Looking For A Job? Write Off Your Job Search Expenses.
September 16, 2008 – 8:25 pmTimes are getting tough in the job market, and several of my friends are currently looking for new jobs. If you fall into this group, either by choice or by force, please remember that you can deduct some of your job search costs, as outlined in an article by Kiplinger’s here. Please speak with your CPA to ensure you meet all of the rules governing these deductions, and note most of them apply to job hunters that are looking for employment in the “same line of work” as their previous job.
Some of the key expenses that can be itemized include:
- travel expenses
- mileage for driving to interviews
- outplacement agency fees
- professional resume writing fees
- moving fees (if you move far enough to qualify)
My only issue, like with most deductions, is that you need to itemize your deductions when you file your taxes in order for this to be an option. With the married filing jointly standard deduction at $10,900 in 2008, millions of Americans are better off sticking with the standard deduction and may not be able to make use of this recommendation.
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One Response to “Looking For A Job? Write Off Your Job Search Expenses.”
nice one! tax deductions. Great deal they have that privileges in your country. Hope we could do the same in the Philippines.
By bizmind on Sep 18, 2008