Tax-Free Stipends

The tax-free stipends that travel nurses receive are one of the most touted benefits of working in this field. This extra cash can help you save money and earn more during your assignments.

However, claiming these stipends can be complicated. The IRS requires that travel nurses have a “tax home.” Their taxable home may differ from their permanent home and could be the city where they work on an assignment.

It’s also important to remember that your stipend amount isn’t a bare-bones payment. It’s just a part of your overall compensation package, which includes a taxable hourly rate and a weekly tax-free stipend.

Ask your recruiter if you need to determine whether a certain location is taxable. They can answer all of your questions and help you understand the tax rules for that city.

Another benefit of being a travel nurse is seeing different parts of the country. Getting caught up in the day-to-day work can be easy, so taking a few days off to explore a new area is often a great way to refresh and refocus.

This can be especially beneficial when traveling to a new city for your first assignment. You can experience it a lot quicker, and you’ll have an opportunity to get a feel for the area before making any final decisions about where you’d like to settle down.

A tax break on stipends can help you save hundreds of dollars annually. The extra cash can help pay for housing and travel expenses, so you won’t have to worry about being able to afford these costs during your travels.

Free Medical & Dental Coverage

Travel nurses can access free medical and dental coverage, making staying healthy while on assignment easier. They can choose whether to accept agency-provided insurance or find their private health insurer.

In addition, most travel nursing agencies offer a stipend for housing, which can help cover living costs and working away from home. This stipend can be used to rent a furnished apartment or to help pay for the purchase of a home in your preferred location.

You can also use it to pay for transportation to and from work. This can help you save money while traveling and focus on your career without worrying about traveling costs.

Another major benefit of being a travel nurse is the opportunity to build your professional network. This network can be crucial for your future success as a travel nurse and can lead to additional job opportunities.

A strong professional network can have a positive impact on your career, as well as your personal life. It can be a great way to connect with new people, expand your social circle, and develop friendships that last a lifetime.

Some travel nurses even go so far as to volunteer at hospitals and clinics in need, helping patients in communities that would not otherwise have adequate medical care. Travel nurses can be an excellent way to give back and help the community.

Travel nurses need a savings “nest egg” to weather unexpected emergencies or financial setbacks. By automatically setting aside a portion of their paychecks, they can ensure they have enough saved to get them through difficult times.

Free Housing

There are many perks to being a travel nurse, including competitive pay, great benefits, and free housing. It also allows you to see the country and experience different practice environments.

Despite the popularity of this career, many people still need clarification about travel nurses. One common misconception is that they only stay in hotels. While this may be true in some cases, travel nurses usually prefer to live in private housing.

The first place that most travel nurses look for housing is with their agency. Most agencies offer various housing options ranging from furnished apartments to extended-stay hotels. Some even offer shared space rental options.

Some companies even have websites to search for properties that meet your specific needs. However, these sites can be time-consuming and tedious. You may have to open a few tabs and scroll through endless listings.

Another option is to find a home or apartment through an online rental service like Airbnb. You can also find a friend or family member who lives in the area and rents their house for you.

Tax-Free Retirement Savings

Travel nursing can enjoy substantial tax benefits as they travel around the country on temporary work assignments. They can receive a large portion of their pay in tax-free money, which can help them save money on their housing and meals as they work on different assignments across the country.

This is a great opportunity for nurses to explore their career options while saving money. It is also a way for them to see and experience the United States, as they will travel from one city to another while on their work assignments.

In addition to tax-free money, traveling nurses can save on travel expenses by deducting them from their taxable income. This is because the IRS considers travel-related costs to be business expenses rather than earned income.

However, the number of deductions that travel nurses can claim is limited. This means that travel nurses should only assume they can deduct some expenses, especially food, gas, and license fees. A tax professional should be consulted for advice on this. They can guide how to satisfy IRS requirements while receiving tax-free reimbursements.

Conclusion

Remote working travel nursing offers a unique and exciting opportunity for nurses to work from anywhere while also exploring new places and gaining new experiences. While this field has some challenges, the benefits of increased flexibility, higher pay, and work-life balance make it a compelling option for many nurses. If you’re interested in remote working travel nursing, be sure to do your research, and talk to other nurses who have experience in this field.

Remote working travel nursing can be a great way to combine your love of nursing with your passion for travel. With the rise of telehealth and virtual care, this field is only expected to grow in popularity in the coming years. So, pack your bags, grab your laptop, and get ready for the adventure of a lifetime!