TAX HOME REQUIREMENTS SIMPLIFIED & RECORDS TO KEEP FOR TRAVEL THERAPISTS: Travel PT explains TaxHome
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- čas přidán 5. 05. 2021
- In today's video, we hope to simplify and explain the requirements needed to maintain a Tax Home as a travel therapist or nurse, so that you don’t have to be scared of Tax Homes anymore!
PLUS, we go through a list of "RECORDS TO KEEP" to make sure you're tax compliant while on travel assignments! If you would like to read our blog post on tax homes or get our free download of pre-organized files for our recommended records to keep, follow this link: www.ryanandmeganorear.com/rea...
We love tax homes because once you break it down, you realize it is the key to many benefits of being a travel therapist or nurse!
(PLEASE NOTE, WE ARE NOT TAX PROFESSIONALS. WE ARE ONLY SHARING OUR EXPERIENCE AS TRAVEL THERAPISTS. WHEN MAKING YOUR OWN DECISIONS, PLEASE DO YOUR OWN RESEARCH AND CONSULT WITH YOUR TRUSTED TAX PROFESSIONALS OR THE TEAM AT TRAVELTAX.COM)
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Awesome. Thank you
Thank you guys! This is great!
You're welcome! We're happy it was beneficial to you! 🥰
Super helpful. Thank you.
Thanks for the kind words 🙏 😊
This was so helpful!
Thanks for watching! We're glad it was helpful 🙂 😊
I think all of these requirements could be met, but my only concern is we will be living in a converted cargo van for full time living. We’re doing this so we can park at the hospital’s and not pay the outrageous campground fees.
I feel like the national parks pass won’t qualify for travel rent expenses 😅
Yeah you'll want to be careful with free camping. If you're unable to show dual expenses or rent in 2 areas then you won't qualify for tax free income. This means all of your earnings will need to be taxed.
I'd say do the math for both scenarios (tax free income with campground rent or all taxed income but no campground fees) and see which saves you the most money.
Amazing video! Thank you! I was worried about this part of travel therapy. Also, is there any way I can access those documents another way? I tried downloading it from the blog and unzipped but nothing shows up in the folders :(
Thanks guys I am about to start traveling this year, for travel nursing, and this helped explain a lot!
One question I have is the "50 mile rule" I understand you can't just go by 50 miles, but how far of a drive is considered too far to travel back and forth? For instance I see some jobs that are about and 51 mins or an hour and 18 depending on the route, both over 55-60 miles. Is that amount of time considered long enough. Two hours travel time per day? What are your thoughts?
We're so happy you've enjoyed our video and it has helped a bit! We're cheering you on as you start your travel nursing career! Be sure to keep us updated 🥰
To answer your question, it depends on where your assignment is. Meaning, if it's typical for people in the area to commute 1-2 hours each day, then you want to be outside that range. Mileage can vary drastically, because 10 miles in rural Kansas can be a short commute compared to 10 miles in a larger city with traffic. Unfortunately it's a gray area of the tax laws. That's why we always suggest making a decision where there is no doubt for the area. Sorry we can't help more on this! 🥴
I’m a little confused about something and I understand you both are not tax experts. So for example, are you saying it’s better to continue paying rent where you live as well as paying rent where you travel to? Wouldn’t you be spending more money? If that’s what your saying then how is that a benefit overall
What if my mom rents an apartment? Would I have to be added to the lease? And who would I pay rent to?
Did you get an answer to this? I have the same issue
Ok I have a question, lets say I meet all these requirement. I am getting $1155 total a week in per diems for food and housing. I find a home where I am going to be working and pay a rent of $1500 a month to live next to where I work and still maintain my permanent residence. If I were to get audited by the IRS and they see that I did not spend that whole amount they gave me in per diems for housing and food. Are they going to ask me to pay it back?
We would say. But for your specific tax situation, we recommend calling traveltax.com
They're really great and tax professionals!
Hey can I keep
A month to month apartment in a city while I change my tax home to my parents house and pay them monthly for fair price for a room while taking a contract in that city?
Are there exceptions to the tax home requirements if you’re planning on relocating to a particular area and want to do 1-3 travel assignments to get acclimated and find a permanent position?
We always suggest checking out travel tax for unique situations as we are by no means tax professionals, but you should be able to continue benefitting from the tax savings as long as you keep a tax home maintained elsewhere till you're ready to go permanent someplace. At that time you would "move" your tax home to the new location and now have all of your income taxed as a permanent employee. Hope that helps! 😊
Hey guys! Love your content! Just curious though. Are those 30+ days that we have to return back to our tax home consecutive or collective during the year?
Also, I’ve been at my snf for 9 months (the facility kept wanting to extend me and wants to extend another time), should I go back to my tax home for the 30 days after the 12 months of working at this facility? Or should I go to my tax home before then?
If I do happen to stay at this facility for 12months, do I have to move to another state for another contract afterwards since I’ve done 12months out of the 24month period here? (Background info: this facility is in Northern California)
The 30 days did not need to be consecutive, but make sure you have proof that you were in your tax home that day (gas station or store receipts).
You don't want to work in the general area of your SNF anymore after 12 months, but you can still work in the same state like southern California.
The 30 days need to be every year so it doesn't look like you abandoned your tax home.
Lastly, we're not tax professionals so be sure to consult traveltax.com!
What if I legit own two homes in the same state but 100 miles apart? Could I stay at my second home and count that as duplicating expense? I am in fact paying two mortgages in my name
That is a very good question. I'll be honest and say that I don't know the answer to your specific question, but would refer you to traveltax.com. They're a great resource for consult with a deeper understanding of the tax code! So check them out for sure 👌 🙌
If 2 unmarried people (bf + gf) who have lived together for several years before traveling together choose to maintain a tax home, could they just rent 1 room together? Or do you have to have 2 separate rent payments for tax purposes since you are not married?
Emma that's a very good question and I'm not 100% sure on the right answer. So as always I'm going to refer you to the tax professionals over at traveltax.com.
My assumption is that both of you would need to keep proof that you're duplicating expenses (aka a paper trail), but that could include a joint rental of a room or apartment. Even if you're not married.
What if you own your home and don’t pay a mortgage or rent? Can you still satisfy the duplicate cost requirement?
I'm not 100% sure on the answer to this question. So I'll refer you to traveltax.com.
But I believe if you have paid off your home and you keep an active place of residence there (atleast a bedroom that is yours), then all the utility bills and house upkeep can count towards the dual expenses. The government just wants to know that you live there and you have to atleast reside there for the 30 days per year.
Hopefully this helps. Again, travel tax would be a great resource to look into. I'm not a tax professional, so be sure to do your own research! :)
@@RyanMegan Ty for the response. I’m actually a CRNA looking into doing this Locums. Definitely been a hell of a learning curve and educational endeavor. They don’t teach you ANY of this in school. I would think (gonna get with a CPA) that my utilities, electric bill, water , property tax all might qualify the duplicate expenses part of tax home? Cause effectively whenever you do pay rent for a place to stay, technically some of what you pay for includes those necessary of having a homestead. Again not sure 100%? Heck…the first CPA I went was pretty clueless as to the unique circumstances of traveling medical professionals. Going to have to keep searching for a decent CPA that understands more about this. Ty.
Yeah it's definitely confusing! That's why we love traveltax.com because they have professionals you can consult that understand the tax code for traveling health professionals. Most standard CPAs have no clue because they don't deal with it often.
What if I own and only paying utilities and property taxes?
Are you paying a mortgage? If so then that qualifies I believe.
@@brianmillette7453 no my mom paid off the house before she passed. I moved in to take care of her. Bills in my name for utilities and I pay the property taxes.
i still pay my mom "rent" via zelle monthly. Does that count as a tax home?
We're not tax professionals, so we'd suggest getting in contact with the fine folks over at traveltax.com to ask specific questions for your situation. Just to be on the safe side!