Conducting a job search can be costly in both time and money. Fortunately, you can get some of those expenses back by making appropriate deductions on your taxes. Below are four job search deductions you can make on your taxes:
- Training. Many attorneys searching for work will invest in additional education and training by returning to school or attending workshops. Keep your receipts because the expenses associated with furthering your education while looking for work can be deducted from your taxes.
- Travel. Whether you’re traveling across the country or across the city, you can deduct travel expenses from your taxes. Keep a record of mileage you put on your car while attending networking events, interviews, and conferences related to your job search. Also, keep the receipts for any air/bus/train travel associated with looking for work. But be careful, you can only deduct from your taxes travel costs directly related to your job search.
- Childcare. It’s expensive having someone look after your children while you’re on the job hunt, but you can deduct the cost. If you’re hiring a babysitter while you engage in job search activities, keep thorough records and deduct the expense from your taxes.
- Moving. Oftentimes finding a new job means that you’ll need to move. Fortunately, you can deduct moving costs from your taxes if they are related to finding a new job and the move is at least 50 miles away from where you currently live.
As long as you’re looking for a job in the same profession you worked in previously and you haven’t taken a substantial break from work, there are many job search deductions that will reduce your tax liability.