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	Deducting Moving Expenses
Your Initial Financial Plan: Print Out The Eight Step Checklist to Keep Track of Your Progress Step 1: Calculate Your Financial APGAR Score Step 2: Put Together Your "Ow-Ow" (Net Worth) Statement Step 3: Prepare Your Monthly Cash Flow Budget Step 4: Set Your Savings and Debt Reduction Goals Step 5:  Project If You're Saving Enough for Retirement Step 6: Work Through a Tax Projection (to Avoid Any Surprises Next April 15th) Step 7:  Review Your Life and Disability Insurance Needs Step 8:  Have an Attorney Draft Certain Essential Documents   Looking For a CPA, Lawyer or Financial Advisor who has worked with lots of other newlyweds and is familiar with the issues that affect you?	If you move to a new home in connection with the start of a new job, don't forget to deduct your moving expenses on your tax return.  To deduct your moving expenses, the following two tests must be met: Distance Test: The distance between your new work place and your former home must exceed the distance between your former work place and your former home by at least 50 miles. For taxpayers starting their first jobs, the distance test will be met if your new place of employment is at least 50 miles away from your former home. Time Test: Moving expenses will only be deductible if you're employed on a full time basis for 39 weeks during the first 52 weeks immediately following the move. If you lose your job because of "involuntary separation" prior to working a full 39 weeks, the time test will be considered to have been met. When deducting your moving expenses, your limited to the following items: The cost of moving and storing household items and personal effects The travel and lodging incurred by you and your family members during the move.  If you used your car to travel to your new home, you can deduct $.10 per mile driven plus parking and tolls. To deduct your moving expenses, you'll need to complete and attach a Form 3903, Moving Expenses, to your federal income tax return. Remember, your moving expensed are allowable even if you don't itemize your deductions.

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