Business Tax Recovery Logo


Tax Deduction Consulting: Relocation Brigham City UT

There was a time when people tended to stay in one place much longer and the retirement party where the worker was getting a gold watch for 50 years of service was not uncommon.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
H&R Block
(801) 766-2308
1438 E MAIN STE 8
LEHI, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
MainStreet Tax & Accounting Services
(435) 789-0691
1285 W. Hwy 40
Vernal, UT
 
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 832-8932
2356 S FOOTHILL dr
SALT LAKE CITY, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
H&R Block
(801) 546-3091
27 S FORT LN
LAYTON, UT

Data Provided by:
H&R Block
(435) 884-3076
124 W MAIN ST
GRANTSVILLE, UT

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Relocation

Relocation Tax Deduction

Americans are becoming increasingly mobile all the time. Strangely enough, the IRS seems to be encouraging this mobility as the relocation tax deduction is one of the most liberal of all deductions.

There was a time when people tended to stay in one place much longer and the retirement party where the worker was getting a gold watch for 50 years of service was not uncommon. Today, people seem to be much more mobile and job hopping is the norm. Since we tend to blame just about every other woe on the IRS, we can suggest that they might be the culprit here as well. The relocation tax deduction rules are some of the most liberal and surprising of all tax deductions.

The IRS allows a tax deduction for any moving and relocation expenses that are work related. The deduction is claimed on IRS Form 3903 and transferred directly to "Adjustments to Income" on the form 1040. Although you have to use the long form 1040, you are not required to itemize any other deductions. You do not have to file a Schedule A or worry about such things as percentage-of-income thresholds or deduction phase outs due to higher income levels.

The IRS imposes only two tests or rules to insure that you are legit in your move. The first is a distance requirement. The move has to involve a new work place that is at least 50 miles from your previous residence. Note that this requirement is measured from your new work office to your previous residence and not between the old and the new residence. The second rule is a time requirement. The move must be made within one year of starting the new job and you must actually work a total of 39 weeks during the first 12 months of your new employment. The weeks do not have to be consecutive.

The deduction covers the cost to move your household goods and your personal property. It also includes lodging and travel expenses. The lodging can be in the area of the old home before the move and in the area of the new home after the...

Click here to read the rest of this article from BusinessTaxRecovery.com