13 Apr Calculating Deductions for Business Moves
If you’re moving your office or other workplace to or from Fullerton, you’ve hopefully selected a Fullerton moving company that will do the best possible job at the best possible price. Everyone, of course, wants to get the most for their money, particularly if they’re in charge of an office or other busy workplace. As owners and managers know, expenses for relocating a place of business can accumulate in a very short time. But selecting fairly-priced Fullerton movers isn’t the only way to put money back in your pocket when relocating your office. The government, for instance, offers generous tax deductions for certain expenses arising from office moves.
The expense of relocating equipment, supplies, inventory, and other property from one building to another is deductible. So are many expenses arising from buying or leasing a new office or workplace. If you intend to take advantage of these deductions, we Fullerton moving companies strongly recommend maintaining accurate records of all applicable transactions and expenses related to your relocation. Such documentation enables you to verify all claimed expenses should the need arise.
Once on the road, you may be entitled to receive a moving expense deduction for travel mileage. The claimable amount is tied to applicable mileage rates.
Personal expenses related to a business move also are deductible. The key here is the phrase ‘directly related’. What falls into this category is something you’ll definitely want to discuss with your tax professional. You also may consult IRS Publication 521, which covers the topic of moving expenses.
If you have questions about business moves, be sure to reach out to Executive Moving Systems. A leading Fullerton moving company, we provide prompt, dependable service no matter how big the job. When you need reliable Orange County movers, you can count on Executive Moving Systems to get it there safe and sound.