Tax Tips For People Looking For Work
Author: Ron Leyva
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In this economy, many people find themselves updating their resumes and looking for a new job. If you find yourself in this situation or know someone who is, it might be possible to deduct some of your job hunting expenses on your tax return.
Here are six things you need to know about deducting costs related to your job search.
1.In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.
2.You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.
3.You can deduct amounts you spend for preparing and mailing copies of a resume to prospective employers as long as you are looking for a new job in your present occupation.
4.If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.
5.You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.
6.You cannot deduct job search expenses if you are looking for a job for the first time.
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Tax Tips For People Looking For Work
Article Source:MiNeeds.com, where consumers get competitive bids from Accountants/CPAs. Read reviews, compare offers & save. Its free!
Article Link:http://www.mineeds.com/Claremont/Leyva-Business-Services/Articles/Tax-Tips-for-People-looking-for-Work
Tags: MiNeeds, Accountants / CPAs, Claremont, CA, 91711, Leyva Business Services, Ron, Leyva, Tax Tips for People looking for Work
In this economy, many people find themselves updating their resumes and looking for a new job. If you find yourself in this situation or know someone who is, it might be possible to deduct some of your job hunting expenses on your tax return.
Here are six things you need to know about deducting costs related to your job search.
1.In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.
2.You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.
3.You can deduct amounts you spend for preparing and mailing copies of a resume to prospective employers as long as you are looking for a new job in your present occupation.
4.If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.
5.You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.
6.You cannot deduct job search expenses if you are looking for a job for the first time.
Was the Article Useful?
I hope you enjoyed the article! Please rate it at the following link, your feedback is highly appreciated:
Tax Tips For People Looking For Work
