We get it. Tax season is not the most exciting time of year. But, if you’re a travel nurse, you should probably reconsider your stance on this season. Through tax advantage programs, travel nurses can get reimbursements for business expenses such as meals, travel, and housing! Getting to travel and having your agency cover most of the costs? Sounds like a pretty sweet deal. Continue reading to learn how tax deductions could put more money into your pocket as a travel nurse!
Travel Nurse Tax Advantage Program
Do You Qualify?
Let’s begin with the basics. It’s important to know whether or not you qualify for these tax advantage programs. Without these qualifications, you won’t be able to collect the
In order to begin your deductions you must have:
- A permanent address where you make recurring rent or mortgage payments. You must officially reside in your tax home in between your travel nursing assignments.
- A temporary assignment which lasts no more than 12 months.
Put Money Back in Your Wallet!
Everyone wants to make as much money as possible. That’s probably why you decided to become a travel nurse, considering they generally make more than staff nurses. So, let’s go over a few categories of expenses that can help put more money into your pocket. Before filing this year’s taxes, make sure you don’t miss out on these deductions:
Transportation
Any means of transportation you use to get to and from your assignment is deductible. However, this does not include the reimbursements or allowances that your employer provides to you. For instance, if you drive 600 miles in your own vehicle at a 55.5-cent rate, your deductions would total $333! That’s enough for a round-trip plane ticket across the country. You could use this to visit family or friends or take a well-deserved vacation between assignments. The choice is yours, of course! Flexibility like this is definitely one of the best benefits of a travel nursing job.
Meals
As a travel nurse, you can deduct one meal for every day you work from home on an assignment. These deductions are called “per diem” rates. Per diems are standard rates issued by the IRS for lodging and meals. Per diems eliminate the need for receipts and expense reports by giving a standard daily allowance without regard to what is actually paid. But, this deduction can only be applied if you are not already given an allowance by your staffing agency.
Housing
In most cases, the staffing agency you are under contract with arranges housing or an allowance for you. However, few instances will allow you to deduct housing expenses including utilities such as heat, electric, water, sewer, and even furniture! To ensure you’re getting any deductions that are available to you, you need to have a clear understanding of any reimbursements your agency is supplying to you.
Travel nursing opens up so many opportunities for adventurous and dedicated nurses. You get the chance to experience new exciting places, gain knowledge and experience in the field you love, and also receive reimbursements for your transportation, meals, and housing costs while on an assignment! You’ll also be getting to pay and benefits along with these perks. Could travel nursing get any better? Why don’t you find out for yourself and apply today! Hospitals and other facilities around the country are always in need of talented nurses like yourself!
Consult with a trusted tax professional and assess your qualifications in order to better understand the amount of money you can recieve as a travel nurse through a tax advantage progrom. You can also learn more about travel nurse taxes in our video below! If you have any questions, be sure to leave a comment!
