Moving Expense Deduction

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May 22, 2014

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Federal tax laws allow you to deduct your moving expenses if your relocation relates to starting a new job or a transfer to a new location for your present employer. The deduction covers the reasonable expenses you incur to transport your personal effects and household items to your new home. You can even include the cost of renting a storage unit for up to 30 days if you are unable to move into your new home immediately after leaving your former home. The cost of traveling to the new location for yourself and other members of your household can be included. If you drive to the new location in a personal vehicle, you can include the actual cost of oil, gasoline, parking fees and highway tolls. In lieu of using the actual cost of gasoline and oil, the IRS permits you to calculate those costs using the standard mileage rate. Furthermore, the IRS allows you to claim the deduction in the year you move.

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For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.

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