Did you know you can deduct some expenses associated with a job hunt from your taxes? There are some exceptions. You cannot deduct expenses if this is your first job hunt (for example, if you have just graduated from college and have never worked before) and you cannot deduct expenses if you are planning to change careers.
Since I am not a tax advisor, I thought it would be useful to direct you to the IRS’s website. Be sure to consult an expert regarding how this information may pertain to you, as this blog is not intended to provide tax advice. For example, you may download the IRS’s publication: Tax impact of job loss for answers to the following questions and more:
- Can I deduct any of the expenses that I have from looking for a new job?
- What types of expenses can I include?
- What about travel costs for interviews or job hunting?
- Can I deduct the moving costs I paid to move to my new job?
- My chances of finding a new job will be better if I take a few college courses. Can I deduct any of my tuition?
IRS’s publication 529 (page 5) answers other questions (this link is to the document for preparing 2008 returns):
- Can you deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation?
- What expenses for preparing and send a resume can you deduct?
- What about travel and transportation expenses?
It is so important to be smart about your money, especially when you are looking for a job. Don’t miss an opportunity to use deductions that may be available to you just because you did not know you were eligible. Make it your business to learn the rules and to consult a professional for help.
If you need help actually looking for a job, THAT I DO provide expert advice about! Learn more about how I can help you with your job search.
photo by brianjmatis