Moving This Year? Don’t Forget About the Tax Write-Off.
We know moving is hard enough without having to worry taxes and other things of that nature. But why not use the tax credit if you are
able to, especially if you are moving due to a change of jobs or business location?
Changing jobs can be a scary situation. Don’t let the expenses get the best of you. This tax credit is available to you so that the expenses do not become an unnecessary hassle. Just ask yourself if you meet the criteria necessary to be eligible for the tax credit:
Timing – Your move must coincide with the acceptance and starting of a new job or a change in job location. This means that the tax credit must be claimed within one year of starting the new job, as well as the move.
Distance – Your new job cannot just be a 10-mile difference. The minimum increase in distance from your previous place of employment must be 50 miles or further. Otherwise, the IRS will not consider it a qualifying move for the tax credit.
Tenure – The IRS will also rule out individuals who use the tax credit and quit their job. You must remain employed for the first 39 weeks during the first year of your arrival in your new city. Additionally, if you are self-employed, you must continue work for 78 weeks in the first 2 years.
Let your local Baltimore movers know that you need documentation on your expenses related to the move so that your tax professional
can use them for the appropriate deductions. If you want to learn more about the moving expenses tax credit, make sure to visit the IRS website.
As with all business, it is best to let the professionals handle these situations. Let the movers move you. Let the accountants handle your taxes. As for you and your family, just pack up your belongings and head to your new home.