Tagged: moving expenses deduction

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

IRS Announces 2017 Standard Mileage Rates

Today the IRS announced the standard mileage rates for the 2017 tax year, which can be used by taxpayers to calculate their deductions resulting from costs for use of an automobile for the purpose of business, charitable activities, or moving. The new standard mileage rates beginning January 1, 2017 are as follows:[1] Type of Vehicle Use 2017 Mileage Rate 2016...

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

Standard Mileage Rates for Tax Year 2015

The IRS today announced the standard mileage rates that will apply towards business, charitable, medical and moving use of vehicles for tax deduction purposes. The optional standard mileage rates for 2015 will be as follows:[1] Type of Use: Standard Mileage Rate: Business 57.5 cents/mile Medical/Moving 23 cents/mile Charitable 14 cents/mile In comparison with the 2014 standard mileage rates, one rate...

Picture of a "For Sale by Owner" sign near a street curb. 0

Moving Expenses Deduction: Are Costs of House-Hunting Deductible?

Under Section 217 of the Internal Revenue Code, any “moving expenses” incurred “in connection with the commencement of work by the taxpayer,” whether employed by a business or self-employed, “at a new principal place of work” is deductible by the taxpayer.[1] The moving expenses deduction is deducted against gross income when calculating a taxpayer’s AGI. It’s commonly understood by taxpayers...