Pros

The average tax savings from housing, meals and travel is 3000 - 5000$ a year

Place to return home to between assignments

If you keep a PRN or agency job, ability to return home while looking for the next assignment

Cons

Requires you to return home on a regular basis

Requires long distance maintenance of dwelling

Requires long distance dealing with local DMV's

Requires detailed record keeping

Less spontaneity - the next assignment or vacation has to coordinate with a trip home

Freedom to take a permanent assignment without the hassles of moving a residence

If you own a home, you are unable to rent it out completely

Advantages to being an Itinerant Worker

If you do not have a tax home, the IRS considers you an "itinerant worker" and your tax home is wherever you are working. In other words "wherever you go, there you are". MONEY is not everything in life and living around a tax deduction can defeat the advantages of traveling: freedom, professional experience and exploration. Freedom comes with a price and 5000$ is a small price to pay the rare opportunity to travel and experience new areas.

1) No need to return home between assignments or coordinate a lengthy stay at home

2) No rents to pay, house to worry about.

3) May rent your house out if you have one

4) Can freely go to new assignments without the burden of returning home

Things to keep in mind if you choose to be an Itinerant Worker

1) Make sure your travel company understands that you "do not have a tax home" and are an "itinerant worker". Some recruiters and companies are so determined to save on payroll taxes that they will encourage you to break the law.

2) You will hear all sorts of criticism from your fellow travelers and plenty of "schemes" that they use to fake a tax home. Many will brag about the fact that they have never been caught.

3) A tax home and a permanent residence are separate items. Continue to keep your drivers license, registration, bank accounts, insurance and mail in one place. You may be able to find a place to move all of your legal ties to take advantage of lower fees.

4) Enjoy your life