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Looking for a job after your business fails

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in Small Business Tax,Workplace Communication

Q. My small business went under earlier this year. Can I deduct the cost of finding a regular job?

A. It depends. For starters, generally, you can deduct the costs of a job search—including printing résumés, going to seminars, traveling to interviews, etc.—as miscellaneous expenses. It doesn’t matter whether you get the job. But miscellaneous expenses are deductible only to the extent the annual total exceeds 2% of your AGI. Also, you can’t deduct any expenses for finding a new line of work.

Tip: Find more details about deductions for job searches in IRS Pub. 529, Miscellaneous Deductions.

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