Lone Star Self Storage Use Tips!
Did you know that, for some moves, you can deduct certain kinds of expenses from your total income when you file your taxes? Yup, that’s right. But in order to maximize your savings, you need to meet certain criteria and be aware of what you can and cannot include in your computations.
The main criteria for this particular type of tax deduction is that you must have moved because you started a new job. Furthermore, your new job should be located at least 50 miles further away from your old home than your former workplace was. You also must have worked for at least 39 weeks in the span of one year.
The one exception to this rule is if you are a veteran who has moved back to the United States. You can deduct moving expenses even if you don’t start a new job.
If you fit these criteria, here is a list of the expenses you can deduct from your total income:
1. Packing materials
This can include anything that you purchase to protect your belongings as you transfer between homes. Some examples include:
- boxes and/or crates;
- packing tape;
- bubble wrap/padding;
- furniture protectors; and
- moving blankets.
2. Shipping costs
Regardless of whether you decide to rent a U-Haul truck or hire a moving company, you can definitely deduct your shipping costs from your income for the year.
This can refer to hotels you may need to stay in as you travel between homes and/ or temporary housing you need to move into before settling into more permanent digs.
4. Temporary self-storage
If you choose to store and insure any of your items for up to 30 days after they leave your home but before they get delivered to your new one, you can deduct this expense.
Knowing what you cannot deduct from your total income is also important. These items include:
Eating is a basic necessity. So you will not be allowed to use meals as deductions.
2. Miscellaneous/unnecessary expenditures
You will not be able to deduct expenses that are not directly related to the actual moving process. So for example, if you find that you need to hire a babysitter for your children at some point during the move, you will not be able to subtract that cost from your income.
Lone Star Self-Storage offers no-commitment month-to-month contracts that allow you to storage your items for as little or as long as you need. When you’re ready to make your next move, contact us. We’re Austin’s most convenient storage facility!