Tax time can be a confusing for many travelers. This is because traveler’s tax responsibilities differ from those of full-time, permanent healthcare staff. That’s why we’ve created these tax filing tips to make your tax filing a breeze and to help you get the highest return possible.
Note: In addition to these tips, we recommend that you research in-depth any new changes to the tax laws and that you hire a qualified CPA to help you.
5 Tax Filing Tips for Travel Nurses
- Track Your Expenses
Keeping clear records of your expenses with receipts is a great way to ensure that you file your taxes accurately. Most mobile devices offer apps to assist you with this task. Two of the best receipt tracking apps are Expensifyand Zoho Expense.Additionally, if you prefer the old-fashioned pencil and paper or ledger option, that works too!
- Keep Receipts
Be sure to save all the receipts you accumulate throughout the year. In particular, those that are for your training, license fees, uniforms and transportation may be beneficial for you to keep on-hand as these expenses often count toward tax write-offs. In the event that you do get audited, having these receipts available may cause you less stress in the long-run. To keep track of your receipts, we suggest that you either store them in a file folder or, as previously mentioned, that you download an expense tracking app. These apps are a convenient way to store your receipts quickly by filing them in one place- typically only requiring you to snap a quick photo of your receipt!
- Know About State Income Tax
You may be subject to income tax in both the state where your permanent residence is located and in the states in which you’ve traveled. This depends entirely on the states in question. To date, 41 out of the 50 states in the U.S. have state income taxes. States that don’t have income taxes include Wyoming, Washington, Texas, South Dakota, Nevada, Florida and Alaska. A tax professional can best explain these rules and your tax obligations.
- File Your Taxes on Time
As soon as you receive your W-2 for the previous year, schedule a specific date to either file your taxes yourself or to meet with an accountant. By filing early on in the tax season, you’ll receive your refund sooner rather than later. Keep in mind, that by hiring an experienced, professional CPA, you’ll likely improve the size of your return and reduce your risk of being audited.
Are you a traveling healthcare professional looking for your next travel assignment? If so, consider Springboard Healthcareas your traveling healthcare staffing agency of choice. Give us a call today at (866) 465-6286 to learn more about our available Cath, IR and ER nurse and tech positions.