Looking for a Job? Tax Deductions That Can Save You
Finding tax deductions that you qualify for is vital if you want to legally minimize your tax obligations. Depending on your circumstances, one sort of tax deduction that you may want to take is regarding your summer job search.
Deduct Summer Job Search Expenses
While hunting for a job can be stressful, there are some ways you can help yourself now and at tax time. Knowing what deductions you qualify for and keeping records can save you some money.
Keeping your receipts is vital since every related expense that is over 2% of your adjusted gross income can be deductible.
Qualifying Deductions on Job Hunt Expenses
Before we list some possible expenses for you to keep notes on, I want to mention that these deductions are for a job search in your current occupation.
If you’re spreading your wings and trying out a new career field, then you don’t qualify. You cannot not also claim these expenses for your first job search.
Take the Time to Spruce Up Your Resume
One job hunt deduction you should look at taking is getting your resume polished. While you’re making sure that your resume is up to date for prospective employers, you may also want to keep receipts for what you paid to get them prepared, printed, and mailed out.
Travel High and Low
When looking for your next job, you may be required to travel a bit as you interview with prospective employers. If your job hunt includes some travel, make sure to track your hotel and transportation expenses.
To get the deduction the main purpose of your trip should be the job hunt, not a mini-vacation. Looking at your activities, you can decide what was the primary reason for the trip. You want everything to be on the up and up when filing your taxes and claiming your deductions.
Use That Job Search Deduction Wisely
One last reminder – please keep all of your receipts in a safe spot until you have to file your taxes. I hope that you get the double bonus of finding a job that you love and getting the tax deduction you deserve.