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Job Search Expenses May be Tax Deductible

Taxpayer’s who are looking for a new job, but in the same line of work, may be able to deduct the costs of the search. In order for you to be able to deduct these expenses you need to itemized your deductions on a Schedule A. These expenses are considered “miscellaneous deductions” which means you can claim the amount of total expenses that’s more than 2 percent of your adjusted gross income.

Some job search expenses include:
• Resume Costs.
• Travel Expenses – includes transportation, meals, and lodging.
• Job Placement Agency.

Expenses cannot be deducted if they meet the following:
• Looking for a job in a new occupation.
• Looking for a job for the first time.
• If there was a substantial break between the ending of their last job and looking for a new one.

Please consult your tax advisor on all the above issues.

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