News

Announcements and Updates

Thinking about moving?  Is your employer paying your expenses? Could be counted as taxable income, without getting a deduction for the expenses.

Suspension of moving expense deductions. For tax years 2018 through 2025, the deduction of certain moving expenses is suspended for nonmilitary taxpayers. In order to deduct certain moving expenses, you must be an active member of the military and moving due to a permanent change of duty station. For more information, see Who Can Deduct Moving Expenses , later. (Not applicable for California income tax)

Moving expense reimbursements. For tax years 2018 through 2025, reimbursements for certain moving expenses are no longer excluded from the gross income of nonmilitary taxpayers. For more information, see Reimbursements , later.

Standard mileage rate. For 2018, the standard mileage rate for using your vehicle to move to a new home is 18 cents a mile. See Travel by car under Deductible Moving Expenses.

Click here for more information:  https://www.irs.gov/publications/p521#en_US_2018_publink1000203435

Also check out this video:

https://youtu.be/zy5pb7Cp1-0

steve@stevesimsea.com