Moving can be flat-out expensive. Fortunately, in some situations these costs can be written off on your taxes. Thanks to Chuck Myers of the McClatchy-Tribune News Service, I have put together a primer on tax deductions that might apply.
Reasonable expenses for work related relocation are deductible according to the time and distance rule. Your move must occur within one year of the start of work, must be 50 miles farther from your original home location, and you must be a fill time employee working at least 39 weeks after you arrive in your new location. If you own your own business, that time-frame extends to 78 weeks within the first two years. Only one spouse needs to meet the time and distance test.
What does the IRS consider reasonable? Packing and shipping your household goods and personal effects, travel costs to your new home (excluding meals), insurance, 30 days of storage, disconnecting and connecting utilities, are considered applicable deductions. Expenses paid for by your employer are not applicable unless they were added to your salary, but be careful because you can only make the allowable deductions. If your employer is really generous (lucky you!) you will be responsible to pay taxes on the money reimbursed to you for non-covered expenses like meals and temporary housing.
Word is that this is not an easy deduction to qualify for, but if you do, your deduction is above the line – no itemized deductions – using IRS Form 3903 (Moving Expenses). It sure could help relieve the pinch in the pocketbook.
http://home.forum1000.com/moving-and-relocating/on-the-money-how-to-deduct-costs-of-moving-the-olympian-moving-and-relocating.html
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About Scott McNelley
Scott McNelley is a lifelong problem-solver and entrepreneur who uses creativity, ingenuity and hard work to find the best solutions for his moving and storage customers in Alabama and beyond. When a good solution doesn’t already exist, Scott creates one by “Imagineering” new equipment or systems that deliver the results his customers need and deserve.
Scott’s first business was a small local moving company that he started while in college and later sold (the company is still in business today). He then started Admiral Movers, which has grown over the years into a much larger office moving firm, now known as “Montgomery’s Only True Office Mover.”
With Admiral, Scott took office moving to the next level, by creating several revolutionary techniques and new moving equipment that he conceived and built in direct response to the unmet needs of his customers. Among other office move improvements, Scott created Admiral’s AirGlide℠ Computer Moving and Office Gondola℠ Systems, which together offer a truly “boxless, crateless” moving solution that better protects expensive equipment and gives customers better access to their property before, during and after a move.
Encouraged by the success of Admiral Movers, Scott was able to expand his ability to serve his customers by starting two other enterprises: Redwood Properties, a real estate holding company, and Admiral Records Management (ARM), a document management and storage specialty firm and a proven leader in secure information transition, relocation, conversion and storage. Banks, hospitals, government agencies, the military, corporations, and medical practices have come to rely on ARM to maintain privacy, coordinate logistics, and provide the ultimate in protection of their client data.
ARM is a natural extension of his work with Admiral, and Scott brought the same creativity and problem-solving ingenuity to the difficulties his customers face when managing their critical business records. With ARM, Scott introduced Intelligent Archiving, an unconventional approach to on-demand document scanning services that makes it easier and less expensive than ever for customers to transition to a fully-paperless office. Intelligent Archiving also safeguards patient privacy and ensures total compliance for customers in the medical and healthcare fields that are making the change.
Scott’s efficient and cost-effective solutions have saved his customers money, time, backaches and headaches over the years, and his innovations, along with service that consistently exceeds expectations, are the biggest reasons his customers won’t go anywhere else for office moving or document management and storage assistance.
To learn more about how Scott’s passion for creative problem-solving can help your firm with an office move or document management and storage, please visit:
www.alwaysleading.com
www.admiralmovers.com
www.admiralrecordsmanagement.com
Or you can simply email info@alwaysleading.com, or call 334-262-6666 today!
