| Tax Deductions From A Job Search |
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If youve had a corporate job, there are a lot of things that you get used to having done for you. All of those office supplies, travel expenses, and marketing expenses came out of their budget and you didnt have to deal with those deductions. Now that youre paying for a lot of those things out of your pocket during your job search, you need to figure out whats deductible and what isnt. The first thing to know is that the IRS lets you write off expenses - including education and coaching - related to getting a job in the same field, but not if you are switching careers. There are other distinctions from them as well. When it comes to relocation, moving expenses are deductible if your new job is more than 50 miles further from your current home than your old job was and its only if you are moving for a full-time job. For travel and meals, you can generally deduct 50% of those expenses. That applies to meals you buy when you are traveling and it doesnt matter if youve eaten them alone or with others. If you do mix a business trip with some pleasure, keep it all straight. The IRS is on to that one. In no circumstance are any clothing or grooming expenses deductible. All of these things add up and may help when you start filling out your tax forms for the year. But be careful. And do talk with an accountant or tax preparer to make sure that every deduction you claim is one to which you are entitled. The government is pretty favorable toward people looking for work and many of the rules will tilt in your favor. Just make sure. |
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