Top 5 Mistakes 1099 CRNAs Make With Their Finances
The freedom and flexibility of working as a 1099 CRNA is unmatched—higher pay, schedule control, and the ability to work when and where you want. But with independence comes responsibility. You’re not just a provider. You’re a business.
And while most CRNAs are masters in the OR, many find themselves struggling when it comes to financial management.
At CBFC, we’ve worked with hundreds of independent CRNAs across the country. Over time, we’ve seen the same avoidable mistakes again and again—mistakes that can quietly drain your wealth, increase your tax liability, or create serious cash flow stress.
Here are the top 5 financial mistakes 1099 CRNAs make—and how to avoid them.
1. Not Setting Aside Taxes Throughout the Year
Let’s start with the biggest pain point. Unlike W-2 employees, 1099 CRNAs have no tax withholding. It’s up to you to pay quarterly estimated taxes. But many CRNAs wait too long or don’t save enough—leading to penalties or large, unexpected bills.
Fix it:
Set aside 25–30% of your gross income in a separate tax savings account
Use software or a tax pro to calculate your quarterly estimated taxes
Pay on time: April 15, June 15, September 15, and January 15
Getting ahead of taxes keeps you stress-free and audit-ready.
2. Treating All Income as “Spendable”
When CRNAs make $200K–$300K+ per year, it’s easy to fall into the trap of lifestyle inflation. But that number isn’t your take-home pay. After taxes, expenses, and business costs, it’s a lot lower.
Fix it:
Create a “personal paycheck” by setting a consistent monthly budget
Use business accounts to separate income and expenses
Live on a portion of your income—and save or invest the rest
Being disciplined now gives you options later.
3. Ignoring Retirement Planning
Too many 1099 CRNAs put off retirement savings because there’s no built-in 401(k) from an employer. But this delay can cost you thousands in missed tax advantages and compound growth.
Fix it:
Open a Solo 401(k) or SEP IRA—both allow high contribution limits
Max out your Roth IRA if eligible
Automate monthly or quarterly contributions to build consistency
Even saving $1,000/month adds up quickly when you’re consistent and strategic.
4. Not Taking Advantage of Deductions
1099 CRNAs have access to powerful business deductions: licensing fees, scrubs, travel, continuing education, insurance, and more. But many either don’t track them or don’t feel confident writing them off.
Fix it:
Use accounting software or apps to track expenses in real time
Maintain clean records (digital receipts, mileage logs, etc.)
Work with a CRNA-focused advisor to identify every deduction you’re legally entitled to
Lowering your taxable income = more money in your pocket.
5. Going It Alone
The DIY approach might save money short term—but it often leads to missed opportunities, higher taxes, and added stress.
Fix it:
Partner with a financial advisor who understands the CRNA world
Get expert help on tax planning, investing, budgeting, and business structure
Stop guessing—and start growing with confidence
At CBFC, we specialize in helping 1099 CRNAs take control of their financial lives and build lasting wealth.
Final Thoughts
Being a 1099 CRNA is a game-changer—but only if your finances are handled with intention. Avoiding these common mistakes can help you protect your income, reduce stress, and move forward with clarity.
Ready to take your financial strategy to the next level?
Book a consultation with CBFC and let’s turn your CRNA income into long-term freedom and security.
