Are you considering a new job in your current line of
work? If so, the costs associated with
your job hunt may reduce your income taxes!
In order to qualify, expenses must be incurred while
searching for a job in the field in which you are currently employed. You may deduct job search costs that are in
excess of 2% of your adjusted gross income (AGI), and you must itemize your
deductions when you file your income tax return.
Among the costs you can deduct are:
Resume Costs – Includes the cost of preparing, printing and
mailing your resume.
Placement Agency Fees – Includes agency fees you pay while
looking for a job in same occupation.
Travel and Transportation Expenses – Includes expenses for
travelling to a new area to look for a job in your current field. The trip must be for the primary purpose of
looking for a job. You should track your
time and make sure that your time was primarily devoted to your job search to
ensure the travel costs qualify. If you
use the standard mileage rate to compute your auto expenses, the 2014 rate is
56 cents per mile.
Honorine M. Campisi, CPA
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