Client: Next Move Inc.
Taking a whirl through the tax tornado as a travel nurse might have you spinning. You've been racking up those glorious, tax-free stipends on your adventures, but if you've hopped across multiple states, you'll have to juggle the task of filing taxes in each one. Yikes!
Got your tax boots on? Let's make it as fun as it gets. Though, let's be real, we’d rather survive an onslaught of 40 “code browns” in a single day than face a lifetime audit.
One word - Tax Professional.
Yes, it's worth chanting like a mantra because it really is our golden nugget of advice. Even if you've been a tax DIYer your entire life, the shifting sands of tax laws can create a maze. By hiring a tax pro, you get a two-pronged advantage: crystal clear understanding of ever-changing tax laws and laser-accurate computations of your tax bill or potential refund. Plus, they'll guide you to make tax-smart moves for your future filings.
Next, get cozy with your "Tax Home".
Newbie travel nurses, don't sweat, we're not talking about your physical abode. A "tax home" is essentially the city where you've worked over the last year. As a travel nurse, you might've made multiple states your "home", but for tax purposes, pick one locale to be your "home" for work-related expense calculations. With recent tax laws, personal business expenses are a no-go, so having a tax pro to chat with about your unique situation is key.
State Income Taxes - yes, they're a thing.
If you've zigzagged across states, you'll be dishing out state income taxes in each one. But here's a pro tip: don't file as a "part-year" resident in any of your work states. Your "permanent home" on your federal income tax return is your ticket. Confused? It's a total mind-fuck, we hear you. Thus, our resounding chorus: get a qualified tax professional, especially if it's your first tax rodeo as a travel nurse.
Keep Your Receipts - they're your lifeline!
While many itemized deductions got the axe in recent tax laws, you'll need your receipts from the past 7 years to validate any reimbursements you've received.
A word on your Reimbursement Package.
Hustle for non-taxable reimbursements for travel, meals, continuing education, licenses, uniforms, and other job gear in your contracts. As you can't deduct many of these expenses personally, getting your staffing agency to amp up your contract with a juicier reimbursement package is a winning move.
At Next Move, we'll dole out the maximum IRS travel stipend and a meals and expenditure stipend in your contract.
Remember, we're not tax whisperers. Always contact a pro tax accountant to discuss your unique tax needs.
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Next Move Inc
NURSE FIRST.
NURSE POWERED.
(816) 601 -3800
Info@NextMoveInc.com
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