Truth 27Writing off job-hunting costs
If it’s time to find another job, you know how much networking can help. Just make sure you don’t overlook some outside assistance that could pay off when you start collecting a paycheck from your new employer: the tax code.
You can deduct many of your job-hunting expenses. That’s not that surprising, since it’s in the Internal Revenue Service’s best interest to have you earning taxable income.
Uncle Sam’s tax help, however, does have its limits.
Itemizing required—You must itemize deductions on Schedule A to count your job-hunting expenses.
That task is further limited by a threshold amount you must meet. Your job search costs are considered miscellaneous expenses. As such, they are deductible ...