This month construction is scheduled to commence at the Port of Oakland’s Outer Harbor. TraPac (terminal operator) is planning to expand 57 acres and renovate the older portion of the terminal. Mike Porte, TraPac Oakland General Manager, is eager to get the project underway.
(World Maritime News)
DO YOU QUALIFY FOR TAX EXEMPTION?
You may, under certain circumstances, deduct some moving expenses on your federal income tax return if you complete the appropriate forms. You should consider asking your accountant about the tax implications of the following move-related deductions.
If you are moving in order to start a new job or have been transferred to a new location in your current job, the IRS allows you to deduct reasonable moving expenses as an adjustment to gross income if certain conditions, including the following, are met:
- The change in job location would require you to commute at least 50 miles (one way) farther to work had you not moved. That 50 miles must be based on the shortest of the most commonly traveled routes.
- The move occurs within one year of the date you begin work at the new location.
- You work full time (for any employer) in the general vicinity of the new location for at least 39 weeks during the 12-month period following the move. If you are transferred, laid off or become disabled before the end of the 39-week period, you still may claim moving expenses. If you are self-employed, you must work full time for a total of at least 78 weeks during the 24 months immediately after you move.
- Special rules may apply to members of the armed forces, retirees and survivors of deceased family members who lived outside the United States. Consult the IRS for details. Guidance as to what constitutes full time work and what is considered your home for the mileage calculation is also available from the IRS.
Tax Deductible Expenses
If you meet the qualifications, the following types of expenses may be deductible if you moved with the United States or from a foreign country into U.S. territory.
Packing and Transporting
You can deduct the reasonable expenses of packing, crating and transporting your family’s personal effects from your former home to your new one. Moving expenses can also include the transportation of your automobile and pets and the cost of valuation and in-transit storage. For moves within the United States, the deduction of in-transit storage expenses is limited to the cost of 30 consecutive days of storage after your goods are picked up. Guidance about whether particular expenses are reasonable is available from the IRS.
You can deduct the cost of your personal, one-way transportation and lodging. The trip should be the shortest, most direct route available for the type of transportation selected. It is not necessary that all family members travel at the same time. However, the expenses for only one trip per person may be deducted. Additional information about particular expenses may be obtained from the IRS.
If you are self-employed, you may deduct the aforementioned expenses if you have already made specific arrangements to operate your business at a new location. There is no cap on the maximum deduction allowed for transporting household goods or for a family’s travel costs to the new home.
- Meals while moving from the old home to the new one
- Pre-move house hunting trips
- Temporary housing prior to moving into permanent housing
- Costs of selling, buying or leasing homes as a result of a move
- Deposits lost due to damage or neglected cleaning
- Deposits required when entering a new lease
- Home improvements
- Licenses for drivers and automobiles
- Lost club membership dues
- Loss on the sale of your home
- Mortgage penalties
- Real-estate taxes (These are listed as itemized deductions on Schedule A.)
How Are Moving Expenses Reported?
Moving expenses are deductible only as an adjustment to gross income. Generally, to support your claim for deductions, you should use Internal Revenue Service Form 3903 — “Moving Expenses” — which shows the type and amount of moving expenses incurred. However, there are circumstances where other forms should be used, so remember to consult the IRS or your tax advisor to make sure that you are using the correct forms.
If you receive reimbursement for move-related expenses, that reimbursement is likely to have tax implications. Be sure to discuss those implications with your employer and your tax advisor. Specific guidance about reimbursements is available from the IRS. Your employer should provide you with information about the method of reimbursement used and what records you are required to have relating to reimbursement.
Talk to Your Accountant
Because Crown cannot legally offer tax advice, you should always consult the Internal Revenue Service or your personal tax advisor for the most current information about your particular situation.
- Ask for and keep dated receipts of all of your moving expenses and documentation in preparing your income tax form. Keep all papers pertaining to your move that you received from the moving company, such as the Bill of Landing and Additional Serviced Performed form, if any. You will need them when you claim your tax deductions.
- You might want to consult an accountant about how moving expenses could affect your income taxes. If a company reimbursed your non-deductible moving expenses, this could increase your tax liability. You might want to consider altering your W-4 form now to have extra money withheld.
- To help you file tax information on the sale of a home, request Publication 523 and Schedule D from the IRS. For more information on filing moving expenses request Publication 521 and Form 3903 from the IRS.
- To order federal tax forms and publications, call the nearest IRS office or 800-829-3676. Some of these forms and publications may also be available on the IRS Web site: www.irs.gov. You may also direct your questions to the local IRS office or the national office at 800-829-1040.
- IRS Publication 553, “Highlights of Tax Changes,” is available in January of each year. We recommend that you obtain a copy of this publication to determine if changes have been made in allowable moving expense deductions.
- If you are a member of the armed forces or a civilian moving outside the United States, contact your tax adviser for specific information on qualifying for and claiming moving expenses.
For more tips on moving click here.
(source: United Van Lines)
All sea cargoes bound for Terminal Niamey, Niger must be covered by an ECTN Certificate. Depending on the Port of Entry used (Lomé or Cotonou), one additional or more ECTN certificates will be required.
Cargoes shipped to Niamey via Lomé will require two ECTN / BESC certificates or more: one for Niger and one or more transit ECTN for Togo.
Be advised that every vehicle shipped to or through Togo must have a separate and individual ECTN certificate e.g. a container loaded with two vehicles must have two separate ECTNs. If a container has another cargo in addition to the vehicle, two ECTN certificates are required: one for the vehicle one for the other cargo.
Cargoes shipped to Niamey via Cotonou will require only one ECTN / BESC certificate since transit ECTN certificate are not required for POE Cotonou, Benin.
In addition to the freight rates, the transit time and other factors, the number of ECTN certificate required is another element to take in account when deciding on the POE for shipments going to landlocked countries.
(Source: CMS Express Inc.)
Like many ports around the world Tema Port in Ghana will be expanding to accommodate mega-ships. The project will create a mega-ship accessible channel, four deep water berths and a new breakwater. Completion is estimate by the end of 2019.
(World Maritime News)
The US Coast Guard has released an advisory report to East Coast Ports regarding hurricane Matthew. The category 4 hurricane could pass near or just off the Southeast coast late this week into the weekend. Some ports have closed or are planning to close operations.
Port of Palm Beach: closed 10/4
Port Canaveral: closing 10/5
Port of Miami: closing 10/5 (at 1 PM)
Port of Charleston: closing 10/6
(World Maritime News)
This video shows Shanghai Zhenhua Heavy Industries, Co. Ltd. delivering cranes to Berth 35 at JAXPORT’s Blount Island Marine Terminal. They are scheduled to be operational by the end of the year.
(World Maritime News)
The Port of Oakland is one of the busiest ports in the US. In late June the port began operating at night Monday through Thursday to help with truck congestion. Since then, truck transaction times have dropped from 96 minutes to 79 minutes. The port and 65% of owners consider it such a success that the port is going to continue operating at night during the week.
(World Maritime News)
If you are moving to Kuwait, a valid Kuwait Civil ID is required for sea freight to clear customs. Until a valid Civil ID is obtained, a Temporary Import License copy will not be issued by the Ministry and import clearance cannot begin. They will no longer accept work visas for sea import clearance purposes.
Below is the updated list of sea import customs clearance documents required in Kuwait for the importation of used household goods:
- Passport copy
- Valid Kuwait Civil ID
- Temporary Import License copy: You are now required to visit the Ministries complex in Kuwait City and show the Bill of Lading copy and your Kuwait Civil ID to obtain this document.
- An authorization letter from your company (Kuwait) in Arabic addressed to customs stating that you are under their sponsorship and Kuwait Maritime & Mercantile Company (KMMC) is appointed to clear and deliver your shipment is required. This letter must be on company letterhead, signed by the authorized signatory of the company and stamped by the company.
- A scanned copy of your company customs authorized signature (in Arabic Itmad Tokia) is required for signature verification for the above company authorization letter at customs.
(ISS Worldwide Movers)
Understand the Real Costs of Moving
When budgeting for an impending move, there is more to consider than money when evaluating cost. You’ll want to understand the true financial, physical and mental investments before making your final decision. After all, if you underestimate the cost of your time, health and emotions, your move could cost you a whole lot more than originally expected.
Evaluate Your Financial Costs
1) Packing Supplies
An investment in proper supplies will pay dividends when your belongings arrive at your new home. Sturdy boxes, packing paper, dollies, wraps and straps will ensure that items are secure when being loaded and delivered. Ask your local agent about the supplies they furnish and sell before buying supplies on your own. They may be able to estimate your needs more accurately.
2) Hired Help
The help you choose on moving day can dictate the relative ease and error you are prepared to compromise. Friends and family are attractive options for those willing to stomach the inherent risks, butif you are looking for a little more peace of mind, professional movers can help the process go as smoothly as possible.
3) Professional Packing.
It is all too easy to underestimate the time, materials and effort required to pack and move your home, especially when all of your belongings are all stored neatly away in your closets and cabinets. Consider the following.
Do you have special cargo? You may not want to risk packing and loading all of your belongings on your own – especially if they carry a higher value. You may want to seek the advice of a specialist before moving antiques, electronics and large furniture. It’s absolutely necessary to consider potential damage and breakage as you calculate the cost of packing and moving yourself.
Make a Supply Run. You’ll need to purchase boxes, blankets and bubble wrap when moving yourself. Proper packing demands professional materials including special boxes, wrapping paper, furniture padding and tape. And don’t underestimate your needs or you’ll be making multiple trips to the store to restock.
Can you drive large moving van? If you live in a moderately-sized home, you may need up to 1,600 cubic feet of moving space. This endeavor is more than many drivers can handle – especially if you are tasked with navigating narrow suburban streets and alleyways.
Your Time is Money. Don’t forget to calculate the cost of your time, especially if you are taking off work to pack, load and deliver your own belongings. If you opt to handle the entire move yourself, consider setting aside 2 or more days for both loading and delivery.
When planning a move, your choice of transportation is potentially the most cost contingent. When it comes to containers, trailers and trucks, your expense will likely scale with the level of your need. You’ll want to consider the timing, distance, volume and complexity of your move before contracting services or renting equipment.
5) Travel& Living
Regardless of distance, the moving processtends toinflatetravel and living expenses. In addition to potential lodging and air fare, incremental purchases like food, fuel and convenience itemscan add up unexpectedly, especially when you are doing most of the packing and moving yourself.
6) Distance Adds Up.
As a rule of thumb, the longer the distance, the more cost-effective professional movers tend to be. This is due to a number of factors.
One-way rental price may include additional fees. The price you pay may include fees to cover the cost of inventory maintenance and truck relocation when you return your moving truck to a location in a different city.
Mileage, Fuel and Insurance costs add up. Truck rentals may require that you pay these fees on top of the base price. This can end up being rather significant considering that some moving trucks only get between 6 -15 mpg.
Unexpected delays add to rental costs. Just when you think everything is going according to plan – something always tends to happen, right? If you fall victim to Murphy’s Law during a move, delays could cost you extra in rental fees.
Longer trips are a greater risk. Let’s face it, you may be able to pack like a pro, but can you drive like one? The longer you are on the road, the more you’ll face opportunities for damage and accidents. When you rent, these risks are placed squarely on you.
7) Real Estate Expenses
For most of us, the moving experience comes coupled with at least one real estate transaction. Whether buying, selling or leasing, you’ll need tocalculate the costs associated with your real estate to properly budget for your move. After all, contracts, estimates, titles and utilities can put a significant dent into your bottom line before you even start to pack.
Every major move comes with incidentals. They are virtually unavoidable given the scale of the undertaking. Even the most careful shippers are susceptible to mishaps. No matter how well you plan, or how careful you are, it is inevitable, supplies will run low, pictures will break, bulbs will burn out and paint will be spilled. It’s best to budget a couple extra dollars for human error.
Evaluate Your Opportunity Costs
9) Missed Work
Even when everything goes according to plan, a move can be a timely endeavor. The effort required to research, coordinate, pack, and move is significant. Considercontracting a couple extra hands or a full-service solution so that these tasks don’t translate into missed work. Just remember, vacation days have a monetary value too – so don’t waste them on anything less than a trip to the beach.
10) Personal Time
As moving day approaches and critical tasks intensify, time can seem to escape you. Without professional help, you’ll likely be consumed by paperwork, appointments and last-minute packing; unable to negotiate a single moment for family time or rest. For these reasons, you may want to consider the cost of your free time when weighing a do-it-yourself solution.
11) Recovery Time
You should carefully consider your ability to handle the physical demands of your move long before you start packing and loading. With a couple days of intense lifting, cleaning and traveling ahead of you, personal limits and recovery time should be at the forefront of your thought process.
(source: United Van Lines)
The failed military coup d’état earlier this summer by Turkish Arms Forces against the current government should have no effect on the creation of the Bosporus by-pass canal. Officially known as the Kanal Istanbul, the by-pass will create passage on the European side from the Black Sea to the Sea of Marmara. The intended purpose is to divert vessels from the Istanbul Strait, thus reducing traffic there and decreasing risks to tankers. The completed canal (estimated 2023) will be approximately 30 miles long, 80 feet deep and 500 feet wide.
(World Maritime News)