Navigating the Holidays as a Travel Nurse: Tips and Considerations

Traveling
Embarking on the adventure of travel nursing during the holiday season demands careful planning and a touch of strategic foresight, particularly if you’ve inked a contract during the bustling months of September or October. While the timing might land you on assignment amidst the festivities, being well-prepared is not just a suggestion but a necessity.
 

From managing expectations to practical tips for maintaining a work-life balance, we aim to equip you with the knowledge and guidance necessary to navigate the holiday season successfully.

How Holiday Assignments Work

For those new to the travel nursing scene, a common question arises: Are travel nurses obliged to work during the holidays? The short answer is no, but the nuances are worth exploring. Holiday shifts may come your way due to the regular rotation of your workdays, or perhaps, as a travel nurse, you might actively choose to immerse yourself in the holiday season for different reasons

Planning Your Holidays 

Before jumping into any assignment, it’s crucial to decide where you want to spend the holidays. The beauty of being a travel nurse lies in the flexibility to celebrate wherever you desire—be it at the beach, in the mountains, skiing, or simply indoors doing nothing. Remember, you have the autonomy to opt-out of holiday assignments altogether. The choice is entirely yours.

Choosing Shorter, Closer-to-Home Assignments

While you may not always get everything on your wish list, if spending the holidays close to home is a priority, consider signing up for shorter, geographically convenient travel assignments. This not only brings personal benefits but also keeps you near family and friends during the festive season.

Understanding Hospital Policies

Each hospital or facility has its own set of policies, and not all of them require travel nurses to work during the holidays. It’s advisable to discuss this during the interview process and have it explicitly stated in your contract. Often, you’ll be asked about your holiday preferences, with your choice integrated into the contractual agreement.

The Financial Side: Holiday Pay 

Working during the holidays can translate into a boost in income, with higher demand often leading to additional overtime hours, bonuses, and increased base pay. Speak with your recruiter to understand the holiday pay rate for your assignment and ensure it aligns with your expectations.

Pros and Cons of Working During the Holidays

Acknowledging that working during the holidays comes with its own set of pros and cons, this article aims to guide you in making an informed decision that suits your preferences. While it may not always be the most appealing choice, remember that your care is essential for patients in the hospital during this time. Additionally, consider the opportunity to come together with colleagues, turning the experience into a positive one and making a meaningful difference in the lives of those you serve.

 

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STEPS TO FOLLOW TO BUILD A 1099 BUSINESS:

  • Protect yourself and your assets by performing your contract work under the umbrella of a business entity. Think about what you’d like your proposed business to be named!
    • Visit your Secretary of State website to see if your chosen name is available
    • Check with your state’s Board of Nursing for state specific requirements
  • File applicable business set-up paperwork
  • The S-Corp Edge: How you structure your 1099 CRNA business will have far-reaching consequences, whether it is a sole proprietorship, a limited liability corporation (LLC), or an S corporation (S-corp). 
    An S-corp may offer several advantages over other business structures when it comes to taxation. In this structure, a business owner is called a shareholder, and the business owner is recognized by the IRS as an employee of the business. What this means is that the business owner must pay themselves a salary through the corporation. The S-corp pays their payroll taxes, which can in turn be deducted as a business expense. Income tax is paid through its owners’ tax returns based on their percentage of ownership. Moreover, any remaining profits have a lower tax rate than regular income. An S-corp may also allow 1099 CRNAs to avoid a higher tax level that other self-employed contractors pay for Medicare and Social Security.
          A CRNA may structure their company as an S-corp serving as the sole owner, with their business income, tax deductions, and losses passing through to the owner, as opposed to being taxed at a corporate level – a potentially smart move for maximizing financial security in the future.
    • Register for an EIN
  • Open a business checking account and credit card
  • Keep track of all your business expenses as these could save you money come tax time!
    • Have an envelope for receipts or a folder on your computer where you scan these into
  • Be sure not to co-mingle your business and personal finances!
  • Remember, as a freelance CRNA, if you don’t work, you don’t get paid!
    • Do you have at least six months savings should your contract abruptly stop?
  • Think about replacing your current benefits
    • Health Insurance
    • Health Savings Account/Dependent Savings Account
    • Retirement Savings Account
    • Life Insurance
    • Disability Insurance
  • Procure malpractice insurance
  • Look for jobs!
  • Apply for state licenses where you want to work
    • Each state needs a different CRNA license (and RN if they are not a compact state). Keep this in mind as some BONs can take 3-6 months to license a provider.
  • Have an employment attorney review your contract
  • Have your contract written to your business and deposit all earnings into your business checking
  • Keep A Schedule
  • As a W-2 employee, your taxable income and amounts taken out for taxes appeared on your W-2 form at the end of every year, without you having to calculate them. But when a firm pays more than $600 for services from an independent contractor, that income must be reported to the IRS.
    What many 1099 CRNAs don’t realize is that they must pay taxes on their income as they earn it. Paying your quarterly estimated income taxes will be a new part of running your business successfully. 
          It doesn’t sound so difficult—keeping track of paying estimated income tax only happens four times a year. But the reality is a late payment can result in penalties and fines from the IRS. Keeping a schedule to help you stay on top of your quarterly estimated tax payments, and paying adequately to avoid underpayment, is imperative in avoiding penalties in the future. Not to mention providing peace of mind!
  • Make sure you have a trusted team of accounting and/or financial professionals who have experience with freelance CRNAs to guide you through this process!
  • CPAs
  • Financial Planners
  • Bookkeepers
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