More tax tips for travel nurses
Many nurses choose the life of a traveler to explore, seek out adventure and earn some extra cash.
But if you want to make the most of your paychecks, it’s best to set up a system ahead of time to track your expenses. That way, when tax time comes, you won’t be frantically sorting through mountains of paperwork, and you’ll be sure to get back every penny you’re due. With the dawn of the new year, now is the perfect time to get in the habit!
I found Microsoft Excel’s spreadsheets the best way to sort out my finances, so I have segments from my own worksheets posted here. I like how the program allows you to add and subtract, make totals, etc., but don’t worry—any old notebook will do. Here’s how to get started:
1) Determine which expenses are tax deductible and keep track of them!
2) Consult your recruiter to find out which of these expenses your company will reimburse.
3) On one page of your notebook, or on one spreadsheet, list those expenses, what the company actually reimbursed and what remains.
Expenses reimbursed by my travel agency
I was reimbursed for my California nursing license, but never for my Washington state license.
4) On a separate sheet or spreadsheet, list all other tax deductible expenses. Include expenses if they were never reimbursed by your travel company, or not completely reimbursed.
Tax deductible expenses
I was reimbursed for travel, but it did not cover the cost of my rental car. Therefore, I could write off $45 of the cost on my taxes.
And you’re done! Sure, you still need to keep those receipts somewhere safe, but all you need to turn in to your accountant is that second sheet or spreadsheet.
Long gone are the days where travelers earn top salaries to fill needs. Contrary to popular belief, a traveler would be lucky to earn more than a fellow staff nurse. The best way to make the most of your money is to get reimbursed for your expenses, and the best way to do that is to stay organized!
[main image: Jason Reed | Photodisc | Getty Images]