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Your Job Search Expenses May Be Tax-Deductible

Your Job Search Expenses May Be Tax-Deductible

John Rossheim | Monster.com

Three Major Deduction Categories

Deductible job search expenses generally fall into three categories, according to IRS Publication 529:

Outplacement and Employee Agency Fees: If you pay for job counseling or to have an agency match you with an employment opportunity, this expense is generally deductible. Of course, if you are reimbursed by an employer or anyone else, you cannot deduct these fees.

Is Your Resume in Shape?

1. When did you last update your resume?

The last time I looked for a job
Within the last month or so
Years ago

Resume Preparation, Mailing and Related Expenses: Paper, envelopes, portfolios, postage, phone calls and the like add up. To deduct them properly, you’ll need to keep meticulous records, including receipts and notes on the purpose of purchases.

Travel and Transportation Expenses: Whether you take the bus to an interview or fly across the country to pound the pavement, your job search-related travel and transportation expenses may be deductible. But remember: The amount of time you spend searching for a job versus engaging in personal activities during your journeys can be a factor. In other words, a three-week trip in February with one face-to-face informational interview thrown in isn’t going to cut it. These deduction rules are complex; get professional advice.

Before You Take That Deduction, Consider These 4 Factors >>


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