Summer is a busy time for families: vacation, school break, beach, moving. Yes, many people relocate for new jobs or positions during the summer. Is your move deductible? What can you deduct? What records should you keep?
First, there is the 50 Mile Rule. It can be confusing. The rule states that the new work location must be at least 50 miles further from your first home than the previous business office before you can deduct expenses. This means if your office used to be 15 miles from your home, the new office must be at least 65 miles from your first home.
A list of deductible items are as follows:
- Travel expenses (meals not included)
- Utilities Deposits
- Packing and Moving costs
Next, make sure you keep all receipts. Utility companies should give you a receipt for deposits. Motel and transportation may be deductible, so keep receipts. Keep receipts for any other items you have questions about if related to your move.
There are other rules and details that play a part in determining if you can deduct your moving expenses. As your experienced tax preparer, we are glad to help you with your personal circumstances.
Julia Emerson/Emerson Accounting
www.emersonaccounting.com / 912-294-5301
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