Tax-Time Deductions

As “Tax Time” is fast approaching it is helpful to remember any deductions that can help minimize your tax liability. Therefore, I wanted to remind you (or bring to your attention) the eligible tax deductions related to your job search. Below is an excerpt from an article from Kiplinger regarding these expenses, “The Most-Overlooked Tax Deductions”, Kiplinger Staff (Friday, February 4, 2011). Requirements to be eligible include: costs have to be associated with a job search within the same field that you are currently in, you must not be looking for your first job and you cannot have taken a long break off and now be returning to employment.

“If you’re among the millions of unemployed Americans who were looking for a job in 2010, keep track of your job-search expenses. If you’re looking for a position in the same line of work, you can deduct job-hunting costs as miscellaneous expenses if you itemize, but only to the extent that the total of your total miscellaneous itemized deductions exceed 2% of your adjusted gross income. Job-hunting expenses incurred while looking for your first job don’t qualify.”

Eligible deductible job-search related expenses include:

  • Transportation, food and lodging if must be away overnight for your job search.
  • Taxi fares
  • Employment agency fees
  • Resume preparation fees, printing, business cards, postage

We can all use a tax-break, so check with your accountant to see if you qualify.

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