Everyone’s most dreaded time of the year is here and April 18th is rapidly approaching. That’s right, tax time is here, which means it is time to get things in order so you can file. Taxes are always inconvenient. But keeping an accurate account of your income and expenses throughout the year will make things SUPER easy this time of year.
A travel nurse salary is already impressive, but here are some way to ensure you get the most out of your refund. So without further ado, our tax advice for travel nurses:
Track Everything 📈📝📝
Accurately tracking your expenses will reduce the stress and work you have to do when it’s time to file. You can use a mobile app, a spreadsheet, or a good old fashioned pen and paper ledger. The important thing to remember is to track how you spend your money. Many items can be deducted from your taxes, such as travel costs, accommodation, transport in your area of work, and some meals. If you do not keep track of them, you won’t be able to identify which expenses can be deducted.
Receipts are Vital 💻💳📊
It’s annoying, but you gotta do it. Keep all of them and log them for ease. Receipts are essential for a travel nurse’s taxes because they are a quick and easy way to see what can be deducted. There are all kinds of receipts to keep in mind, including: association or union dues, license feeds, uniform and its upkeep, medical equipment, cell phone and internet, continuing education, relevant journal subscriptions, etc.
Get the Proper Paperwork 📄📃📑
Make sure you have the right tax paperwork to file. Your agency should provide the proper documents you need to begin filing.
Individual states and countries have specific regulations concerning taxes, and it is up to you – or your agency – to know them as they apply to travel nurses. The more you know about local tax codes, the easier it will be to complete your taxes in a timely fashion. You should also be aware of any special tax laws your state or country of origin have.
Of course, travel nurses will often work in more than one state over a year, so expect to pay taxes to the state you work and your home state. But make sure you work closely with your agency because any good one will ensure you’re doing the things you should.
File as Early as You Can ⏰⏳⌛️
DUH! Why else would you be reading this??😛 Seriously though, in the future try to not do this. The key to an easy tax season is organization. Keep your receipts and paperwork in the same place, maybe a simple filing folder. You may be surprised at how simple this is when you’ve put everything in one spot.
And of course, you can always call call the taxing authority of the state. Find their information here for more assistance.
So that’s it. Get those taxes filed and get your money! And if you want to join a Top-10 agency that ensures its nurses are ready for tax time – and anything else – click the button below!