While moving can be an expensive and exhausting task, it does not have to break your bank or make you feel as if costs keep piling up. In fact, there are several ways you can minimize the stress of moving and cut your costs significantly. It does not matter if you are moving to the next town or relocating out of state. Take heed of the following tips on moving to help you recoup some of the costs, save money and keep your sanity in check.
Deduct Your Moving Expenses From Your Taxes
If you are moving due to a job change or to start a business in another city, you can deduct some of your moving expenses on your federal tax return. The Internal Revenue Service allows you to deduct expenses if the costs meet certain requirements.
- First, your relocation must take place close to the start date of your new job or the opening of your business.
- Second, your new job or business location must be at least 50 miles farther from your old home than your previous work location was from your old home. For example, if your old job was 10 miles from your old home, your work location must be at least 60 miles from your previous home.
- Third, you must work full-time for at least 39 weeks in the first 12 months after your move. You do not have to work for the same employer during that time frame but the 39-week requirement must be meet in the year.
If you meet these requirements, make sure to submit IRS Form 3903 Moving Expenses when it is time to file your taxes. Make sure to keep all receipts related to the move to calculate your deduction properly.
One of the biggest mistakes people make when moving is to take too much stuff. If you have lived in your home for more than a few years, chances are you have a lot of things in your attic, basement or garage that you do not need to take with you. The more stuff you pack, the more expensive your move will be.
As soon as you find out that you will be relocating, begin sorting through your belongings. Clear out an area of your home to store items that you need to recycle, throw away or sell. It may be hard to part with some of your old belongings but if you have not used or worn something for at least two years, do you really need it?
If you have a lot of stuff, hold a garage sale to earn some money that you can put toward your moving expenses. Make sure to advertise your garage sale on online bulletin boards along with a list of items you will be selling. You will be surprised at how many people will show up for some obscure item that you think is worthless. The old cliche "one man's trash is another man's treasure" really does ring true when it comes to garage sales.
Pick the Right Time and Be on Time
If you have some flexibility as to exactly when you can relocate, you can avoid the priciest times of the year and month for moving. Try to avoid high demand times like the summer and the end or beginning of any month. Provide your mover with a list of possible moving dates and ask if there are any discounts on moving during slower seasons or in the middle of the week.
For moving companies, time is literally money. Once you make plans, do your best to have your home packed and clean by the time the movers arrive. If you procrastinate and make movers wait, you may end up paying extra fees because you are running behind and your move is delayed be a few hours. Visit a site like http://www.bekins.com to get in touch with a professional moving service for more tips.Share