When you get the notice from your employer and agree to relocation, make sure you know what is included and not included in your relocation package. It’s very rare for firms to fully reimburse a move due to transfer or a new hire. To make sure you’re not losing money from your corporate relocation to Atlanta, here are some good tips.
Know what you’re getting into with your relocation contract. Most of the time you’re given a few weeks to accept or decline a request from your employer for relocation. As you field all the possibilities, make sure you see in writing what is and is not covered. Check to see how many vehicles will be shipped or how long temporary housing will be offered. If the terms in the contract won’t work for your family, you can also negotiate what you’ll need from your firm to make your relocation more comfortable.
Research the housing market in your new area. If the market is pretty competitive for renting and buying, you’ll definitely want to ask for more money to find a temporary housing situation.
Come tax time, keep in mind that relocation benefits are counted as income. Some firms pay for the tax associated with your relocation benefits as a little bonus or gross-up. Make sure you keep quality records for tax time, to make sure you aren’t stuck with a giant tax bill. That wouldn’t be a great welcoming present to your new home!
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