It's that time of year again – tax time. A travel nurse and travel therapist may be eligible for tax deductions in more than a few ways. There's no reason to let filing stress get in the way of cashing in and getting money back. With preparation and a few simple tips and tricks, a travel RN or travel therapist could earn back a bundle.
Housing is a key area a traveling medical professional may be able to include on her taxes as a deduction. If a travel nurse owns a permanent residence, visits it at least once a year and has proof of ownership, she could be eligible for travel deductions because by definition she is transient and is not truly a traveling worker, according to NurseJungle.com.
"Some travel nurses may not be aware that there are numerous tax breaks associated with this career choice," said TeraTuten, director of operations for NurseJungle.com. "It can be extremely time-consuming to read IRS documents and decipher what applies and what doesn’t."
A travel RN, travel physical therapist or occupational therapist should try to keep track of her contracts, with detailed information on the dates worked, contract agreement details and location. Due to the transient nature of the job, a nurse or therapist may work in multiple states throughout the year. This will require tax filing in multiple states in accordance to each state’s regulations. Experts at NurseJungle.com recommend a professional contact her staff company if she needs copies of her contracts.
"Any good, reputable staffing company will help its member travelers by locating the necessary information or directing the traveler to the best resources," Tuten said.
Receipts for tax deductions purposes should be kept for items like transportation costs such as gas mileage, parking, tolls, public transportation fares and even annual maintenance costs. These costs and others like meals, uniform costs, licensing fees and other expenses accrued due to work can be claimed as a deduction for a travel RN or travel therapist if receipts are kept.
While it may take more planning, a medical professional may not wish to forgo the variety of tax credit or deductions she could be eligible for, as they say, money saved is money earned.