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In the words of a financial company advertisement from some years ago, “You must pay taxes. But there’s no law that says you gotta leave a tip.” So in the spirit of getting it correct after the substantial tax law changes in 2018, here are Worldwide ERC®’s annual tax season filing tips, which should help to avoid “tipping” the tax man.
The moving expense deduction was suspended for 2018 through 2025 in the 2017 Tax Cuts and Jobs Act (TCJA). Therefore, the moving expense will not be deductible on your 2019 federal tax return. However, there are some circumstances in which you may still be entitled to moving expense breaks.
Be sure to check your W-2 if you moved to or from one of those states to be sure deductible moving costs paid or reimbursed by your employer were not included in your income.
If you are deducting moving expenses on a state return, or are a member of the active duty armed forces moving pursuant to a military order, here are several items deductible as moving expenses that are sometimes overlooked:
Other filing season tips:
Other significant changes made by the 2017 tax reform law:
The 2019 return will be due on Wednesday, 15 April 2020.
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Mobility is Worldwide ERC®’s monthly magazine, delivering industry and business news and updates, as well as insights on global talent mobility programs, tips and trends.