November 23, 2011 1:33 pm

Job-Hunting Costs

Any expenses you incur to look for another job can be deductible. Such costs include printing and mailing resumes, traveling to interviews, and paying job agency fees.

The deduction for these costs is treated as a miscellaneous itemized deduction, so you have to itemize to claim the write-off. Then, the actual deduction is limited to amounts in excess of 2% of your adjusted gross income for the year.

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Factoids
FACT: 

Filing Facts for 2010

New data on returns filed during the government’s 2010 fiscal year reveal some interesting facts:

  • 142.9 million returns were filed (up 1.7%).
  • Adjusted gross income increased by 6.1%.
  • 65.6% of all returns claimed the standard deduction instead of itemizing.
  • 27.4 million taxpayers claimed the earned income credit (up 12%).

Source: Statistics of Income Bulletin, Fall 2012

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