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Your Job Search Expenses May Be Tax-Deductible

Your Job Search Expenses May Be Tax-Deductible

John Rossheim | Monster.com

Did you spend substantial amounts of money looking for a new position last year? You may be able to succeed where Nelson Rockefeller failed and take a tax deduction for many of your job search-related costs.

When New York Governor Rockefeller was appointed vice president in the ‘70s, he deducted expenses incurred in connection with his congressional confirmation hearings. Years later, the courts upheld the IRS’s denial of the write-off, saying it violated a key rule on job search deductions: You must be looking for a job in the same trade or business as your previous position.

But fear not: The legitimacy of these deductions rarely gets decided in court. Armed with a bit of knowledge and some individualized professional tax advice, you may be able to reap savings by writing off a variety of job search costs.

Three Major Deduction Categories >>


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