With the state of the economy being what it is today, more people are relocating out of state in search of job openings. And compared to a local move, out of state moves can be tedious and not to mention very costly. If you are searching for ways in which to save money when you move for a job then the Internal Revenue Service (IRS) has the answers for you.
Your relocating fees due to moving for a job can now be submitted to IRS to be written off as a moving expense on your taxes. Before you get all giddy with glee thinking about the money you would be saving, you should first know that there are certain steps you have to take in order to make this happen. Relocating to take up a job out of state is one of the first qualifying factors for this tax write-off.
You are also expected to start the job within a year from when you move as well. The job should be full-time and you must hold a position for a steady 39 weeks in your first year. If you can stay with the same employer for the duration of the 39 weeks then that would be a plus for you in terms of stability and longevity. However you are not required to stay with one employer.
Finally it would help if you keep a good paper trail of all your receipts that are connected with your move. These receipts would include your travel expenses, storage fees expenses, and the money you pay for your insurance as well as utility expenses to name a few. Even if you stayed at a hotel prior to getting an apartment, then you should also include that receipt as well.
The receipts that you submit are not limited to the moving services provided by a professional mover rather you can also submit the receipts that you accumulated from a do-it-yourself move. Of course these are just basic information on moving and your taxes. A representative from IRS or even a tax service provider would be able to provide you with more information about this.
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