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Morning Money Matters: Your job search could be tax deductible

August 22, 2011; News 12 This Morning

Probably the last thing on your mind when you're looking for a job is how your search will affect your taxes, but you might want to think about it. It could mean a fatter refund check from the IRS.

According to IRS agents, you can deduct all your job search expenses if you apply for work in the same field. If you switch careers, you can't. The deductions include all those resumes you mail out, employment agency fees you might have to pay, and maybe even travel expenses if you have to go out of town.
But time is of the essence. You can't deduct anything if there's a big break between when your last job ended and your search for a new one began. You also can't get the perks if this is the first time you've ever looked for a job.

Agents want to remind you to save your receipts. You have to prove you actually spent the money before you are able to get any of it back.

Click the IRS link on this page to learn more about eligible tax deductions when it comes to your job search. Agents have also posted seven tips for you to maximize your deductions.


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