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Running head: STUDENT REPLIES 1 Student Replies Student name: Institution affiliation: Lecturer name: Student admission number:
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STUDENT REPLIES 2 2 2 2 Student Replies Reply to Janet Deductible moving expenses are those expenses that a taxpayer can be given an exception from when filing the general taxable income. However, the taxpayer is not allowed to be exempted from deducting non-deductible expenses when filing their annual taxes. Some of the deductible expenses include motor expenses, boarding expenses during a move, storage expense from in transit move among others. I agree with my colleague that one challenge with moving is that there are already many non-deductible expenses that come with this activity. Therefore, it is important for taxpayers to be careful not to take funds from IRA or retirement in the same financial years as a reimbursable move because these will significantly increase the overall income. Tax planning is very important for any taxpayer who would want to benefit from deductible moving expenses. On the
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  • Winter '10
  • Taxation in the United States

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