marks a time for change…whether it’s a new addition to your family, buying your
dream home, or your decision to pursue a new career.
vacations behind us and everyone settling into “back to school” mode, the job
search is back on.
for another job is a full-time job in itself and requires much time, energy,
and research. It can be tough for anyone! Luckily for you and others who may be
seeking employment, there’s good news….a deduction that may alleviate the costs
of your job hunt.
the following guidelines to determine whether your search expenses are tax
you are looking for your first job, your job search expenses are not
must restrict your job search to occupations in the same line of work, meaning
that you cannot completely switch careers. Any expense that is assumed or
reimbursed by your employer is not deductible.
you been looking for work through an employment agency? Those fees are
the perfect job may require traveling to another city. Your travel and
transportation costs for trips taken for the sole purpose of finding a job may
be tax deductible.
cost of envelopes, resume paper, and postage can really add up. Don’t forget to
deduct those costs!
- Being proactive in looking for a job after the end of your last job works in your
favor. If you wait too long to begin your job search, you risk losing the ability
to deduct your expenses.
search expenses are classified as a miscellaneous itemized deduction and can
only be deducted if the expenses exceed two percent of your adjusted gross
information about what expenses qualify for this deduction can be found in Publication 529 on the IRS website.
Good luck in your
job search! Getting more money in your pockets is possible…visit your local Liberty Tax to see if your expenses are