Tax Deductions For Your Job Search
January 11, 2010 by admin
Filed under Getting Ahead
With so many Americans out of work or looking for a better job to make it these days, it’s important to note that some job search costs are tax deductible. In the IRS Publication 529, there is an entire section devoted to “Job Search Expenses”. Even if your job search doesn’t yield results, you can still claim the expenses on your taxes.
As with most things in life, there is a catch. The IRS has three major exclusions – so don’t go saving all those receipts quite yet.
1. You must be looking for a job in your current occupation. If you are looking to shift careers you will not be able to deduct your expenses.
2. Another deal breaker – if it’s there has been a “substantial” break since the end of your last job and the current search. The IRS doesn’t define substantial, so be sure to check out this detail with a tax advisor.
3. If you are looking for a first job, say fresh out of college, you do not qualify for this deduction.
If you …
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