Did you know that if you were in the market for a new job last year, most of your expenses related to your job search are tax deductible? Job search expenses can be deducted as miscellaneous itemized deductions.
When you’re searching for a job it’s important to keep track of your job search expenses. If you are looking for a job in the same industry you are currently in, many of your expenses related to your job search are tax deductible.
What you can deduct:
- Employment agency fees you pay in looking for a new job in your present occupation.
- Resume preparation costs such as typing, printing and mailing copies of your resume to prospective employers.
- Travel expenses for your job search if the trip is primarily to look for a new job.
- Local and long distance phone calls to prospective employers.
In order to deduct these expenses the amount of all miscellaneous itemized deductions must be more than two percent of your adjusted gross income.
You cannot deduct these expenses if:
- You are looking for a job in a new field.
- There was a substantial break between the ending of your last job and your looking for a new one.
- You are looking for a job for the first time.
For more information regarding tax deductions, please contact your local IRS representative.
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