Did you know you can kill two birds with one stone by getting your move written off on your taxes? Whether you had a helping hand or did it yourself, hit the road and pocket some extra cash for that big move. Learn if you qualify to add moving expense deductions to add your taxes this year!
New job, New miles
Did you get a new job and want to move closer to your new work space? If you are employed or self-employed and your new job is 50 miles further in distance than your old job, then you may qualify. This is considered the first part of the evaluation for qualifying members.
Be Employed Full-time
The second part of qualifying is employment status. This goes for both employed and self- employed people for the new job/area. The requirements are working full-time for 39 weeks during the first 12 months after arriving in the new area and work a total of 78 weeks during the first 24 months.
One Member Qualifies
If married, one person qualifies for this deduction if the number of miles and full-time employment status is met. If you have a family, then one person per household per family is also allowed.
Active-Duty Military Members Welcome
Active-duty service military members qualify if they are relocating and are even welcome if they move within a year after retirement. If you are moving permanently you do not need to meet the requirements as listed above.
Don’t forget about these expenses
Your belongings are worth it! If you moved and used any packing supplies such as boxes, u- hauls, gas/oil for your travels, a one-time trip to the new place, or hired someone to help you, these are considered a cost deduction. Even if you store your belongings for up to 30 days before your move in a storage unit, you also can use that towards your deductions. Meals during travel are not considered an expense, however.
Adjustment to Income
Remember that moving expenses are considered an adjustment to your gross income and are not an itemized deduction that is usually included in mortgages or medical expenses. Be sure to ask your accountant if your state qualifies for moving deductions for your tax bill. Also, always update your new address to the IRS.
At Beltline and Security Stor-Alls we have units from small to large, that are climate controlled. You may only need us for a few months, or you may find that our units fit your long-term plans. Give us a call or come see us, and protect your treasures!
Beltline and Security Stor-Alls is located in Mobile, Alabama for all your storage needs! Check out Beltline and Security on Facebook, or visit us online at www.StorAlls.com