If you’re like many of our readers, you spent part of 2013 searching for a new job. Did you know that you might be eligible to deduct job search expenses from your income taxes? Review the IRS website for more details about eligibility. Here are a few items you might be able to deduct:
- Resume preparation, printing and mailing
- Employment or outplacement agencies fees
- Moving costs if the new job is at least 50 miles away
You cannot deduct job search expenses if you are looking for a job for the first time or if there was a substantial break between the end of your previous job and the start of your job search. You also can’t deduct expenses if you are switching to a different field, for example, IT to accounting, but related fields may be okay, for example, journalism to public relations. As a bonus tip, as a provider of Health Savings Accounts, we want to share tips on filing information about your HSA on your income taxes. Of course, we’re not CPAs, tax accountants or financial advisors, so make sure to discuss these items with your income tax service provider. And don’t forget to file your income taxes by April 15! And if you’re still looking for that new job, apply with AFA today!