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How to Take Advantage of Colorado Moving on Your 2017 Tax Return

February 1, 2017

Did you realize you can take advantage of Colorado moving on your taxes? There are ways to maximize your refund post-move. Be sure to consider some of these tips when moving.

Moving for work:

Did you recently move for a new job? You may be eligible to write it off when you file your taxes. There are stipulations though so you must make sure you check all the boxes to be eligible. First, you need to meet a time test. This is two-fold. You need have moved within a year close to your new place of employment. More importantly, you need to have been at your new job for at a minimum of 39 weeks. If you are self-employed, this needs to be 78 weeks. The next requirement to qualify a move to be claimed on taxes for work is distance. The new place of employment must be within 50 miles of your last residence over your previous job. For more information and an example of the time test, read Market Watch’s How to Write Off Your Moving Expenses.

What can be deducted:

If you meet the requirements and move for work, there are a variety of things you can deduct. One of the main things to consider are all the travel expenses accrued during the move. All these things need to be reasonable though, so do not add in things or stretch the line. Next, you can claim expenses if you used movers or any packing services or supplies. Last, if you had to put anything in storage during your move, you can claim that too. You can add in storage up to 30 days. Meals cannot be included in your deductions. You also can’t claim anything in terms of selling your home. Just the costs of the move itself.  

Self-employed home taxes:

Are you self-employed and work out of your home? Whether you are planning a move or already moved, there is a plethora of things you can include when filing your tax return. However, you must be sure you have documentation for everything. The obvious things are phone bills, electricity and office supplies. Did you know can also claim rent or mortgages? As long as you don’t have any of the IRS’s exceptions to business expenses, you should be set. Essentially, your home must be the place you do most of your work. This is where you conduct meetings, normal everyday work, hold meetings, etc.  You can also claim various software you use, storage space and more. Talk to your tax specialist to see what you can claim.

When it comes to your next move, you can trust the experts of Eden’s Moving Services! Whether you are moving close to your current residence, or long distance (to claim for your taxes!), you can rely on us to get your valuable belongings there safely. Using Denver’s premier moving service? Consider packing services. For local and long distance moving services, be sure to fill out a quote or call us at 877-887-8248.