The move requires our full attention. There are so many details that it is possible that they escape us… It’s not just about packing, moving, cleaning, throwing away, etc. There are also permits and taxes to check. What we always recommend before making a move is to hire specialists in the field. A Moving Services Chicago specialist will help you with all of these issues that you may not have considered. But, if you still want to do it all yourself, we want to offer you A Guide For Taxes and Moving In Chicago.
Packed Moving Services Chicago experts teach you few options that can make your tax bill a little lower. Let’s review the tax extensions
We regret to inform you that if you move within the same city, you cannot claim a deduction for moving expenses. For this to be possible you need to move at least 50 miles farther than your previous employer was from your home.
There are time test requirements. So you need to work a minimum of 39 weeks as a full-time employee during your first year. This year begins to run as soon as you arrive at the new location. It is possible to meet this requirement if the 39 weeks are not consecutive and if you have to work for more than one business.
This may include such things as renting a storage unit, travel costs for you and your family, vehicle use and gas. It may also include tolls or airline or train tickets if the move is long distance.
In order for you to claim all of these deductions, you must meet the timing test requirements. Note that you may not be able to claim these deductions until the year after you move. Check IRS Form 3903 and attach it to your personal tax return. If you are hiring a Moving Services ask the company about the tax reduction process. For sure, they will help you!.