Moving Can Lead to Tax Deductions
Moving Can Lead to Tax Deductions
Moving Can Lead to Tax Deductions. With tax season upon us, we’ve comprised several tips to see if your moving expenses may in fact earn you a tax deduction!
To sum things up in a very simple manner, if you meet any one of three IRS qualifications you will more than likely qualify for a tax deduction. Those qualifications are:
- Your new workplace is at least 50 miles farther from your previous home than your prior workplace was.
- You work full-time for an employer in the general vicinity of the new job location for 39 continuous weeks during the 12 months immediately following your move. (If you are self-employed, you must also have worked at least 78 weeks during the 24 months immediately following your move.)
- You incurred your moving expenses while moving to West Palm Beach within one year from the date you first reported to work.
If you do not meet the work requirements by the tax filing deadline, you may still deduct your West Palm Beach Moving Expenses, but you must meet the requirements in the following tax year. If you claim any deduction, but fail to satisfy the requirements, you will still be required to report the amount as income within the next tax year. (or amend your prior return).
Please note that if you are moving to another country, or if you are a member of the military, you should first talk to a professional tax adviser about any exemptions that may affect you.
Moving in the Right Direction
1320 53rd St.
West Palm Beach, FL 33407
Author: Kathy Long
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