Your Movers Chicago Expert Offers Tips on Deducting Expenses for Your Move

Did you know that there are some situations in which you can deduct your moving expenses from your federal income taxes? If you meet certain criteria, you can deduct those expenses and increase your return at the end of the year. Here are some things you should know from your movers Chicago expert to help with your moving deductions.

How to Qualify
There are three conditions that you must meet in order to deduct your moving expenses. First, the move must occur within one year of the date that you start a new job. Second, your new job must be at least 50 miles further than you are from your current job. As an example, if you are currently 10 miles away from your job, your new job must be at least 60 miles away from where you are moving to in order to qualify for the deductions. Third, you must work for your new employer for at least 39 weeks in the 12 months following your move. You must also be employed full time by your new employer for that time period.

Moving Expenses
There are several expenses related to your move that you can deduct on your taxes. If you aren’t driving or if you have a vehicle that you ship to your new home, you can write off the expenses for that. Also, if you incur any costs for shipping your pets, including dogs, cats, fish, reptiles or other family animals, those expenses are tax deductible as well. Another deductible expense is your utilities. The charge to have them disconnected at your current home and have them connected at your new home can be written off as a moving expense well. Finally, you can deduct the lodging expenses that are incurred by moving your family to your new home. However, meals during the trip are non-deductible.

Gathering Receipts
If you want to deduct any of these expenses, keep them in a safe and organized place. The IRS may want to see your receipts at some point in the future. Be sure to keep receipts for any expenses so you don’t lose out on any deductions. Your movers Chicago expert also suggests writing notes on each receipt to explain what the expense was for. Memories fade over time and you don’t want to be stuck trying to explain what you spent money on while under pressure from an IRS agent.

Disclaimer
Of course, none of the above information should be construed as official tax advice. You should consult with a professional tax advisor or the IRS to ensure you have an accurate understanding of the current tax law where you live.

Be the first to like.

Author: Ione Lawerance

Share This Post On

Pin It on Pinterest

Shares