We should be grateful that Congress was too embroiled in partisan politics this year to enact any new tax legislation! That being said, provisions of existing laws continue to be phased in, along with now standard adjustments for inflation, and filling out those tax forms remains a time consuming task that most of us dread. There are never enough hours in the day for you hard working nurses, and filing your own taxes has to be particularly low on the totem pole. Below find 5 tips and deductions that may reduce the stress of filing all that paperwork:
- No Shredding Allowed: Travel nursing contracts contain details critical to filling out those tax forms – save them all even after the assignment is completed!
- The 57.5 Cent Rule: Job hunting expenses may be deductible, including driving to interviews to the tune of 57.5￠per mile. MileIQ helps you log miles, track tolls and parking, and clarify qualifying deductions.
- And Speaking of Transportation: You’ve moved, but what about your furry friend(s)? Shipping pet(s) are also tax deductible. File a Form 3903 along with your long Form 1040 and Rover/Tabby’s move could be fully covered.
- If The Shoe Fits: Mandated uniforms, protective gear, and nursing shoes, are itemized deductions, unless employer reimbursed. Alterations, laundering or dry cleaning of these items can also be claimed, just keep those receipts.
- Live And Learn: Ever wanted to take a cruise to the U.S. Virgin Islands or Puerto Rico, earn CEUs and write it off on your taxes? The IRS allows for an annual deduction up to $2000 to attend conferences or educational seminars held on ships whose port of calls are in the USA or its territories.
Want to learn about other deductions available to nursing professionals? Consult a tax professional or preparer. Want to learn about earning great taxable and non-taxable income? Consult a staffing professional at Centra today!