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Travel Nurse Employment: Tax Advantages of Per Diem Deductions

Savvy travel nurses know that they are eligible to save hundreds, if not thousands of dollars by understanding that they can take per diem deductions for every day that they are on temporary assignment away from their tax home.

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When you are a travel nurse, then you need to have a pretty good understanding of per diem rates and how they might lower your taxes. Many travel nurses believe that per diem is only a tax benefit that staffing agencies offer and yet, surprisingly, others do not. This misunderstanding about what per diem is and how it may affect your taxes is an important financial issue that you need to understand. How you report your per diem earnings could mean the difference in thousands of dollars in tax savings.

Weather you are looking to maximize deductions, reduce taxes, or increase your returns, travel nurses should take the time to learn as much as possible about the IRS per diem tax rules. Certainly, one way to learn is to go to the IRS home page, download publication 1542 and read the rules so that you have a working idea of what to expect by tax time next year. Another great resource, especially, now a days is to do your taxes yourself, if you have a personal computer or laptop. Turbo Tax is a great software program. Not only is it inexpensive and tax deductible itself, but it is very easy to work when you use the step-by-step wizard. You can walk through your entire tax return, and file it electronically. You can get your refund deposited directly into your checking account in a matter of days.

A couple of travel expenses to have a heads up about include:
<ul><li>The travel nurse has a permanent tax home</li>
<li>The travel nurse takes a temporary (less than 12 months) assignment away
from their tax home</li></ul>
Any travel nurse meeting the requirements outlined by the IRS can claim deductions for certain travel expenses or receive tax free reimbursements and tax free per diem allowance payments. These tax benefits are one of the great perks of being a travel nurse.

Unfortunately, one of the most common tax mistakes that a travel nurse makes is not being educated or even aware of the tax advantages to per diem deductions. Now that you are are aware that savvy travel nurses are eligible for per diem deductions for every day that they are on temporary assignment away from their tax home, pass on the work to your co-workers, or email them this article so that they can bookmark this overview and take advantage of these tax benefits themselves.

It is important to be aware that some companies don't pay per diem allowance, pay too little per diem, or only pay per diem as a function of hourly pay. You can learn what these scenarios mean for you personal tax situation by consulting with a tax advisor or researching the IRS rules. You deserve to to get every dollar of per diem related deductions that you are entitled to, and we hope that this article has help you.

Note: while much care has been taken to make this article accurate, tax rules do change. Please be sure that you are up-to-date on the latest IRS rules. This article is meant for informational purposes only and is not meant to replace the advice of a skilled tax advisor.

 

Standard Mileage Deduction Rates – 2005 and 2006

If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.

standard mileage deduction, rates, irs, tax deduction, 2005 tax, 2006 tax

If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.

Standard Mileage Deduction – 2005

In a move not seen for some time, the IRS actually issued two different mileage deduction rates in 2005. Mileage deduction rates are the dollar value per business mile traveled that you can claim as a deduction. For instance, if you traveled 1,000 miles in your vehicle on business in 2005, you can deduction 1,000 multiplied by the designated rate.

For the first eight months of 2005, the standard mileage deduction rate was 40.5 cents a mile. Using our previous example, a person who drove 1,000 business miles in the first months of 2005 would be able to deduct $405.

As we all know, gas prices went through the roof in the last four months of the year. In a tremendous move, the IRS raised the standard mileage deduction to 48.5 cents for business miles undertaken from September through December. This equates to a deduction of $485 using our example.

This increased rate only applies to the time period of September through December. It does not retroactively apply to the first eight months of the year. The IRS has not issued any directions regarding how the two different rates will be noted on 2005 tax returns.

Standard Mileage Deduction – 2006

This past week, the IRS issued the standard mileage rates for the 2006 year. The new rate for standard business mileage will be 44.5 cent per mile. This rate should be used when you prepare your tax return for the 2006 year, to wit, in 2007.

The IRS should be applauded for raising the standard mileage rate for the last four months of 2005. Still, I am sure we would all prefer lower gas prices.

 

The Role Of A Tax Collector

The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.

The duties of a County Tax Collector are:

• Collecting property taxes for every local government agency with the power to levy taxes

• Serving the state as an agent for the Depa...

tax,turbo tax

The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.

The duties of a County Tax Collector are:

• Collecting property taxes for every local government agency with the power to levy taxes

• Serving the state as an agent for the Department of Highway Safety and Motor Vehicles, the Department of Environmental Protection, the Department of Revenue and others

• Managing local revenue programs, such as issuing occupational licenses and collecting tourist development taxes

The County Tax Collector is a vital link between the citizens and the diverse programs that affect them and they have the authority and resources to manage both state and local revenue programs.
A County Tax Collector can have collections and distributions of billions of dollars annually. Handling this requires conveniently located offices, skilled employees, and innovative data systems to ensure that the County Tax Collector functions efficiently and, most importantly, works accurately.

Even though the revenues collected by the County Tax Collector are mostly taxes, the County Tax Collector is not funded from tax dollars but is a fee office. The fees collected for the services provided by the County Tax Collector are used to fund the operating budget, which is approved by the State’s Department of Revenue. Unfortunately, the work volume of a County Tax Collector, along with cost-effective operations, normally results in fee revenues that are well in excess of the budget. The excess fees are returned to the local government agencies in proportion to the amount they pay by the County Tax Collector so that they receive tax collection services at the lowest possible cost.

Amongst other issues, the County Tax Collector bills and collects real and personal property taxes for the Department of Revenue. The actual amount of the tax is based on the assessed value of the property and the mileage rate, which is set by various taxing authorities. They also issue state motor vehicle licenses and processes applications for titles on automobiles, trucks, mobile homes, and boats on behalf of the Department of Highway Safety and Motor Vehicles.

Most tax personnel have some form of Municipal Tax Collector Qualification that is sponsored by local government services. This is because a tax collector has many legal obligations and financial responsibilities that must be met in a timely manner. Achieving the status of Qualified Tax Collector indicates that an individual has proven his or her competence, knowledge and professionalism in the field.




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