Deducting the Cost of Finding a New Job
Finding new occupation can be very hard, drawn-out and tedious work! After all, millions of Americans are unemployed, and you're competing against them in a very challenging job market. What's more, job hunting can be costly, even while you're not earning any money. To help you get tax breaks during this challenging period of life, consider taking the following steps:
Keep a record of your expenses while job hunting. These expenses are considered to be tax deductible when coupled with your expenditures as an employee and various other deductions, it is more than two percent of your adjusted gross income. You may include anything money you may have spent on job agencies, resume production and distribution, related travel expenses, and so forth.
Avail of child care credit. If you have a child, then you can have your taxes reduced by as much as thirty-five percent of your child care expenses. To do this, submit an accomplished Form 2441 with your tax return.
Check your travel miles. Moving expenses may be deductible from your tax if you've travelled more than fifty miles during 2009 for the sake of new occupation.