J.K. Lasser's 1001 Deductions and Tax Breaks 2017

CHAPTER 14 Your Job

Your job not only is what occupies the majority of your time during the greater part of each week and, hopefully, provides satisfaction; it also gives you a paycheck and perhaps other benefits. While your earnings are taxable in most cases, some of the fringe benefits may be tax free.

In order to earn that paycheck, you may have to expend your own dollars on various things. Fortunately, you may be able to deduct your out-of-pocket job-related costs.

This chapter explains the write-offs and other breaks you can claim with respect to your job. Job-related moving expenses are discussed in Chapter 4. Employment-related travel and entertainment expenses are explained in Chapter 9.

For more information, see IRS Publication 3, Armed Forces’ Tax Guide; IRS Publication 535, Business Expenses; and IRS Publication 587, Business Use of Your Home.

Job-Hunting Expenses

In today's tight job market, it may take considerable time and effort to land a new position. The costs incurred in this endeavor may be deductible if certain conditions are met.

Benefit

The cost of searching for a new job in your same line of work is deductible as a miscellaneous itemized deduction. There is no dollar limit on the amount of this deduction. You can claim the deduction whether or not a new job is found.

Miscellaneous itemized deductions can be claimed only to the extent they exceed 2% ...