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Tax Deduction Consulting: Relocation Helena MT

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.

John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

Data Provided by:
Johnson Dave CPA
(406) 442-1040
828 Great Northern Blvd
Helena, MT
 
Judd Accounting Service
(406) 495-1178
3203 Rawhide Ct
Helena, MT
 
Rowsey Charity CPA
(406) 442-1040
828 Great Northern Blvd
Helena, MT
 
H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

Data Provided by:
Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
 
Broussard Kathleen Acct
(406) 442-5520
111 N Last Chance Gulch
Helena, MT
 
Blessinger Mark CPA
(406) 442-5520
111 N Last Chance Gulch
Helena, MT
 
Rulon Marlys CPA Cva
(406) 442-5520
910 N Last Chance Gulch
Helena, MT
 
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...

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