IRS tax regulations allow for costs associated with moving for a new job if it meets certain qualifying criteria. If you have storage costs associated with a qualifying move, it may be tax deductible.* According to the IRS website:
Storage expenses. You can include the cost of storing and insuring household goods and personal effects within any period of 30 consecutive days after the day your things are moved from your former home and before they are delivered to your new home. Source: https://www.irs.gov/publications/p521/ar02.html
Do you store items that generate income? If you have a full-time business and store goods, you are probably well aware that the storage is tax deductible. You may not have considered it for a part-time business.
Does your home-based business have equipment taking up space in your garage? Consider storing it instead and deducting the expense if applicable.
The following are types of expenses that go into figuring the cost of goods sold.
- The cost of products or raw materials, including freight
- Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products
- Factory overhead Source: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses
* The information contained here is presented in good faith and believed to be correct, it is general in nature and is not intended as tax advice. Consult your tax professional to see if this applies to you.