Moving homes is a significant life event, and in some cases it’s even tax deductible! This is a busy time of year for moving across the Kansas City area. If you are preparing for a move or have moved recently, you’ll want to see if this potential deduction applies to you. According to the IRS, “this may apply if you move to start a new job or to work at the same job in a new location.”
At the link above, the IRS explains the three requirements you must meet for this deduction: your move must closely relate to the start of work; your move must meet the distance test and you must meet the time test.
The deduction may also include costs associated with the move that might not be immediately come to mind, like packing supplies or lodging. It’s our job to be current on all tax laws to ensure we can maximize your deduction or minimize a potential payment. Call us at (913) 888-9100 and we’ll review your situation and put a plan in place to streamline your 2016 federal tax return process!
