Economy, Tax Services, Tax Services - Individual, Uncategorized

Tax Deductions for Job Search Expenses

There are tax deductions for job search expenses available to taxpayers that meet certain guidelines by the IRS. These job search expenses are also subject to a threshold based on the taxpayer’s income.

In order to be eligible for a deduction, your expenses have to be spent searching for a job in your current field of employment. Programmers have to look for programming jobs, writers have to look for writing jobs, chefs have to look for cooking jobs etc. These deductions will also not apply for anyone who is looking for their first job, or for someone who has a large gap in their employment history.

One possibility in obtaining a new job is moving to a new location. If you are traveling to look for a new job you can deduct these travel expenses as long as you were traveling primarily to secure a new job. If you were to spend a week vacationing and have one interview you are not eligible to deduct your travel expenses.

If you are unemployed and searching, or recently changed jobs and wondering if your expenses are tax deductible, please contact the CLloyd Group immediately for a FREE consultation.

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