Are Job Hunting Expenses Deductible?

Many people have often wondered if they can deduct job search expenses. The answer is that these expenses are deductible, but it depends on your personal situation on whether or not you will be able to deduct these expenses. That basically means you need to itemize your deductions on a Schedule A and the expenses need to be more than two percent of your adjusted gross income. These expenses are “miscellaneous deductions” on your Schedule A.

The catch is that the expenses need to be for a new job but in your same occupation, meaning if you are looking for a new line of work, they are not deductible. Expenses to look for your first job or if you have taken a long time in between jobs are not deductible. Some possible deductions include the following:

· Travel Expenses to look for a new job.

· Placement agency fees.

· Cost to create your resume.

Please consult your tax advisor on all the above issues and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.