5 Job Seeker Tax Tips

5 Job Seeker Tax Tips5 Job Seeker Tax TipsSearching for a job can be a costly venture. After all, you have to pay for (and dry clean) your interview suit, pay for resumes to be printed on quality paper, and you may even need to hire a resume coach to write it for you. Add on top of that travel costs to get to and from the interview (if youre not lucky enough to have a Skype job interview, that is), and you can end up paying a pretty penny to find your next job.What many job seekers dont realize is that they can deduct some of their expenses from their tax returns. While not everything is deductible, many items are- depending on certain circumstances.Here are five job seeker tax tips from IRS.gov.How Much Can You Claim?Since the IRS defines job search expenses as miscellaneous expenses, they cannot exceed more than 2 percent of the taxpayers adjusted gross income (AGI) before they are deductible. All items must be itemized.Can You Claim for All Job Searches?If you have been working as an accountant, but are now seeking employment as a graphic artist, you unfortunately wont be able to claim your job search costs on your taxes. The law states that taxpayers may only deduct the costs associated with their job search if they are looking for a job in their current career field.What Can You Claim? Luckily, you can claim almost all of your job search expenses- as long as they dont exceed that 2 percent margin. From printing your resume to expenses incurred creating a portfolio for job interviews, or even child care, almost all expenses can be included. You can even claim costs associated with commuting to an interview or hiring a career counselor.Do You Have to Be Unemployed?While you can only claim a job search on your taxes that relates to your current industry, you dont necessarily have to be unemployed in order to do so. You can be employed and still claim job hunting expenses on your tax return.Is There a Time Limit?Unfortunately, there is. If there is a substanti al break between your last job and the time you begin searching for a new one, you wont be able to deduct job search expenses.While job hunting can be expensive, the government does allow you to claim some of the expenses. To be sure of what you can claim- and more importantly, what might raise a red flag- you should visit irs.gov. That way, you can recoup some of your expenses and stay in the IRS good graces- and avoid an auditReaders, what job search expenses do you claim on your taxes? Share your job seeker tax tips in the commentsDisclaimerThis article provides only general information abouttaxesand does not constitute legal ortaxadvice. You should not act or refrain from acting based on this article, or any related information on, without first consulting with a legal ortaxprofessional.