|
If you are looking for a job, your local CPA advises you to keep track of the expenses. Believe it or not, there are tax deductions for some expenses accrued during job-hunting. Looking for work is a time consuming full-time job on its own. Having the correct clothes to wear to interviews, daycare for young children, transportation and any expenses created from updating or printing resumes and cover letters makes searching for a job a financial burden without a steady income coming in from somewhere else. The IRS has taken this hardship under consideration and will deduct some of these costs from your liabilities. The following is a list of seven deductions which you should be aware of when job-hunting. Knowing what they are ahead of time will help you keep your tax records organized with proper receipts saved from any expense transactions. Your CPA will advise you to save all receipts for possible deductions elsewhere on your tax return. Your tax specialist will help record these deductions in order for you to minimize your IRS liabilities. 1. Expenses which apply to the IRS deductions must be from job-hunting in your current occupation. Seeking new job opportunities in another profession will not qualify. Also, if any potential employer or third-party reimburses you for your job search expenses, you may not deduct the expense. 2. Employment placement agency fees are qualified deductions. 3. The cost to prepare and mail resume to potential employers are deductible. This covers paper copies as well as any expense to produce a DVD version if the employer requests information in that format. 4. Please note: if there was a substantial break in between your last job and when you begin looking for a new one, these expenses will not qualify for deduction. Check with your Certified Public Accountant for a more detailed explanation concerning the time span in between job loss and job hunting. 5. If you must travel to look for a job, this expense is deductible as long as the main purpose of the trip is job-hunting. 6. Looking for a first job is not an expense which can be deducted. This tax savings are for those who are seeking a new job. 7. Job-hunting deductions are claimed along with other miscellaneous itemized deductions. The total amount of of deductions in this miscellaneous category must not exceed two percent of your adjusted gross income. Tax deductions are a great way to lower IRS tax liabilities. There are set rules and regulations concerning what expenses will qualify and how forms must be filled out. This does not apply to just job-hunting expenses. There are tax deductions for both personal and business taxes. The IRS does offers many tax breaks knowing that individuals and businesses need a financial break. If you have deductions to claim or think you may have the opportunity to claim future ones, talk to your financial adviser in order to properly file them with the IRS. Miscellaneous deductions are a good way to save throughout the year. Rely on the expert knowledge of your local CPA to make the most out of your tax return. National Student Loan Relief helps individuals gain financial relief from their Federal Student Loans. Student loan debt consolidation can lower your payment and get reduced interest rates.
Related Articles -
CRDCPA, Temecula Certified Public Accountant, Temecula CPA, Temecula CPA advises, Temecula CPA will help, your local CPA,
| 
