Tax,Deductions,for,Moving,Expe family Tax Deductions for Moving Expenses
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When you move, you are already spending a lot of money to get all of your belongings from one place to another without too much trouble. You have to pay for packing supplies, a mover, the moving truck, insurance and more. Fortunately, the Internal Revenue Service has designated certain expenses related to moving that can be deducted from your taxes. Many people do not take advantage of these deductions either because they dont know about them or because they think it is too difficult to decide what is deductible and what is not.In reality, determining what can be deducted from your moving expenses is fairly easy. There are only a few specific expenses that are legally deductible from your taxes. Here is a list of what the IRS deems as acceptable deductions for moving-related expenses: Expenses that are directly related to traveling from your old location to your new location Gas and oil expenses OR Mileage reimbursement which is currently set at ten cents per mile Parking fees Tolls Crating, packing and transporting of household items and personal belongings Disconnection and connection of utilities Shipping Costs associated with special handling of transporting pets Storage of personal belongings for up to 30 days following your move As you can see, many of the costs related to a move are deductible, which can really help you out in terms of your budget. However, there are certain expenses that you might think are deductible that really arent. To avoid a problem with the IRS do not deduct the following moving-related expenses from your taxes: Any fees related to side trips for visiting relatives or for sightseeing Costs related to general vehicle repairs Costs related to the maintenance of your vehicle Costs related to insurance for your vehicle or your belongings Cost of meals during travel It is important to note that when you are traveling from your old home to your new one, you must subtract any miles you drive outside of your direct route to your new location. This might seem like a small detail, but the IRS will scrutinize your expense report to identify any discrepancies.Moving is an expensive endeavor. There is no way to escape the fact that you are going to have to spend money to get you and your family from point A to point B. Not to mention the fact that you have to get all of your belongings there too. By claiming these deductions on your Federal Income Tax return, however, you can make the task of hiring a mover a little less harsh on your wallet.
Tax,Deductions,for,Moving,Expe