I am often complimented on my responsibility by my peers. It’s flattering, and I love accepting the compliment because I work really hard to live the life I lead, but I am by no means perfect. At 25, I am fiscally responsible, have a career as opposed to a job, am going to graduate school, have a roof over my head and a car to my name, but, I am still learning.
In fact, I did a lot of my learning when I moved to Savannah 10 months ago. In light of the new year, here are some things I learned last year, and hopefully, you can learn something from them, too.
1. Moving for employment is tax deductible.
If you moved due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses if you meet all three of the following requirements:
• Your move is closely related to the start of work.
• You meet the distance test: Your new workplace must be 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be 50 miles from your old home.
• You meet the time test: If you are an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you are self-employed, you must work full-time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location. There are exceptions to the time test in case of death, disability and involuntary separation, among other things.
For specifics on what items are considered tax deductible, visit www.irs.gov