Recent tax code reform could have a major impact on the finances related to your move. Let's take a look at this change.
Under the old tax laws, work-related moving costs were excludable from income or tax deductible, as long as they met certain IRS requirements. For instance, relocating closer to a new employer's office or closer to an existing employer's new headquarters both classified as eligible moves. This tax credit saved Americans about $3.7 billion in 2015, according to Moneywatch.
The recent tax reform removes this tax benefit for all non-military taxpayers. Moving expenses paid by you are no longer deductible on your 2018 tax return and moving expenses covered by your employer are now considered taxable income. For more clarity, don't hesitate to consult your employer or a tax professional prior to your move.
No matter the reason for your relocation, you should partner with a great moving company. Get in touch with Atlas today!