Need a Mover? What Are Tax Deductible Moving Expenses?
Most tax authorities will allow tax deductible moving expenses for people and businesses who are moving for employment or business reasons. The 2 main kinds of tax deductible moving expenses are associated with moving or storing items, and travel expenses incurred due to the move. In order for people and businesses to obtain tax deductible moving expenses, they have to meet some eligibility criteria, ranging from time and distance tests that are associated with their move.
The kind of moving expenses which are considered tax deductible are any expenses that are reasonable under the present circumstances. The taxing authority and courts, however, do have the discretion to determine what is considered reasonable or not. Expenses that are associated with moving, like rental costs for trucks, moving assistance and storage fees are accepted as being reasonable. Travel expenses like the price of the gas and lodging are considered also.
There are, however, a few restrictions placed on tax deductible moving expenses, in order to prevent the misuse of these deduction benefits. For instance, any expenses that are related to food, entertainment, the buying or selling of a home, real estate taxes, deposits and return trips are not considered as tax deductible. Also, tips for your moving company will not be allowed as a tax deductible item.
Plus, any travel deductions that generally apply to the most direct route from a previous address to a current address. Travel detours which are made whilst on the way to a new destination, that is considered irrelevant or unnecessary to the moving process are not considered as tax deductible for moving expenses.
If you live in or around the Alexandria, VA area and need a professional mover, then you need to call Alexandria Econo Van Lines LLC at (202) 644-8206 today and leave all the hard work to us.