{"id":388,"date":"2019-12-27T15:23:48","date_gmt":"2019-12-27T15:23:48","guid":{"rendered":"http:\/\/staging.medely.com\/?p=388"},"modified":"2024-04-08T08:16:55","modified_gmt":"2024-04-08T15:16:55","slug":"tax-deductions-for-nurses","status":"publish","type":"post","link":"https:\/\/medely.com\/blog\/tax-deductions-for-nurses\/","title":{"rendered":"Tax Deductions for Nurses"},"content":{"rendered":"\n

This article is a little late for tax season, but it\u2019s never too early to start looking into the many ways you can save money and maximize your returns for the next year. People from all walks of life often miss out on obscure or unusual deductions, and this includes nurses. Medical professionals have a wide and unique range of work expenses that they could and should be including in their taxes when they file.<\/p>\n\n\n\n

We know taxes are probably the last thing on your mind (and in your schedule) so we\u2019ve done our best to make the task a little easier by showing you specific deductions and other strategies that you, as a nurse or other medical superhero, need to factor in next April. Use this guide as a starting point, but be sure to check in with a CPA or other tax accountant to assure that you\u2019re getting the biggest bang for your buck.<\/p>\n\n\n\n

Types of Tax Deductions for Nurses<\/strong><\/h2>\n\n\n\n

Before we get into the \u201cfun\u201d stuff, it\u2019s important to know a couple deductions basics, that will help you to understand how and why to make certain kinds of deductions, as well as the legal requirements you need to follow. There are two types of deductions that you will need to choose between, depending on your expenses:Standard Deduction <\/strong>is a flat dollar amount that can be deducted by employees in any industry, which reduces the amount of taxable income held by an individual. The number changes each year, and is dependent on inflation and other economic factors. For 2019 taxes, the standard deductible will be 12,000 dollars for single individuals, and 24,000 for married couples. Itemized Deduction <\/strong>is exactly what it sounds like. Every purchase made for your job including uniform, travel, equipment, etc. is carefully recorded with receipts to back up dollar amount claims, and factored into your taxes.<\/p>\n\n\n\n

Which type of deduction you choose to make will be entirely based on the amount of money you spend on work throughout the year. The best strategy is to keep detailed and meticulous records of your expenses, and let that amount decide for you which route you\u2019re going to take. It\u2019s easier to take the standard deduction, but if your yearly costs exceed the 12,000 for 2019, you should consider filing an itemized deduction for a greater return on your taxes.<\/p>\n\n\n\n

Tax Deductions for Nurses<\/strong><\/h2>\n\n\n\n

This is the exciting part. You probably know about some of the possible deductions listed below already, like educational costs and travel expenses, but the wide and varied field of nursing offers a plethora of options, credits, and deductibles that will help your finances in the coming season.<\/p>\n\n\n\n

The Basics<\/strong><\/h3>\n\n\n\n

Standard expenses which most people forget about include standard life-operating expenses. Be sure to check with the IRS to see if your specific costs are eligible as deductions.<\/p>\n\n\n\n