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Job Hunting Costs Are Tax Deductible

Did you know that you may be able to deduct the cost of looking for a job from your taxes?

You can. They’re considered miscellaneous deductions and governed by IRS Publication 529 [3]. You can deduct certain expenses as a miscellaneous itemized deduction on your Schedule A if they exceed 2% of your adjusted gross income. You only deduct the amount that is over that 2% amount.

“Job Search Expenses” is one of the eligible categories and they count as long as:

The costs that you can deduct include:

There are plenty more, such as legal fees, licensing fees, etc. that I haven’t touched on (I wanted to restrict the list to job search related deductions) but the Publication 529 covers them all.

It’s difficult looking for a job, it’s nice that Uncle Sam will give you a little bit of assistance along the way.

(Photo: niallkennedy [4])