Moving? See how you can deduct expenses and put some money back in your wallet.
I’m Kevin McCormally of Kiplinger’s with today’s tax tip. If you move to take a job during 2008, you can probably right off the cost even if you claim the standard deduction. The key to this write off is that the new job has to be at least 50 miles farther away from the old home than the old job was. Is a distance between the old home and the new job, not the distance between the old home and the new home that matters. Now, if you qualify you get to right off the cost of giving of yourself, your family and your household goods to the new location including an allowance for driving your car.
If the move occurred the during the first half of 2008 you deduct 19 cents a mile, if it occurred after June 30 write off 27 cents a mile. A thousand dollars of expenses saves you a hundred dollars of taxes even if in you’re in the lowest bracket. And remember you still get to claim the full standard deduction.
For more tax tips to help lower your tax bill, listen to Kipling tax center at www.kiplinger.com/taxcenter.
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