Copyright © Daniel Cullinane CPA.
Strategy: Keep track of job hunting expenses. If you qualify, you can write off those costs as miscellaneous expenses on your personal federal income tax return. You can claim a deduction whether you find a job or not. Generally, you can write off expenses of searching for a job in the same industry or field. For example, if you have owned a manufacturing business and now plan to become a manufacturing consultant, you qualify for the deduction. Some one fresh out of school may deduct their initial job hunting expenses. Some expenses that are commonly deducted:
Expenses for preparing, printing, and distributing resume, including the cost of using a professional expert
Costs of phoning faxing, or otherwise communicating with prospective employers
Advertising expenses used to make your self more visible.
Employment agency or head hunter fees
Travel to interview with a prospective employer, including airfare or other transportation, lodging, 50% of the cost of your meals, and incidentals like taxi faree and laundry
Your deduction for annual miscellaneous expenses is limited to the excess above 2% of adjusted gross incomeType your paragraph here.
JOB HUNTING DEDUCTIONS
Daniel Cullinane CPA
25 Plaza 5 25th fl Jersey City NJ phone 732-516-1648 fax 732-516-9778
2500 Plaza 5 25th fl Jersey City NJ 07311 phone 732-516-1648 fax 732-516-9778