Did you know that in many cases, your moving expenses are deductable from your federal income taxes? If you moved because of a change in your job location or because you started a new job, you may be able to claim this deduction, even if you don't itemize deductions.

You can deduct your moving expenses if your move is closely related to the start of work;  your new main job location is at least 50 miles farther from your former residence than your old main job location was; and if you move within a year of reporting to your new job.  For more information, visit this link.

For information about the $8,000 tax credit for first-time home buyers in the economic stimulus plan signed into law by President Obama, visit www.federalhousingtaxcredit.com.