Tax season is here and April 18th is fast approaching. It’s time to get things in order so you can file your travel nurse taxes. Your travel nurse salary is already impressive. How do you ensure the most from your refund? Next Travel Nursing is breaking down four points of making the most of your travel nurse tax refund.
Tracking your expenses will reduce the stress and work you have to do when it’s time to file. Mobile apps, spreadsheets, or pen and paper ledger are options. Just make sure it is accurate. Remember to track your spending takes some time and effort, but once you’ve got the habit down, filing your travel nurse taxes will be much easier. Lots of items can be deducted from your taxes: travel costs, accommodation, transport in your area of work, and some meals. Not keeping track of them could cost you free money.
Receipts are your new best friend. While you work on tracking expenses, work on putting your receipts in the log. Receipts are essential for travel nurse taxes. They’re a quick and easy way to see what can be deducted. Wondering if there are types of receipts to keep or to throw? Make a point to keep them all including: association or union dues, license fees, uniform and upkeep, medical equipment, cell phone and internet, continuing education, relevant journal subscriptions, etc. Deductions can always surprise you. Make sure to follow the paper trail!
Make sure you have the right tax paperwork. Your agency should provide the proper documents you need to file your travel nurse taxes. 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 be aware of any special tax laws your state or country of origin have. If you have any questions about specific state tax codes call the taxing authority of the state. Travel nurses often work in more than one state over a year, so expect to pay taxes to multiple states. Any questions or concerns, speak to your recruiter. Your agency should give your confidence you’re doing the things correct AND getting the best refund.
You know this, but life gets in the way. Or we can just procrastinate because really? Who likes to fill out tax paperwork? Organization for next filing next year’s travel nurse taxes is going to be your new mantra. Keep your receipts and paperwork in the same place, create new habits, and track it all. You’ll be surprised at how simple taxes become when everything in one spot. The earlier you file, the faster you get that oh-so-sweet refund.
Now’s the time, travel nurses. Get your money!