Tax season is here again, and you’re either waiting until 11:59pm on April 16th (the 15th falls on a Sunday) to file, or you’re diligently seeking deductions to claim on your return. Don’t wait until the last minute, make sure you are taking advantage of each and every deduction available to you.
Claiming Your Moving Expenses
Tax laws are difficult to understand and interpret, and sometimes extremely boring to read. So, most people don’t know what they can and cannot claim on their tax return.
Good news is that if you’ve recently moved, you may be able to claim some or all of your moving expenses.
The IRS does have three requirements that you must meet in order to claim your moving expenses on your tax return.
1. Your move is closely related to the start of work. Closely related in IRS terms is 12 months. So if you move to a new location and start work within 12 months of your move, this requirement will apply.
2. The new job you take must be 50 miles from your old job, not from your prior residence. So, if your old job was 15 miles from you prior residence, your new residence must be 65 miles from your prior residence.
3. You must work for at least 39 weeks during the first 12 months after you arrive in the new location in order to claim your moving expenses. This does not include work you do while self employed. You do not have to work for the same employer for all 39 weeks nor do you need to work 39 weeks in a row but you must work full-time within the same general commuting area for all 39 weeks. If you are self employed, you must work 78 weeks.
Visit www.irs.gov for more information or meet with your accountant.
If you haven’t moved yet, but plan on moving and meet the above requirements, make sure that you save your receipts. And as always, please don’t hesitate to visit our website in order to learn more about the services we can provide to you or your company, as we service local, out of state, corporate, and commercial moves.
You can also reach us toll free at 1-800-926-2770 with any questions regarding our moving services.