Monday, August 6, 2007

Tax Deductions from your job search

CNNMoney.comTop Tips: Getting tax deductions from your job searchFriday August 3, 4:55 pm ET By Gerri Willis, CNN
Question 1: I plan to travel to a professional job fair in Washington, DC next month and interview with potential employers. Can I deduct the travel and conference expenses? - Patrick
Answer: Yes. But there are conditions. The jobs you're interviewing for must be in the same field as you've held. For example, you can't be a lawyer trying to become a chef.
You have to use the same skill set, according to Donna LeValley of J.K. Lasser.
Your expenses while job-hunting must exceed 2 percent of your adjusted gross income. Don't forget to keep your own records, like a list of the attendees or your registration.
You can also deduct miscellaneous items from your taxes, like stamps or newspaper subscriptions. There are some exceptions. If you've just graduated from college, you can't deduct job-hunting expenses

No comments: