Travel Nurse Taxes 2020 - What to Expect
It’s time for another tax season, and with that we thought it would be a good time to offer a few pointers on what to expect on your 2020 tax returns.
*Trusted Health are not tax professionals and do not claim to be, we are sharing general information to help get you started with your own research.*
Like everything else in 2020, COVID-19 will impact the tax preparation process. As a result of COVID-19, many of us received economic stimulus payments from the IRS, starting back in April 2020 and continuing into January 2021.
So far, there have been two rounds of payments issued by the IRS. It is super important to report the exact amount of each stimulus payment you received. If you don’t, your tax return may be rejected by the IRS and your refunds could be delayed.
Starting a Business?
With so many Americans now working from home, there were a record number of new businesses started in 2020. In fact, over 4.4 million new businesses were formed in 2020.
We’ve fielded many questions from travelers this year looking to start a business, and we always provide the same advice — while we support the entrepreneurial spirit of travelers in every way, use caution when deciding to take tax deductions for a new business.
Be certain that your business has a well developed plan to generate revenue, and be meticulous about keeping records of all expenses.
As always, this is the #1 question we address with our clients. As a traveler, it’s critical that you maintain your tax home. Doing so will allow you to continue to receive those tax-free stipends. This means you must keep good records of your living expenses, return home regularly, and find work at home whenever possible.
For a more detailed discussion of your specific circumstances, please contact Travel Nurse Tax.
There are taxes… and then there are travel nurse taxes. While travel nursing comes with a host of incredible benefits and opportunities, the confusing taxes are the often-described bane of a travel nurse’s existence. But fret not, we’ve got your back. We are partnering with Joseph Conte from Travel Nurse Tax to answer all of your tax questions through an interactive IG Live event. Join us to go over the building blocks of travel taxes and how to file your 2020 taxes with confidence.
Additional Travel Nurse Tax Resources
- Trusted Guide to Travel Nurse Taxes
- Trusted Guides Travel Nurse Taxes: What Are Tax Homes?
- Trusted Guide to Nurse Pay
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