Relocation Tax Services
Relocating for a job is never an easy process with finding a new home, learning a new area, getting your family settled, and finding new schools. And unfortunately, relocation package tax laws do not make the change any easier as the current regulations regarding these taxes on relocation packages provided by the company compound the headaches and create frustrating problems with taxes and tax liabilities.
A Taxing Situation
Relocation packages are fraught with pitfalls for many employees. While the company assistance is greatly appreciated, there is often a great deal of confusion when figuring taxes as to what can be taxed and what is deductible. And any missteps along the way regarding relocation package taxes can result in paying more than necessary or incurring unwanted penalties. While it is not impossible for an individual to read and then decode the regulations, working with professionals who specialize in relocation tax assistance makes the process less stressful and eliminates worries about expensive miscalculations.
How We Can Help
Whether your relocation is because of a transfer within a company or transitioning into a new profession, we here at Chandler & Knowles CPAs sympathize with the tax difficulties you face and are prepared to provide the personal and professional care you need in analyzing and addressing your biggest tax concerns. When we meet with you we examine all aspects of the relocation package you received and show you what you will be responsible for and why, and then work for you to find the greatest number of allowable deductions. Some of the items we examine include:
- If you received full or partial reimbursement
- Expenses incurred during the relocation process
- Your length of employment
- Work travel distance
And all elements of your move in order to determine the best approach to take. All of this adds up to fewer problems, less paperwork, and an accurate filing.
Compounding Relocation Tax Problems
One of the great financial advantages of living in Texas is that there is not a state income tax, a situation that everyone welcomes. However, if you are moving from an area that had a state income tax, you may still be responsible for them after you have moved. The expert guidance provided by Chandler & Knowles CPAs can be put to use in determining what tax obligations must still be met.
On a related note, if the job relocation is of an international nature, a different set of tax laws regarding this may come into play, and the relocation tax assistance provided by our experienced CPAs and tax preparers is invaluable in minimizing any taxes on your relocation package.
Contact Chandler & Knowles CPAs Today
While anyone is entitled to figure and file his or her taxes, the complicated and convoluted language of the tax codes, for the non-professional, works against them when trying to create an accurate return. For those interested in minimizing their taxes, finding the greatest number of allowable deductions, making sure tax obligations from their previous place of residence are met, as well as receiving sound financial advice and planning, the value of relocation tax assistance provided by Chandler & Knowles is beyond measure. To learn more about receiving our tax services, contact us today at 817-430-3000, or fill out our contact form to schedule your appointment at our office location in Flower Mound.
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