November 21, 2016
Are you moving due to a change in your job or business location? If so, you may be able to deduct your moving expenses (excluding meal costs). Here’s how:
To deduct moving expenses, there are three requirements your expenses must meet:
If you meet the three requirements above, consider these “Do’s” and “Don’ts” when you claim moving expense deductions:
In addition, if your employer pays you for the cost of a move that you have deducted on your tax return, you may need to include the payment as income by reporting it on your tax return in the year you get the payment.
If you have questions about how a job or business relocation will impact your tax situation, please contact our firm.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
As we close in on another year, we want to take the time to thank each and every one of our clients for your loyalty to not only our firm, but to our team of unique individuals. We like to believe that we are all more than just advisors and clients, but friends...some might even say family. So, from our crew to yours, we wish you and your entire staff and family a very healthy, safe and prosperous holiday season.