No matter how much trouble and stress moving is, still it has some tax advantages. That's good news for everyone when April comes. Still, there are a few rules governing the amount you can deduct. If you relocate to another position in your company or start a new job, you'll be able to deduct many of the expenses on your itemized tax form.

Still, distance is important, because you can only deduct your moving expenses if your new home and job are at least fifty miles away from your old house and employer. If you drive your personal vehicle to your new home, you can deduct a certain amount per mile traveled. Also, be sure to keep all the receipts, as tolls, fuel, repairs and maintenance are all tax deductible. In the course of your travels you may get credit for lodging and meals.

If you ship your vehicle and choose to fly, you can also deduct the cost of transporting your vehicle plus the cost of airfare. Should you decide to hire a moving company, Uncle Sam can deduct any packing, loading, unloading, and lodging expenses. Unfortunately, you cannot deduct any lodging and meal expenses after you have unloaded your household goods in your new home.

Some moving companies give you a discount for putting your things into storage, while they wait for a load going to the same area. So, you can also deduct the cost of this if there is something you have to pay for. Many employers reimburse some or all of their employees' relocations expenses. As this may be credited to you as income, check with your tax preparer before you claim it on your taxes. Still, the costs which exceed the amount your employer allows are tax deductible. At this stage, it is imperative to hold on to all of your receipts and journalize your expenditures.

Remember, food, accommodation, airfares, tolls, costs incurred when moving (including extra charges made by moving companies), and other expenses that your employer's expense allowance doesn't cover are all tax-deductible. But you need to have your paper work in order, otherwise, forget about it! For you to be able to deduct your moving expenses for tax purposes, the IRS requires that you stay with your current employer for at least 39 weeks after you have moved. Plus, all the moving expenses must have occurred within twelve months after you started work at a new place.

You are also allowed to deduct the costs of tearing down and reassembling items such as above ground pools, satellite systems, hot tubs, jacuzzis, and so forth. You can even deduct the tip you give the driver!

So, when you are in the middle of checking out moving companies and doing all of your packing, don't forget to also look into the impact that moving will have on your taxes. Your efforts may result in a sizeable deduction!

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Article Submitted By: Sharonne Penickata
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