August 9, 2016
Tax Tip Tuesday Financial Blog Post

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 […]