When you are job hunting you will want to keep track of all your expenses that you rack up. Why? Many of the expenses associated with your job hunt may in fact be tax deductable and if you can save a little money in April when Uncle Sam comes knocking, why wouldn’t you?
While not all expenses that you rack up while trying to find a job will be tax deductable, there are always going to be a good number that are. Here are some of the more common tax deductable items related to the job hunt:
• Resume: If you need to brush up your resume and have to pay someone to help you do so, then you can deduct that at the end of the year.
• Phone Calls: Any long distance phone calls that you make to potential employers can also be deducted from your tax return.
• Travel: If you travel to an area and attempt to find employment in the same field that you are currently in or just came out of then you can likely deduct some of these expenses at tax time.
You can find out more tidbits of tax deducting goodness by going right to the source; the IRS. Visit their website and check out Publication 529. Publication 529 is filled with all sorts of allowable deductions related to finding new employment and also lets you know what will not be allowed.
Of course you should always consult with your personal accountant at the end of the year to see what you can and cannot deduct, but no matter what keep your records going. It is better to bring your accountant a pile of receipts and let them tell you what can and can’t be deducted, rather than have no receipts at all for them to look through. While the savings may not be all that substantial, any money saved these days is a good thing.