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Job Search Tax Deductions

Now that you should have received all your W-2, 1099, and other tax forms in the mail, it’s time to start thinking about preparing your tax return. If you spent time job searching last year, you may be able to deduct some of your job search expenses.

If you were unemployed last year, the first $2,400 of your unemployment is exempt from  federal taxes. However it does need to be reported on your tax return, and the balance is taxable.  Unemployment may also be subject to state income tax.

If you looked for a job in the same line of work you’re currently in, many of your expenses like phone calls, the costs of preparing and copying your resume, and career counseling are deductible. These job search tax deduction tips will help you make sure that you get all the tax benefits you’re entitled to.

For tax help and advice, be sure to visit About.com’s Tax Planning site. Guide William Perez has lots of excellent (and timely) information on taxes.

Job Search Tax Deductions originally appeared on About.com Job Searching on Tuesday, February 2nd, 2010 at 06:00:35.

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