Tag Archive for Moving Expenses

IRS Updates Guidance For Deductible Business, Charitable, Medical And Moving Expenses

IRS

The Internal Revenue Service issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA).

Revenue Procedure 2019-46, posted today on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.

The guidance also provides rules to substantiate the amount of an employee’s ordinary and necessary travel expenses reimbursed by an employer using the optional standard mileage rates. Taxpayers are not required to use a method described in this revenue procedure and may instead substantiate actual allowable expenses provided they maintain adequate records.

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Written by | Posted in Business Deductions • Charitable Expenses • Moving Expense Deduction

Deducting Moving Expenses – MileIQ Mileage Tracking App

MileIq

Sometimes, you have to move because of a change in your job or business location. Or, maybe it’s because you start a new job or business. The IRS allows you to take a mileage deduction on your taxes for these moves. Let’s take a look at deducting moving expenses on your tax returns and the moving expense deduction rules.

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Written by | Posted in Advertorial

How “Moving On In Life” Can Be Tax Deductible

It was Walt Disney who said, “We keep moving forward, opening new doors, and doing new things, because we are curious and curiosity keeps leading us down new paths.” The world is shrinking and this quote has never been truer for us. Our professional lives no longer have the same boundaries as before. And we move for work and yes, the Internal Revenue Service (IRS) recognizes that and lo and behold lets us deduct moving expenses on our tax returns.

Read on… this truly gets more exciting (in a very tax nerdy way, if you know me!)

Requirements to Deduct Moving Expenses?:

Let me not get you too excited! Not everyone can deduct moving expenses. There are Read More

Written by | Posted in Individual • Tax Policy

2014 Standard Mileage Rates For Business, Medical And Moving Announced

The Internal Revenue Service issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical, charitable or moving purposes.

Beginning on January 1, 2014, the standard mileage rates for the use of a car (also pickups, vans, or panel trucks) will be:

• 56 cents per mile for business miles driven

• 23.5 cents per mile driven for medical or moving purposes Read More

Written by | Posted in IRS