Q. My son just graduated from college. Can he deduct his job-hunting expenses? H.K., Pensacola, Fla.
A. Unfortunately, no. Generally, you can write off qualified expenditures—such as costs of producing and distributing résumés, travel to interviews and employment agency fees—only if you’re looking for a job in the same line of work. But deductions aren’t allowed if you’re searching for your first job or you’re switching careers. Also, you get no deduction if there’s a substantial break between your last job and your new job search.
Tip: Qualified job-hunting expenses are treated as a miscellaneous itemized deduction item subject to a deduction floor of 2% of adjusted gross income (AGI).
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/35546/no-tax-deduction-for-first-time-job-search "