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July 15, 2010

Tax Benefits for Those Searching for a Job

Certain costs related to searching for a job are deductible. The expenses must be spent on a job search in your current field. You can't deduct expenses looking for a job in a new occupation.

All employment and outplacement agency fees are deductible while you are looking for a job.

You can deduct the cost of preparing and mailing copies of your resume as long as you are looking for a new job in your current occupation.

If you travel to an area to look for a new job then the expenses related to the travel are deductible as long as the purpose of the trip is to look for work and not of a personal nature.

You can't deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one. You also can't deduct job search expenses if this is your first time looking for a job.