Tuesday, April 5, 2011

Seeking a new or better job?

Tax Tip:  With so many people unemployed, don't overlook Job Searching Expenses if you can itemize your deductions. Although they go under the section for miscellaneous deductions, and are therefore subject to the 2% of AGI (Adjusted Gross Income) limitation, they may add up.

These costs include resume's, postage, employment agency fees, advertising costs, career counseling, 50% of meal and entertainment costs, and any travel expenses directly connected with seeking employment, such as an interview in another city requiring an overnight stay. You don't have to actually land a new job to qualify for taking the expenses.

You cannot be seeking a job in a new career field; it must be in your same occupation. You must also be currently employed or recently unemployed, and it cannot be your first job out of college. Good luck!

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