January is the start of the New Year. While many people are thinking about all the things that they hope to be different this year, all the things that they have planned for the year and the like, there are just as many people who are thinking about tax time. For those who moved in 2021, they may be asking just what they can deduct from their taxes when they file?
For years, many people were able to deduct just about any expense related to their move, regardless of why they moved. However, the Tax Cuts and Jobs Act of 2017 stated that moving expenses could only be deducted by military members and their families starting in 2018 and ending in 2025. This act also made it to where you only have up to 3 years in order to deduct moving expenses.
So, if you have moved in 2021, can you deduct these moving expenses on your taxes? Unless you are in the military, then you will find that you probably do not qualify for any sort of moving deduction. By all means, check with your accountant on what you could possibly deduct, as some people are still able to deduct mileage for a move if this was required for a career, so there is at least that.
For those who plan on moving in 2022, they are going to find that deducting moving expenses is going to be the same until this act expires, unless it is signed into law again in 2025. Due to the fact that many people find out they cannot deduct moving expenses, they do shop around for the best rate from their movers. This is a good idea, no matter what, and you will find that you should not only consider the rate that the crew offers, but their reviews as well.
Here at Quality Moving & Storage, we have years of experience in moving items, whether this is a commercial or residential move. We offer affordable rates and have tons of customer reviews to back us up at being the Long Island movers to choose!
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