Quick Tax Tip: Deduct Your Job Search Expenses

Claiming all the deductions for which you're eligible is one honest strategy for reducing your tax bill. Not all job-hunting expenses are deductible, but if you were searching for something new in 2008 be sure to check out the list below before submitting your tax return.

  • Your job search must be for a position in the same field as your most recent job.
  • If you've taken a long break between walking out the door of your last job and embarking on a new job hunt, the IRS won't allow you to deduct any job-hunting expenses.
  • Recent graduates don't qualify for these types of deductions.
  • If you've been contemplating starting your own business in the same field where you're currently working for someone else, your research costs could be deductible.

 

—Check out more great stories on saving money at SavvySugar.com.

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