As everyone reading this article knows, opportunities for nurses have skyrocketed since the pandemic. Whether it be the many high-paying travel contracts that are now available or the new opportunities nurses have to create their own contracts, the opportunities for nurses to make money and be their own bosses have never been so abundant.
The “Gig” economy has opened up for nurses with apps like Medely, CareRev and, ShiftKey. Also, nurses have the ability to work independently as independent contractors working on a “1099” rather than a “W-2”.
This perfect storm of events has given nurses the ability to become their own boss and make extra money on their own, also opened the door for many nurses to save literally thousands of dollars a year on their taxes.
And now one company, HBB Accounting, is dedicated to work hand in hand with nurses to maximize their opportunities by promoting entrepreneurship to be able to achieve their #NurseBoss status.
Let’s take a look at the 4 best ways that can help travel nurses easily make extra money.
1. Rent Out Your Primary Residence (and leave yourself a bed) ($15,000 extra).
This is where we see travel nurses leaving the most money on the table. When you are on your travel assignment, rent out your primary residence. Whether your own your primary residence or even if you are renting it, you should try to rent it out.
It may concern you that this may affect your travel stipend, however, as long as you could still live there and you are still paying for it, you are allowed to make as much money as possible by renting out your primary residence.
This tip can be tricky, which is why having the right mentor to guide you really goes a long way:
“The coaching and knowledge that they offer is priceless and has opened our eyes to the benefits of using a professional such as HBB Accounting” — Daisy
If you travel 10 months of the year and make an extra $1,500 a month renting out your place, that is already and extra $15,000 a year in your pocket.
2. Take an assignment near a friend / family member (or use an RV) ($15,000 extra).
As travel nurses, most of us have heard that you need to pay the market rate for your primary residence. While this is true, this does not apply to the rent you pay in the location of your assignment, that rent can be well below the market rate and you will still qualify for your stipend.
Did you know? Stipend allocation is one of the most asked about topics in the travel nursing community. With the affordable coaching services of HBB Accounting, you will have a reliable mentor throughout the entire year:
So, if you take an assignment near a family member or friend where you can get a great deal on your rent, understand that you effectively will make more money on an assignment like this. How much more money? Well let’s assume that our rent on an assignment would be $2,000 a month, but we are able to stay with a relative for $500 a month. You are now saving $1,500 a month on rent. Over 10 months this is again an extra $15,000 a year.
If you already own an RV, putting your RV in a RV park would work exactly the same way.
Make sure to also drop by our Facebook group for travel nurse tax strategies and discussions!
3. Start a Simple Part-Time Business ($15,000 extra).
Starting a business can be easier than you think and there are some significant benefits for doing so.
Firstly, understand that you can do it and it is not as hard to be a successful business owner as you may think. We have hundreds of nurses as clients with successful and budding businesses. One key is picking the right business.
When starting your first business, choosing the right partner is already half the battle. HBB Accounting’s business coaching and tax preparation service is highly recommended for budding entrepreneurs:
The easiest business for a nurse to start is performing work still as a nurse, but to do it as an independent contractor as opposed to a W-2 employee. There are many ways to successfully do this. The quickest and easiest way is to use the top three nursing apps for independent contractor nurses: Medely, CareRev and ShiftKey.
Once you are approved on these apps you can immediately begin picking up shifts whenever you want all over the country. Once you are plugged into these apps, you can wake up that day and literally decide if you want to work. There are plenty of opportunities for shifts that pay over $100/hr., which means you could be making $1,000 a day any day you would want. Certainly, pay rates will depend on your geographic location, but there are huge opportunities here.
The nursing community, especially the growing number of nurse-entrepreneurs, is one of the most under-served sectors in terms of tax planning and preparation. HBB Accounting focuses on serving this group of unsung heroes:
“As a new travel nurse I knew I needed help… We decided to use HBB Accounting and the process was just as seamless as we hoped.” — Jennifer
You could travel to where the shifts are plentiful and the pay is great, creating your own “independent travel assignment.” Or when you are back home between assignments this is a great way to put extra money in your pocket.
One of the best parts about this is that in doing so, you have started a business per the definition of the IRS which enables you to literally save thousands of dollars on your taxes.
Here is Elissa talking about her amazing experience with HBB Accounting. (You can also see here Dr. Ryan Moriarty, President of HBB Accounting):
Another business travel nurses seem to excel at is real estate rentals. Even if you are just getting started, as long as you are working on it consistently, real estate rentals can not only make you thousands of dollars a month, but they can also save you thousands of dollars a year on your taxes.
With either of these businesses, it would be very easy for a travel nurse to make an extra $15,000 a year.
4. Use Your Part Time Business To Save Thousands of Dollars a Year on your Taxes ($7,000 extra).
Once you have a part-time business, it is easy to save thousands of dollars a year on your taxes as long as you have the right help.
Having the right partner like HBB Accounting allows you to focus on growing your business and maximizing your opportunities:
We know taxes can seem overwhelming, but you can use a company like HBB Accounting that specializes in saving travel nurses with a part-time business thousands of dollars.
Their clients save an average of $4,000 — $7,000 a year on their taxes, with several saving over $15,000 on the high end. HBB Accounting literally takes care of every aspect of your taxes for you, so you don’t need to know anything and you only have to put in minimal work. It is their goal that their clients spend less than 2 hours a year on their taxes and still save thousands and they have been successful in achieving that goal.
The reason having a business actually saves you money on your taxes is because when you have a business, a lot of personal expenses that you have already become business expenses for your business. The easiest example of this is your cell phone; whether or not you have a business, you have a cell phone. However, if you have a business, you can deduct both the cell phone AND the plan. This deduction alone generally leads to a thousand dollars in tax savings.
It definitely pays to have a mentor like HBB Accounting who makes sure that you claim the tax benefits that the government wants you to enjoy:
“Without [HBB Accounting], I would have owed over 4k in taxes. This year, I’m actually getting a refund.” — Tiesa
There are more opportunities to save as well. If you use your car for business you can deduct miles on your car or take a deduction for the depreciation of the car itself. If you have a business meal out with another independent contractor nurse to trade tips, this meal will become a deduction as well. If you travel and pick up some shifts to do some independent contract nursing with the right knowledge of what a “business trip” technically is, you can turn that vacation into a business trip and write off the whole thing saving you multiple thousands of dollars.
You can book a free consultation with HBB Accounting who will give you the details on how to do this from start to finish.
Clients agree how HBB Accounting champions the interest of travel nurses:
“My experience with Ryan [and HBB Accounting] was great, as a new travel nurse with just one year under my belt” — Trice
The HBB Accounting Team works from Monday through Sunday to ensure responsive communication with their clients:
“Communication was great, I knew what was going on every step of the way. I highly recommend HBB Accounting.” — Mimie
As a travel nurse there are opportunities abound if we want to step up, become our own bosses, and get that money. Together with these strategies, it is possible to put an extra $52,000 a year in your pocket all by a smart strategy and some part-time work.
To sum it all up, here are the 4 best ways for travel nurses to make extra money:
- Rent out your primary residence
2. Take an assignment near a friend/family member
3. Start a simple part-time business
4. Use your business to save taxes
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