![]() ![]() Related: How Does a Job Relocation Work? (Plus Steps and Tips) Why do employers pay for moving expenses? ![]() For instance, a move from one city to another within the same state might be more affordable than if you move cross-country or internationally. The total cost of your moving expenses differs depending on the duration and distance of your move. These costs may include the price for movers, pack and ship services, moving trucks or trailers, storage, fuel for miles driven, temporary lodging, airline flights or security deposits. When you move for work, moving expenses can include various costs related to relocating from one home to another. In this article, we discuss navigating moving expenses paid by employers by sharing how the Tax Cuts and Job Act affects your tax liability and how you can reduce it. Understanding your tax liability regarding relocation packages can help you advocate for the proper benefits from your employer. This benefit may come with an increased tax liability that can affect your filing at the end of the year. Questions regarding these procedures may be directed to Margaret Nowicki, Extension 22549.Since moving for work can be expensive, many organizations offer to pay for employees' relocation expenses. To Publication 521 Moving expenses for more detailed instructions. When filing your tax return for the year you received your moving expense please refer Qualified moving expense reimbursements are subject to withholding taxes or retirement contributions and are paid through the payroll Supporting documentation must be separated into these same categories. Storage charges except those incurred in transit and for foreign moves.Security deposits (including any given up due to the move).Losses from disposing of memberships in clubs.Home improvements to help sell your home. ![]()
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