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April 18, 2011

Tax Deductions – Job Search

On any potential deduction, consult with your tax advisor, CPA, or financial professional to determine what is deductible to you or what is not.

You may not qualify for these deductions if you are returning to work or graduating from college.

Above all keep a clear log of your time, efforts, receipts and records.

But consider these potential tax deductions:

You may deduct job search-related expenses, including: moving expenses (for job relocation), continuing-education courses to keep your professional skills fresh, home office and meals (if you started working from home.

You may deduct headhunter and career coach fees. Keep records and these expenses can be deducted if you are trying to improve your chances of transitioning within your current field.

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Expenses in this category including cost of printing, photocopying or creating resumes, and even fees for joining job search sites, associations or networking events related to your industry. More deductions? Phone, Traveling to and From Interviews (taxis, trip meals, bus rides, tolls, parking). Keep good records. Child care fees may even be deducted if they are closely related to your interview schedule timing for example.

You may deduct moving expenses if you move 50 miles or more from your current home.

If you needed to freelance or become self-employed you should look into all the deductions that may come with your own business this year. You qualify for more. Ask your tax advisor about the Lifetime Learning Credit and the American Opportunity Credit this year if you are trying to reinvent and look for a job outside of your current career.

Posted at 3:38 PM in

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