Small Business Tax Strategies

Smart small business owners save thousands of dollars per year on their personal and business taxes by taking advantage of the legal loopholes that the government creates for their unique tax situation. Small Business Tax Strategies cuts through tedious tax code to reveal the bonanza of completely legal opportunities to grow personal wealth and secure an enjoyable retirement.  Learn more about Small Business Tax Strategies and the two free reports you’ll get when you subscribe...

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.