Deductible job-hunting expenses
Reprinted courtesy of TheCareerNews.com
WASHINGTON, DC — Tired of your same old humdrum job? Then get out there and look for a new one! It might even help you cut your tax bill. Many job-hunting expenses are tax-deductible, but not always. Here are some rules to keep in mind:
First, your job hunt must be in the same field in which you’re currently employed. Uncle Sam won’t help out if you decide to totally switch career gears. Second, you can’t decide to chill out for a while and then expect the IRS to help when you decide it’s time to get back on the career track. Deductions aren’t allowed for employment-search costs when there is a “substantial break” between your last job and when you begin looking for a new one.
Some of the costs that are tax-deductible include: employment and outplacement agency fees, resume services, printing and mailing costs, telephone calls and travel expenses. Even self-employment efforts could count at tax-filing time. The costs associated with investigating or attempting to start your own business, as long as it’s in the same field as your current profession, may be tax deductible.
Article abridged from Bankrate.com, and reprinted from TheCareerNews.com. Get the latest breaking News, Tips and Tools for your job search, Free!
