During tax season the most common question asked was about the tax reform. How will it affect my 2018 tax return? Which expenses are still allowed? How can I plan to protect my self from owing a lot of money next year. Over the next number of months we will be going through certain changes made to the tax law.
Change #1 – Moving expenses:
OLD LAW:
Under the old law, moving expenses were deductible under certain circumstances like:
– Your new residence had to be a certain distance from your former residence.
– Your employer couldn’t reimburse you for moving expenses or exclude
the reimbursement from your income.
– You had to have worked a certain amount of time in the year or two after your
move.
NEW LAW:
Under the new law, any move after December 31, 2017 will be eliminated and not be deductible. The only exception to the new law is for taxpayers who are members of the military on active duty who move pursuant to a military order.
You should seek advice from your tax professional when trying to determine how these changes will affect you.
If you have any further questions or would like talk to us about your tax and/or accounting/bookkeeping situation, call us for free consultation at (240) 676 – 0188 or email us at info@triuneaccountinggroup.com. At Triune Accounting Group it is our business to focus on your business, so you can focus on your business.