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I would say there would be no profit in reporting the $500 moving expense.
The reduction of expense is taken from your taxable income, so if you're being taxed in the 20% bracket it would lower your tax by approximately $100 or maybe less.
Here is a link to the IRS tax table so you can see exactly what the difference would be.
I would say there would be no profit in reporting the $500 moving expense.
The reduction of expense is taken from your taxable income, so if you're being taxed in the 20% bracket it would lower your tax by approximately $100 or maybe less.
Here is a link to the IRS tax table so you can see exactly what the difference would be.
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