Everything travel nurses need to know about travel nurse taxes, stipends and tax free money including how to qualify for it.
You’re probably wondering why anyone would want to avoid tax-free money. I mean, who could possibly want to pay taxes, right? Unfortunately, there’s a catch. In fact, there are quite a few catches. First, you want to make sure you even qualify to receive tax free money. Once you’ve determined that you qualify, you must consider that your taxable income has ramifications for several other financial matters. Read more
In our last blog post we provided some basic background information on the tax free stipends that are commonly a part of travel nursing pay packages. In this blog post, we’ll take a look at why tax free stipends are so prevalent in the travel nursing industry and how they can be beneficial to both the agency and the travel nurse.
Every company you come across will be offering you tax free stipends. In fact, you would have difficulty finding an agency willing to pay you an all taxable income with no tax free stipends at all. The very simplified logic for this is that tax free stipends are offered for travel nursing jobs because they can be. But a deeper look at the issue provides insight in to how companies benefit from offering tax free stipends and how they are in a sense almost forced to offer tax free stipends. Read more
Now that we have a pretty solid understanding of the basics of the travel nursing pay package (1, 2, 3, 4, 5, 6), let’s discuss the “Tax Free” aspect that everyone seems so fascinated with. I mean, what’s not to be fascinated about?! You’re not going to have to pay any taxes!! Is it possible that Benjamin Franklin was wrong when he said, “in this world nothing can be said to be certain, except death and taxes.”? The answer is yes, possibly. Please note the emphasis on “possibly.”
Before I offer any further information it’s important to note that I am not a tax adviser, Certified Public Accountant, or Lawyer. I am not in any way providing any tax advice. All information regarding taxes is informational and intended as a jumping off point. You must seek the help of professional tax advisers to gain a clear understanding of your unique circumstances. We recommend the folks at traveltax.com. That said we can move on to a detailed discussion of this issue. Read more
