Be Prepared for Tax Filing!

It only happens once a year, but if you are not prepared for tax filing it can be a very stressful time. You can reduce the stress by maintaining a Tax Filing File. It makes sense. It is best to set up a filing system for your receipts and documents for the upcoming year before the new year begins. If you have not, start now.

It’s important to keep in mind your tax return must be filed by the annual tax deadline. If yours is late, you can incur late fees, penalties, and the possibility of an audit. Well organized records make it easier to gather the important information you need to file your taxes on time.

Files are also a “must have” in case you are audited by the Internal Revenue Service (IRS). They suggest you keep copies of your travel expense receipts and associated documentation for up to three years.

Record Keeping is Key

In your file, keep copies of all receipts for lodging, meals, transportation, continuing education courses, professional development activities along with your agency/hospital contracts/offers, receipts associated with your base home, and anything else related to your travel. Prior to filing, collect your W-2 and 1099 forms for your file. Organized documentation will also support your eligibility for current year tax deductions which will reduce your tax liability.

Today, many transactions are completed online. Although documents can be saved on a devise or in a cloud application, we recommend keeping a paper copy of receipts and documents. This will eliminate the need to rebuild and/or find your receipts and other documents. Most cash cards and banks don’t provide a copy of actual itemized transactions.

Tax Breaks for Traveling Nurses?

Travel Nurses are required to pay taxes on their income. The good news is, you may be eligible for a tax break if you opt to maintain your primary residence while away on assignment. You must demonstrate you are living and working away from your tax home. This can be proven with receipts and a log of expenses from both the tax home and your work location. Keep in mind everyone’s filing situation is different and tax breaks may depend on documentation, travel distance, expenses incurred in both locations, and other obligations of proof required by the IRS. Tax laws change every year and it’s important to do your current tax year research prior to filing for tax breaks.

Also, according to the IRS, employees on temporary work assignments not exceeding one year can deduct related travel and other expenses. More information on allowable deductible expenses can be found on the IRS website.

Consider Using a Tax Advisor

If you feel overwhelmed with tax filing, contact a professional tax advisor or tax service that specializes in tax preparation for travel nurses. They will know the new laws and help you maximize your deductions.

If you have weighed the advantages of becoming a Travel Nurse and feel it is the right path for you, MetaSense can help you find your first or next assignment. If you need more information, your dedicated Recruiter will be available to answer any questions you have.

Hurry up! And drop a message at
https://www.metasenseinc.com/contact-us/


MetaSense Inc.
(856) 873-9950
support@metasenseinc.com

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