Can moving expenses be tax deductible?
Moving is a big job and it’s no secret that it can be expensive. Whether it’s purchasing moving boxes or hiring people to help you move, costs add up. In previous years, tax deductions were allowed for moving expenses.
However, in 2018, tax reform changes took effect for returns that will be filed in 2019. That means that moving expenses are no longer tax deductible when moving for work unless — you’re part of the military. Military personnel are the exception and expenses for those that are on active duty and asked to move as part of a military order will qualify for tax deductions.
Unless you are an active member of the United States military, moving expenses are no longer tax deductible from your federal income taxes. However, if you’ve been asked to transfer to a new office location by your current employer, talk in detail to them about whether they plan to help cover all or part of your moving expenses.
Many companies will offer relocation packages for employees to help encourage them to take a new position in a new office. Your company’s human resources staff can also answer questions on what reimbursements could be covered. Even though most people will not be able to get tax deductions for moving, there are other great ways to save money when it comes time to move.
Here are some tips:
#1: Moving boxes
You can get free moving boxes from other people that have recently moved, or from local libraries, liquor stores, or grocery stores that have large produce boxes. Check recycling centers to see what kind of boxes they have available. You can save a lot of money this way.
The more stuff you must move, the more expensive your move will be! So, be sure to go through your items and declutter. Get rid of the unnecessary items before you move by donating or selling things you won’t use in the next place. This will not only save you money, but it will save you time packing!
Our team at Smooth Move People understand that your finances are of the utmost importance. That’s why our rates remain the lowest in Oregon! We can help you move quickly, efficiently, and within budget. Contact us today for more details!