Memphis corporate movers at All My Sons Moving Company know the process of moving can bring up plenty of unexpected moving expenses along the way. Fortunately, there are many ways in which movers can qualify for tax write offs and save money overall.
Here are some things you need to know to qualify for moving deductions:
1.Single taxpayers and married taxpayers can deduct job related moving costs. However, unmarried partners cannot enjoy the same benefits.
2. To qualify for moving deductions, your new job must be at least 50 miles further from your previous residence than your old job.
3. Employees must work full-time for at least 39 weeks for the first 12 months after the move.
4. If you are self-employed and hoping for a write off, you must work at least 78 weeks during the first two years of your move.
5. Travel expenses are deductible. These include transportation, lodging, and moving day expenses.
6. Memphis corporate movers say the cost of packing, shipping, unpacking, and storage are deductible if it falls within a certain period of consecutive days.
Here are some moving expenses that you cannot write off:
1. Vacations you take on the way to your new destination
2. Any meals purchased at any time
3. The price of your new home
4. Closing costs
5. Mortgage fees
6. The cost of breaking a lease
7. Home improvement costs
Memphis corporate movers recommend to those who are moving to and from Memphis to keep all receipts and bills during their move. Furthermore, speak to tax professional regarding extra deductions and write-offs.
The post Are Moving Expenses a Tax Write-Off? appeared first on Memphis Movers – Memphis Moving Company – (901) 248 - 0548.