11-23-11 Tax Tips for Job Seekers

Tax Tips for Job Seekers

Did you look for work sometime during the year? If you did, you may be able to deduct some of the costs associated with your search. See below for some tips on what you can and cannot deducting relating to the job search:


• You may not deduct expenses that occur after a significant break between losing your last job and beginning to search for a new one.

• You may only deduct expenses that are over 2% of your adjusted gross income.

• In order for the expenses to be deductible, the expenses must be incurred while searching for a job in your current profession. If you are looking to change your profession your expenses do not qualify for deduction.

• Some examples of expenses that you can deduct are:

     • Costs related to printing and mailing resumes
     • Travel expenses ONLY if the trip’s primary reason is searching for a job
     • Employment agency fees.

• If this will be your first job, your expenses are not deductible, even if they fall within the guidelines above.
Please let us know if you have any questions.

(1) IRS. Internal Revenue Service 29 July 2011

 
 
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