Deducting Job-Hunting Expenses

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Advice, Economy, Employment, Help, Internal Revenue Service, Itemized deduction, Job hunting, Job-Hunt, Tax, Tax deduction, Unemployed, Unemployment

Written by Kay Bell, Published February 13, 2012, Bankrate.com/www.foxbusiness.com

These days a lot of Americans find themselves pounding the pavement in quest of a new job, whether they’ve gotten the pink slip or expect to get one soon. The good news: The search may help you cut your tax bill — under certain circumstances, job-hunting expenses are tax-deductible.

 

New job, same field

First, your hunt for new work must be in the same field in which you’re currently or were formerly employed. Uncle Sam won’t help out if you decide to totally switch career gears.

IRS Tax Center to Assist Unemployed Taxpayers

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Earned Income Tax Credit, Internal Revenue Service, IRS, Job, Recession, Tax, Tax credit, Unemployment

From IRS website – http://www.irs.gov/individuals/article/0,,id=219269,00.html

The “What Ifs” of an Economic Downturn
The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. If your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit.

Publications to assist unemployed taxpayers

Publication 4128 , Tax Impact of Job Loss
Publication 4128(SP), Tax Impact of Job Loss (Spanish version)
Publication 4763, Job Related Questions During an Economic Downturn
Publication 4763(SP), Job Related Questions During an Economic Downturn (Spanish version)