If you have moved within one year of starting a new job, you may be able to claim moving expenses on your tax return. If you meet the “time test” and “distance test” determined by the Internal Revenue Service, you may be able to take the IRS moving expenses deductible.
Deductible expenses may include: Packing materials and shipping, travel costs and utility fees.
Moving a business is also often considered tax deductible.
Check with your tax professional to determine if you qualify for the moving expenses deduction.
For more about moving and associated tax implications or to get a quote, contact Central Allied or call 1-800-871-8864 now.