More and more people are losing their jobs in this country every day. As such there are thousands of normally employed Americans out looking for a new job. Luckily, there are numerous tax breaks and deductions available to help those in this particular position. To assist the readers of my blog that are actively looking for new employment, I have compiled the following list of tax tips for job hunters.
Keep Organized
While being out of a job and collecting unemployment can be disorienting, it is a good idea to remain vigilant with your organization and recordkeeping. You do not want to lose track of your financial documents and tax records. The costs of job hunting can be used to your advantage come tax season, so keep all receipts and documents related to your search for a new job.
Travel Costs
Travel expenses spent while traveling to an interview for a prospective employer can be written off. Although only 50% of your meal expense can be written off, airfare, hotels, and other, related travel expenses can be deducted in full.
Advertising Expenses
If you decide to post an ad for yourself on a job board, make sure you keep the receipt!
The IRS will allow you to deduct any costs of advertising your services if made while unemployed. This includes online ads, periodical and newspaper fees, and other ads.
Career Counseling
If you seek the advice of a career counselor while unemployed, those costs can also be deducted. Just be sure to keep all receipts, as well as a business card of the counselor you spoke with.
Legal Fees
If offered a position that requires an employment contract, then you might consider having a legal professional look it over. Not only are the legal fees tax deductible, the review may save you from getting into a contact that you do not understand.
Résumé Prep
Getting a job without even a minimal résumé these days can be tough. Fortunately, the costs to create, prepare, and send out your résumé are all eligible unemployment deductions. This includes stamps, envelopes, résumé programs, and mailing costs.
Employment Agency
Many unemployed taxpayers are choosing to get some help from an employment agent. If you do enlist the help of an employment agency to land the right job, you can probably write off any related fees.
Moving Costs Paid
If you need to re-locate for a new position, those costs may also be deductible. However, there are strict distance minimums and dozens of other qualifications. If you are going to deduct moving expenses then I highly recommend you check with a tax specialist before making any decisions.
Still See a Pro
Even though you are currently unemployed, and possibly a little strapped for cash, it is still advised you seek professional help on your taxes. In many cases, a tax preparer can point out helpful credit and deductions you may have missed. They can also make sure that you qualify for all the deductions you do claim. Finally, professional tax preparation services are also tax deductible.
Blog Archive
-
▼
2009
(986)
-
▼
April
(91)
- Check out my Appearance on the “Mind your BIZness”...
- CA Homebuilder Lobby Wants To Extend Tax Credit
- Tax Official Predicts More Protests Of Home Values
- Oakland Council Backs a Tax on Marijuana
- Top Lawmaker Wants Mileage-Based Tax On Vehicles
- Bankruptcy for Chrysler Likely Averted as Banks Ca...
- Bankruptcy Bill Watered Down, Still Fiercely Oppos...
- Latest Good Reads
- Feds Come After Redding Couple for Alleged Tax Scam
- Bank Of America May Need More Money
- NYC Personal Income Tax Revenues Plunge In April
- Tax Breaks Available for Taxpayers Who Purchase Qu...
- JPMorgan Chase Gets Ohio Tax Break To Create 1,000...
- Snoop Dogg's Tax Debts Unveiled
- GOP Stripped Flu Pandemic Preparedness From Stimulus
- IRS Says Set To Pursue "Other Banks" On Tax Evasion
- Small Businesses Brace For Tax Battle
- Switzerland Asks US To Drop Tax Case Against UBS
- The 10 Biggest Recipients of Federal Bailout Money
- Happy Earth Day!
- NY Tax Worker Accused Of Stealing Ids, $200K
- Tax Haven Questions Could Trip Up Panama Trade Pact
- Treasury Weighs New Mortgage Subsidies: Sources
- Michigan May Owe GM $116M In Tax Refunds
- Pay Rule Led Chrysler to Spurn Loan, Agency Says
- Tax Move Saves Family $1.5 Million
- Stimulus Benefits Could End Up Costing Retirees At...
- Lawmakers Debate Tax on Health Benefits
- PRO and CON: Should I Buy a House in 2009?
- How to Avoid Owing Back Taxes on Unemployment Bene...
- Taxes: Have You Paid Your Fair Share?
- Helio Castroneves Found Not Guilty In Tax-Evasion ...
- Latest Good Reads:
- Congratulations! Tax Season is OVER!
- Are You Required to Make Estimated Tax Payments?
- How to Avoid an Extension in 2010
- Obama Tax Returns For 2008: See The Complete Filings
- D.C. Tax Protest Is No Tea Party
- After Busy Season, Accountants Get a Well-Deserved...
- Hundreds protest tax increases at Calif. Capitol
- Happy Tax Day!
- Tax Day Roundup: Filing Tips and Free Food
- Tax Day Tea Party Celebrations
- Roni Deutch Celebrating Tax Day on the Today Show
- Roni Deutch on Fox Business, Money For Breakfast
- 4,000 Protest Taxes & Spending at Michigan Capitol
- Still No Verdict in Castroneves Tax Case
- Obama Highlights Tax Breaks
- A 2009 Tax-Time Interview with Roni Deutch
- The Income Tax System is Broken
- Roni Deutch’s Law Firm Identifies Overlooked Forms...
- Navigating a Tax Return Minefield
- Would A Payroll Tax Holiday Boost The Economy?
- Report: Ohio Tax Climate In Top 10 For Small Biz
- More Americans Wary Of Tax Man This Year
- Making the Most of Your Taxes for the Growing Legi...
- Use Tax Time to Improve Your Financial Life
- Lay 'Death Tax' Debate To Rest
- Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
- Tax the Super-Rich More Than the Rich?
- Making the Most of Your Taxes for the Growing Legi...
- How Much Americans Actually Pay in Taxes
- Several Tax Breaks Are Available For Tough Times
- More States Look to Raise Taxes
- Pentagon Preps For Economic Warfare
- Wells Fargo Projects Record $3 Billion 1Q Profit
- Latest Good Reads:
- IRS Urges Taxpayers To e-file Extension Requests b...
- California's Anti-Tax Crusaders Talk Revolt
- Spring Time Marketing Tips for Small Business Owners
- IRS: Credit, Debit Fees On Tax Payments Are Deduct...
- IRS Circling, UBS Bans Travel for Some Advisors
- Adjust Withholding On W-4 To Keep Tax Credit On Track
- San Francisco Residents Top List Of Tax Procrastin...
- US, Switzerland To Begin Tax Treaty Negotiations
- Tax Tips for Job Hunters
- UOP Forecast: Sacramento Unemployment To Hit 12%
- Tax Tips: Married to Your Business Partner?
- One In 10 Americans Gets Help To Buy Food
- Fundline: Tax-Free Bonds Out-Yield Taxable Bonds
- How The Tax Burden Has Changed Since 1960
- Can You Believe...? Tax Information for Business
- 2 Ex-KPMG Managers Sentenced Over Tax Shelters
- Latest Good Reads
- Tax Advantages to Having Kids?
- IRS Testing Fast Track Mediation
- 10 Professional Athletes that had IRS Tax Problems
- New Tax Breaks to Be Aware Of
- Obama's Poor Tax
- California Needs To Refigure Its Taxes
- First $2,400 of Unemployment Benefits Tax Free for...
-
▼
April
(91)