Close to 30 minutes of detailed discussion about the finer points of getting every allowable tax deduction a travel nurse can get.
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Interview Intro
Interview
Special Offer for Interview Summary
- 2:01 Potential tax savings for having a “tax home”
- 2:40 Little deductions start adding up
- 3:07 Tax home concept for travel nurses explained
- 6:10 Most common elements for definition of a “tax home” that IRS looks at
- 6:39 Issues and advice for travelers renting from relatives
- 9:45 What’s better financially for you: paid housing, stipend, or paying it yourself and getting the deduction?
- 11:45 Specific tax strategies for travel nurses without a tax home
- 16:34 How far do you have to drive from your “tax home” to satisfy the IRS requirements - almost everyone gets this dead wrong!
- 19:10 Travel nurse agency company policy versus your individual tax situation
- 21:00 Surprising details behind the “12 month rule”
- 22:00 Tax details behind extending assignments
- 24:18 Got a 1099 from your agency for housing benefits? Listen to what Joseph recommends.
- 26:34 Pitfalls of renting out your primary residence while on assignment - and how to get around it
- 27:15 Storage units and RV’s.
- 27:40 Does having a drivers license or other “legal ties” give a travel nurse an automatic tax home?
- 28:08 Two examples of “non traditional” travel nursing assignments - seasonal and per diem - potential loopholes.
- 29:13 end of discussion on tax homes
There was much more to the interview, and you’ll get those in coming days. Joseph talked to me about travel nurse tax issues with assignments in multiple states, double taxation confusion, and the finer details of record keeping: what you need to record, how detailed you need to be, and what you can safely ignore.
So make sure you sign up to receive the updates.