Is Moving a Tax Deduction?

Given the cost of moving, both in terms of buying a new place and the actual act of moving your items, it’s understandable that you’ll want to save money wherever possible. One place you might look for savings is on your tax bill at the end of the year. For a better understanding of how moving impacts your tax situation, look at the content below.


If you need to hire reliable Greensboro movers to transport your belongings from one home to the next, Steele & Vaughn is the easy choice. Call today to discuss your move and secure a spot on the calendar.


No Break Available

If you are in the military, some of your moving expenses may be tax deductible. For most of the rest of us there is not a tax deduction available for your moving expenses. The tax law was changed in 2017 which is why many still believe that moving expenses are tax deductible.  They aren’t, unfortunately.  That’s likely not what you wanted to hear, but it’s good to know what you can expect when tax season rolls around. Also, without the benefit of a tax deduction waiting in the wings, it’s even more important to work with Greensboro movers like Steele & Vaughn who will provide you with competitive rates for their services.


A Move Can Make Things Complicated

Aside from looking for a deduction, the other topic on your mind regarding taxes and your move is how you will file if you change states. For those who move within the same state, there is nothing to worry about – nothing about your tax situation will have been altered. However, if you move from one state to another, you’ll need to note that on your taxes and file them appropriately. This is particularly tricky if you move from a state that has a state income tax to one that doesn’t, or vice versa. Even if you don’t have to deal with this matter at the time of the move, it’s good to have it in mind so you aren’t surprised by a tax bill that you didn’t expect later.


Working with the Pros

Without a doubt, the best thing you can do to get your taxes just right for a year that you have moved is to hire a professional to help you with the process. Even if you typically do your taxes on your own, it might be worth bringing in a pro for this one year when things are a little bit more complicated. For most people, tax help is surprisingly affordable, and you will be able to get direct answers to all your questions. Just like the moving process is made significantly easier with the help of a team like Steele & Vaughn, so too is the process of filing your taxes made easier with the help of an accountant. Consult a pro regarding the tax implications of your move right away and rest easy knowing that this part of your move is well under control.


0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *