Your Job Search Expenses May Be Tax-Deductible, by Monster.com, cover what you can and can’t take as a tax deduction during your job search.
Categories of deductions:
- Outplacement and Employee Agency Fees
- Resume Preparation, Mailing and Related Expenses
- ravel and Transportation Expenses
However, there are four things you have to take into consideration, they advise:
- You Must Be Looking for a Job in the Same Occupation
- You Can’t Take a ‘Substantial Break’ Between Your Previous Job and Your Search
- You Can’t Be Looking for Your First Job
- Job Search and Other Miscellaneous Deductions Must Exceed 2 Percent of Adjusted Gross Income
And, best of all:
What if December 31 rolls around and you’re still looking? Relax — you can write off well-documented job search expenses for the year just ended, even if they haven’t yet paid off with a new job.