Did You Know...?

..It could be tax deductible! You can deduct certain expenses incurred in looking for a new job in you present occupation, even if you do not get a new job. According to the IRS tax regulations, you can deduct amounts you spend for typing, printing, and mailing copies of a resume to prospective employers if you are looking for a new job in your present occupation.

However, you cannot deduct these expenses if: 1.) You are looking for a job in a new occupation, 2) There was a substantial break between the ending of your last job and your looking for a new one, or 3) You are looking for a job for the first time.

In order to claim a deduction, you must itemize these expenses on Schedule A of you tax return (NOTE: miscellaneous deductions, which include job search expenses, must exceed 2% of you adjusted gross income).

For more information on claiming job search related deductions, visit the IRS web site at: http://www.irs.gov and search for "Job Search Expenses" under "Forms and Publications".

The information contained above is for general purposes only and is not intended, and should not be construed, as legal, accounting, or tax advice or opinion to the reader. Because the information may not be applicable or suitable for the reader’s specific circumstances, the information contained herein should not be a substitute for consultation with professional accounting, tax, or other competent advisors.