Tax Deduction for Moving Eliminated for 2018

The recent tax reform efforts for 2018 means numerous benefits for taxpayers for the future.  The Standard Deduction has been increased for everyone. Other deductions have been eliminated with the idea of simplifying the tax code overall.  This article speaks to the moving tax deduction that has been suspended until December 31, 2025.

The tax deduction that would be of interest to people visiting a moving website has to do with moving.  In the past, if you moved because of a job change, and met certain additional requirements, then these expenses were able to be deducted from your annual income.  This has been eliminated for most people, but is still in effect for active duty military personnel who move for a new duty station.  This article at H&R Block has additional specifics to better understand this change.

How to Finance Your Upcoming Move

If you are moving for a job in a new city, then hopefully you’ve found this article before negotiating the terms of your move.  Depending on the situation, employers will often pay for your moving expenses as an enticement to bring you to their company.  Consider this article from Monster regarding moving expenses.  It gives you some ideas about what to ask, and what you might expect from the conversation.

Sometimes people move simply because they want to!  You may have to figure out how to pay for a move yourself. If you have a lot of furniture and belongings to move, this can be expensive.  You may find it necessary to seek out financing for your move.  This article from Bankrate talks further about how to pay for a relocation.

At Garrett’s Moving and Storage, we’ve got a lot of experience in knowing exactly what it takes to get you from point A to point B.  As you compare quotes from different movers, be sure to consider their history, practices, and insurance options.  Contact us today for a free quote.

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