Business, Legal & Accounting Glossary
Job-hunting expenses (expenses incurred in finding a new job) are often tax-deductible. Several conditions must be met for job-hunting expenses to be deductible. First, the new job must be in the same field as the last job. Second, job-hunting expenses aren’t deductible if there is a lengthy break between leaving the last job and beginning the search for the new job. Finally, job-hunting expenses for those seeking their first job aren’t deductible. Deductible job-hunting expenses include employment agency fees, resume preparation and mailing costs, advertising fees and telephone and travel expenses.
In the US, Job-hunting expenses are recorded as itemized deductions on Schedule A of Form 1040. In addition, the sum of the itemized deductions, including job-hunting expenses, must exceed 2% of adjusted gross income to qualify.
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This glossary post was last updated: 9th February, 2020 | 0 Views.