August 9, 2016
Tax Tip: Rules for Home Office Deductions

Tax Benefits for Job Hunters – Financially Simple

“Tax Benefits for Job Hunters”, Are you or is someone you know looking for a job? If you’re looking for a job in the same line of work (i.e. not switching careers), you may be able to deduct some of your expenses on your federal taxes. Here’s what the IRS has to say: You’ll usually deduct your expenses on Schedule A, Itemized Deductions, as a miscellaneous deduction. However, you can only deduct miscellaneous deductions that are more than 2% of your adjusted gross income. Costs that you can deduct include: resume preparation, editing, and mailing costs; travel expenses related to your search, and placement agency fees. You may not be able to deduct job-hunting expenses if there has been a long gap between the end of your last job and the beginning of your hunt, or if you’re looking for a job for the first time. Keep in mind that reimbursed costs are never deductible, and you should always keep receipts and mileage logs in case of an IRS audit. So in this article we have completely described the tex benefits for job hunters. For more information about job-hunting tax concerns, consult a tax professional in your area or see […]
June 15, 2016
Tax Tip: Rules for Home Office Deductions

Searching for a Job? You Can Deduct Certain Expenses

“Searching for a Job?  You Can Deduct Certain Expenses”, If you’re on the lookout for a new job this summer, you might be able to deduct some search-related expenses on your taxes. Here’s what the IRS wants you to know: Deduct Certain Expenses You can only deduct expenses for a job search relating to your current occupation. Unfortunately, you cannot deduct job search expenses if there is a “substantial break” between your last job and your job search or if you are looking for your first job. You cannot deduct expenses that are reimbursed by an employer or other party. You can deduct fees paid to employment and job placement agencies and the costs relating to preparing and mailing your résumé to prospective employers, including professional proofing and editing. If you travel to an interview or other search-related activity, you can deduct those expenses, but only if the primary purpose of the trip is to look for work. Job search expenses will usually be claimed as a miscellaneous item deduction, and you can only deduct the portion of miscellaneous deductions that exceed 2% of your adjusted gross income. Tip courtesy of IRS.gov[15] 15 https://www.irs.gov/uac/job-search-expenses-may-be-deductible   https://www.irs.gov/publications/p529/ar02.html