When you're job searching, it's important to keep track of your job search expenses, because these costs may be a tax deduction when you file your income taxes.
If you've been looking for a job in the same line of work you're currently in, many of your expenses like phone calls, the costs of preparing and copying your resume, and career counseling are deductible. You don't have to be out of work to have some of your costs qualify as a deductible expense, but only expenses that exceed 2% percent of your income count.
Be sure to include as income your severance and unemployment, they are taxable. See the complete article here.
If you've been looking for a job in the same line of work you're currently in, many of your expenses like phone calls, the costs of preparing and copying your resume, and career counseling are deductible. You don't have to be out of work to have some of your costs qualify as a deductible expense, but only expenses that exceed 2% percent of your income count.
Be sure to include as income your severance and unemployment, they are taxable. See the complete article here.
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