As the end of the year draws near, it’s time to start thinking about taxes and year-end expenses. While it may not be a fun topic of discussion, it literally can pay to work on your traveling nurse taxes before New Year’s Eve. In this post, we’ll explore some tax laws that nurses need to consider when working on their paperwork for the IRS. One of these considerations is temporary housing for travel nurses.
Important tax reminders for traveling nurses
Photo by Clayton Robbins on Unsplash
Do you have a good accountant? As a nurse, you know the value of a qualified professional that’s able to efficiently complete a job. Expert accountants are especially valuable for travel nurses and traveling healthcare workers. That’s because travel for work can make tax documents more complicated. Check out these tips below…
- Do you have a “tax home”? Determining this is critical to saving money. Do you travel to various locations and return to the same residence in your home state periodically during the year? Is your driver’s license and other legal documents tied to this state? Which location provides your primary source of income in a year’s time? These factors can all affect your “tax home” status.
- Which state(s) have you worked in over the past year? Once you know this, you’ll need a corresponding tax return for each state where you made money.
- As a healthcare worker, do you receive any stipends for food or temporary housing for travel nurses? Recent tax law changes in 2018 modified what Americans can count towards tax deductions.1 However, stipends you may get for housing costs or for groceries are potential tax write-offs. This is especially beneficial if you’re living in short term rentals for part of a year and own a home somewhere else.
- Are you keeping meticulous records of your expenses throughout the year? If you’re not, start now! You’ll also want to write down mileage whenever you drive to an assignment. You may not get a deduction for these expenses, but it never hurts to keep copious records, just in case.
As we’ve already mentioned, please consult with an experienced accountant for specific tax guidance.
Clean and comfortable temporary housing for travel nurses
When working as a travelling nurse in the Shreveport LA and Bossier City area, our fully furnished corporate housing is the place to call home. The clean, furnished and stay ready homes rented through Debi at Shreveport-Bossier Corporate Housing will make your stay in Louisiana a pleasant one.
As a nurse, especially during a pandemic, some semblance of normalcy is a blessing. A peaceful home to stay in is definitely one of those blessings. Working long hours in a hospital, nursing home, or other healthcare clinic can cause a lot of stress. Enjoying activities that help you destress and enjoy our beautiful Southern city can make life fun. These activities can include exercise outdoors in one of our city’s parks, driving around to see holiday lights or cooking dinner at home in our fully furnished kitchen area. In addition, a little financial organization can take stress off of day-to-day life. Taxes may not be enjoyable, but planning ahead will make things much easier and less painful when April rolls around.
Sources: https://mileiq.com/blog/list-common-tax-deductions-traveling-nurses/, https://totalmed.com/2020/05/19/avoid-5-travel-nursing-tax-mistakes-2020/, https://totalmed.com/2020/03/29/travel-nurse-taxes-2020-an-interview-with-joseph-smith-founder-of-traveltax/, https://www.trustedhealth.com/blog/trusted-guide-travel-nurse-taxes, https://www.wanderly.us/blog/travel-nurse-tax-guide/, (1) https://www.wanderly.us/blog/how-trump-tax-cut-affects-travelers/
