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.
It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help:
If you are expecting a refund this year, you may be tempted to splurge on something not-so-practical. Before you do, take some time to think about ways to use your refund to bolster your financial health. We’ve put together a few ideas for you to consider: