Tax Deductions While Moving in Savannah, Georgia
Savannah, Georgia is one of the oldest cities in the state and was established as early as 1733. Savannah has a lot of visitors who come to enjoy the city’s various attractions and to soak in the city’s historic past. It has been estimated that 40 million people move every year in the US and that is why Savannah, GA long distance moving companies have offer complete solutions for both home and business. However moving can be quite expensive and that is why it is important to look into ways you can save a few dollars.
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Roping in the Federal Income Tax Department
Most people never realize that their moving expenses can qualify for income tax deductions. You might be just moving across the country or returning to the country and the good news is that you might be eligible. Here are the various factors that will tell you whether you qualify for a tax deduction –
- Distance matters – In case you have relocated more than 50 miles away from your old home and office, you will qualify. So in case this is your first job, then if your new house is 50 miles away, that should do it. However, if your old job was 5 miles away from your old house, then your new job should be 50+5 miles away from your old office.
- Time counts as well – If you are employed, then you must put in at least 39 weeks of work in the first year but it does not have to be under the same employer. You can change jobs as often as you like and it is only the amount of time that you have put in that counts. For those of you who are self employed, the rules are slightly different. You need to put in at least 78 weeks of work in the first two years and there has to be 39 weeks of work in the first year.
Moving Expenses that you can Claim in Tax Deductions
- Travel expenses incurred for you and your family – However you have to take the most direct route and through conventional transportation. Also all family members do not have to move at the same time or take the same means of transportation.
- Packing costs – You can include the packing and movers costs.
- Installation and un-installation charges – There will be many appliances and equipment that needs a professional to uninstall and reinstall.
- Car mileage – There are two ways of doing this, you can either claim the actual expense or you can calculate 24 cents per mile.
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Icing on the Cake
If you are eligible for a tax deduction, there is more good news. You do not have to itemize your claims as moving expenses tax deductions are considered as “above-the-line”. Also you do not have to wait for next year to claim the deductions, even if the “39 weeks condition” is not yet fulfilled in this year but you expect it to. So you can go ahead and claim your deductions for moving expenses. In case, you have not put in 39 weeks as you expected to, you can always revise the deductions in the next year deductions.
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How far away from Savannah, GA ?
|Moving from Savannah, GA to Atlanta, GA||3 h 45 min, 247.9 mi|
|Moving from Savannah, GA to Augusta, GA||2 h 27 min, 135.9 mi|
|Moving from Savannah, GA to Bluffton, SC||30 min, 22.9 mi|
|Moving from Savannah, GA to Charleston, SC||1 h 59 min, 106.3 mi|
|Moving from Savannah, GA to Hialeah, FL||7 h 13 min, 482.0 mi|
|Moving from Savannah, GA to Jacksonville, FL||2 h 4 min, 139.1 mi|
|Moving from Savannah, GA to Miami, FL||7 h 4 min, 482.7 mi|
|Moving from Savannah, GA to Orlando, FL||4 h 12 min, 280.4 mi|
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