Wednesday, September 2, 2009

Article: Deducting Job Hunting Expenses - including Coaching!

There is a world of assumptions about what can and can't be deducted when you are on a job search. This Wall Street Journal article breaks it down for you. The most important thing to remember is the "same occupation rule"- that is, if you are a changing careers, or just graduated from school, you may be &*%! out of luck. However, if you are looking in the same occupation (think job role and function, not title), you can deduct travel expenses, career-coaching services, and resume preparation services. Sadly, the IRS will not let you deduct your cell phone, (or landline, if you still have one), internet, or personal grooming - even though "these things are almost mandatory in today's job search environment, the IRS will say they are nondeductible personal expenses. Sorry." Sorry indeed. 

It's easy to make erroneous assumptions about what can and can't be deducted - this article really contains a lot of valuable information, and I highly recommend reading it in full if you are currently on the hunt.

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