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July 21, 2022
Question

Promotion and Relocating to a Remote role

  • July 21, 2022
  • 1 reply
  • 0 views

What are the steps I should take to learn his to address the changes in my pay and the purchase of a new home?

1 reply

Critter-3
July 21, 2022

If you are a waged employee who gets a W-2 at the end of the year then :

 

1) moving expenses are not deductible

2) your withholding will adjust with the wage increase automatically ... adjust your W-4 withholding if you feel like it is needed

3) purchase of a home is immaterial unless you can itemize deductions ... you can check at the end of the year on the return but nothing to do in advance.

Employee
July 22, 2022

Also, if you are a W-2 employee, you cannot deduct any home office expenses.  If you are moving to a new state, look into state taxes.