarah will continually explain things to me until I understand it.”
Tax Season Before Formations vs. After
Like most 1099 professionals, Monica knows all too well the overwhelming feeling of being lost in the maze of taxes and business finances. But with Formations by her side, she gained the mental clarity she needed to feel confident in her financial decisions. As she put it, "I felt like a nervous wreck before Formations, and I honestly did not even know what I was supposed to know. Formations gave me a lot of mental clarity."
Monica’s feelings are familiar to many. In school, you learned a lot, but you weren’t taught tax strategy; how are you supposed to know this stuff?
Formations is on a mission to provide financial education, resources, and support to the most underserved segment of the U.S. workforce: self-employed.
What kind of education does Formations offer?
Monica’s learned about everything from S-Corps to LLCs, payroll and payroll taxes, retirement options for self-employed like the Solo 401(k) and SEP IRA, different deductions, and more.
Formations customers can find topic-specific articles in the Formations knowledge base, attend live webinars with tax experts for a deep dive on a topic, or reach out directly to their Customer Success team to get a question answered.
Would you recommend Formations to your colleagues?
“I've recommended Formations to all of my colleagues, every single one,” said Monica, “Many of them are 1099 but don't have an accountant they can count on, or they worry if something happens to that accountant, they won't be able to pick up where they left off.”