Pay attention to taxes when changing jobs
July/August 2010 PrintPrint this Article

PhotoUnemployed people looking for work aren't the only ones who may need to know more about taxes. If you change jobs, a number of things may either save you or cost you tax dollars.

Subtract taxes
Your tax professional can tell you if relocation expenses are tax deductible. Time and distance requirements will apply.

Add taxes
Signing bonuses and many relocation reimbursements are considered taxable income. Again, a tax professional can give you the details.

Compare taxes
Before making the move to a new job, compare property taxes and state and local taxes. If higher taxes eat up a pay increase, you might question whether the job switch is worth your effort.

FINRA Reference #FR2010-0331-0157/E 05/28/10

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