It’s that time of year: sports fans think about baseball, young couples think about weddings, and the rest of us think about taxes. If you’re also thinking about moving at the same time as tax planning, you’ve probably asked yourself the question: when I move, are any of the costs tax-deductible?
The unfortunate short answer is no: in 2018 the IRS decided that moving expenses were no longer tax deductible in general. However, that might not be the end of the story. For example, if you are moving specifically for work, there may be light at the end of the tunnel.
There is something called the “moving expense deduction,” available to those who are moving further than 50 miles away specifically to start work. There are a bunch of restrictions, and you really need to chat with your tax pro for details. But if you are making a move for a job, and expect to be in place for over a year (not contract work, in other words), you should definitely ask for details of the deduction from your bookkeeper or accountant. Make sure you also ask your tax pro about state-level tax deductions that may be available in your area!
You should also make sure you’re hiring a team of experienced professionals for your move as well. Contact GreenLight Movers today at https://www.glmovers.com/ to ask for a no-obligation quote on moving expenses. Let GreenLight worry about the details of your move—after all, you need to be thinking about taxes!