{"id":16047,"date":"2021-01-19T08:22:02","date_gmt":"2021-01-19T16:22:02","guid":{"rendered":"https:\/\/www.newdirectionsstaffing.com\/?p=16047"},"modified":"2022-01-11T17:17:00","modified_gmt":"2022-01-11T17:17:00","slug":"travel-nursing-pros-and-cons-of-having-a-tax-home","status":"publish","type":"post","link":"https:\/\/newdirectionsstaffing.com\/healthcare\/travel-nursing-pros-and-cons-of-having-a-tax-home\/","title":{"rendered":"Travel Nursing: Pros And Cons Of Having a Tax Home"},"content":{"rendered":"
Travel nursing jobs offer man benefits, including tax-free money in the pay packages. Every place you go will have different packages with different guidelines and advantages.\u00a0<\/span><\/p>\n

Typically, tax-free funds are included in the packages to take care of incidentals, lodging, and meals. These funds compose a substantial portion of the pay. Fortunately, by avoiding payroll tax, you\u2019re able to pocket a larger amount of your pay.\u00a0<\/span><\/p>\n

However, the tax-free stipends are only available to a travel nurse who maintains a tax home. A tax home is a general area or an entire city where your primary place of employment is, separate from your family home.<\/span><\/p>\n

To claim a tax home, you need to be paying duplicate costs like a mortgage payment or rental fees for a family home. There are factors for consideration to determine if claiming a tax home is worthwhile from an income standpoint to become a traveling nurse.<\/span><\/p>\n

Travel Nursing: Pros And Cons Of Having A Tax Home<\/strong><\/h2>\n

On the surface, travel nursing is an attractive prospect. There are many perks that come with travel nursing.<\/span><\/p>\n

Some travelers, either blatantly or unknowingly, avoid the requirement to maintain a tax home. In those instances, the travel nurse stands to make better money than someone following the rules.\u00a0<\/span><\/p>\n

The problem with disregarding the tax-home policy is that it\u2019s a violation of IRS regulations.\u00a0 If audited, you will owe back-taxes and penalties. \u00a0 You\u2019ll find there are limited pros and many cons to having a tax home and tax-free money for travel nurses, including:<\/span><\/p>\n

PRO: Tax-Free Money Available<\/b><\/h3>\n

Following protocol, travel nurses have tax-free money at their disposal. These funds help them pay for any incidentals, all lodging, and any meals. There are virtually no expenses while you\u2019re on the road as a traveling nurse, or will there be?\u00a0<\/span><\/p>\n

With no payroll taxes, a lot of money can go directly into your pocket. But that is virtually the only pro as far as income and taxes for a traveling nurse.<\/span><\/p>\n

CON: A Tax-Home Is a Requirement<\/b><\/h3>\n

To take advantage of the tax-free funds, you need to maintain a tax home that you designate from a primary place of employment. You can claim a city or a localized area. While tax-free money is a benefit, it can be expensive and can prove challenging because there is a struggle over maintaining a tax home.\u00a0<\/span><\/p>\n

You can\u2019t acquire a tax home unless you already have a mortgage payment on a home or rental fees for a property. You need to be able to show that you incur duplicate expenses.\u00a0<\/span><\/p>\n

That creates added expense and deducts from the income capacity of a nurse. In the nursing field, those who want to travel need to determine if it\u2019s worth their while to take a pay cut so that they can explore while they work.\u00a0<\/span><\/p>\n

Or do they need to? It\u2019s the same as any other industry. It\u2019s merely a matter of learning how to maneuver the policies and make them work for you.<\/span><\/p>\n

Final Thought\u00a0<\/strong><\/h4>\n

You might see more cons than pros in this particular comparison based on the tax component. But the profession offers a plethora of positives, on the whole.<\/span><\/p>\n

Recruiters like those at <\/span>New Directions Staffing<\/span><\/a> can show you what the advantages are and help you resolve the cons with merely a little planning.\u00a0<\/span><\/p>\n

Over time with any job, maneuvering your benefits to where they work for you is all part of the process. That\u2019s true with travel nurses as it is with any industry. These positions just offer a bit more complexities, yet also a great deal more freedom, growth, and enjoyment that no one wants to pass up.<\/span><\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Travel nursing jobs offer man benefits, including tax-free money in the pay packages. Every place you go will have different packages with different guidelines and advantages.\u00a0 Typically, tax-free funds are included in the packages to take care of incidentals, lodging, and meals. These funds compose a substantial portion of the pay. Fortunately, by avoiding payroll…<\/p>\n","protected":false},"author":1,"featured_media":18134,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[159],"tags":[103,96,101,98],"class_list":["post-16047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-healthcare-jobs","tag-blog","tag-travel-nurse","tag-travel-nursing","tag-travel-nursing-jobs"],"_links":{"self":[{"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/posts\/16047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/comments?post=16047"}],"version-history":[{"count":2,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/posts\/16047\/revisions"}],"predecessor-version":[{"id":18135,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/posts\/16047\/revisions\/18135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/media\/18134"}],"wp:attachment":[{"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/media?parent=16047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/categories?post=16047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newdirectionsstaffing.com\/healthcare\/wp-json\/wp\/v2\/tags?post=16047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}