moving expenses

Law Change Affects Moving, Mileage and Travel Expenses

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The Internal Revenue Service recently provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect:

  • Move related vehicle expenses
  • Un-reimbursed employee expenses
  • Vehicle expensing

Changes to the deduction for move-related vehicle expenses

The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning after Dec. 31, 2017, and goes through Jan. 1, 2026. Thus, during the suspension no deduction is allowed for use of an automobile as part of a move using the mileage rate listed in Notice 2018-03. This suspension does not apply to members of the Armed Forces of the United States on active duty who move pursuant to a military order related to a permanent change of station.

Changes to the deduction for un-reimbursed employee expenses

The Tax Cuts and Jobs Act also suspends all miscellaneous itemized deductions that are subject to the 2 percent of adjusted gross income floor. This change affects un-reimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel.

Thus, the business standard mileage rate listed in Notice 2018-03, which was issued before the Tax Cuts and […]

By |May 31st, 2018|irs, moving expenses|0 Comments

Here is a list of 10 deductions individual taxpayers may overlook

Now that all the 2011 tax deadlines have passed, it is a perfect time to start planning for the next tax season.
Here is a list of 10 deductions individual taxpayers may overlook provided by Bankrate.com:
  1. Additional charitable gifts – everyone knows the donation itself is a deduction, but did you know certain expenses are deductible as well?  For example, you could be reimbursed charitable miles at $0.14 per mile, the cost of any supplies bought for the group, and if a uniform is required, you could deduct the cost of that uniform and its cleaning bills.
  2. Moving expenses – there are many moving expenses you can deduct when you relocate.  For example, even your first relocation after college to start a new job is deductible.
  3. Job hunting costs – costs related to searching for a new job in your current profession can be […]