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How Tax Reform Impacts Moving Expense Deductions

How Tax Reform Impacts Moving Expense Deductions

December 1, 2018 By King Relocation


Four Ways to Make the Most of Your Next Office Relocation

How Tax Reform Impacts Moving Expense Deductions

 

We know that the last thing anyone wants to think about during the holiday season is taxes. But, with April 15 just a few short months away, it is never too soon to start preparing for tax season.

 

One thing that you must consider if you moved during 2018 is that the laws have changed. Due to the Tax Cuts and Jobs Act of 2017, the out-of-pocket moving expenses that you were once able to deduct from your tax return, can no longer be deducted. These include boxes and moving materials, the moving van, and packers and movers.

 

However, if you are moving due to a job relocation, your employer can still reimburse you for these expenses, and you’ll need to work directly with them to determine which items can be reimbursed.

 

Further, certain members of the Armed Forces, are still able to deduct qualifying moving expenses on their tax return, if they don’t receive reimbursement from the government for these expenses.

 

To help you better understand how the provisions concerning moving expenses in the Tax Cuts and Jobs Act of 2017 might affect you, here are some resourceful links offering  more details on the new tax code and what it means for relocation expenses:

 

 

About King Companies
As an agent of United Van Lines, King Companies has the resources and expertise to be your “go-to” resource for all relocation needs. Whether you are relocating your household, moving an office, or are in need of logistics services, we strive to ensure that your next move will be the best you will ever make. Call us today at 800-854-3679 to learn more.

We hope that you will consider King Companies for your future relocation needs. To learn more about our services, visit is at www.kingcompaniesusa.com. And, don’t forget to connect with us on Twitter, Facebook and Google+ for our latest news and updates!

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