The Job Search and Tax Season
NOTE: This article was originally published in February 2011.
By Judi Adams
This is the perfect time to gather up information about your last year’s job search expenses and get them ready for the tax season.
Did you know that federal income taxes are not due until April 18 this year? Yes, Emancipation Day, a holiday also celebrated in Washington, DC falls on Friday, April 15 this year, which means IRS offices will be closed that day. Therefore, tax returns will be due the next business day, which is Monday, April 18.
Even with all of that extra time (3 whole days) to complete your taxes, this is the perfect time to gather up information about your job search expenses.
Job search expenses can qualify as a tax deduction (see the IRS web site or your tax accountant for complete details). For example, the money you spent to attend the OK Career Conference or other networking meetings, the mileage you incurred going to and from the conference and meetings, and the fees you paid a job search coach or resume writer can be submitted for inclusion as deductions on your taxes. This is a great time to start getting that information together.
If you have not been keeping a detailed list of the events or mileage, you can rebuild some of that information.
A good place to check for information is your e-mail system’s ‘Sent’ folder. For example, you can find the e-mails when you RSVP’d to meeting invitations.
If you paid by PayPal, there will be a record within PayPal of that transaction.
Most on-line banking systems have search capabilities and you can print out canceled checks you made out for services or meeting fees.
Look at your 2010 calendar and create a record of the events you attended.
Use MapQuest or other online mapping systems to get the mileage to places. Don’t forget to multiply the one way mileage by two to account for the round trip and include tolls and cost of parking if applicable.
Contact other people you know who attended the same event to ask if they have a record of the expenses so you know the amount to include.
Add in the cost of books you bought, training you took, business cards you ordered, and the cost of duplicating your resume.
Print out the information that you find so you have some way to substantiate these expenses; if you think the job search isn’t fun, try a tax audit.
You paid good money toward your job search and should not pay taxes unnecessarily on that amount. This is a great time to start getting the information together and consulting the IRS web site or your tax accountant for complete details on taxable job search expenses.
About the Author: Judi Adams is the owner and president of RightChanges.biz, the affordable and successful job search and career direction coaching company. A 20+ year veteran of Information Technology, Judi began coaching job seekers in 2002 following an eight month job transition of her own. During that job transition she discovered how much the job market had changed and the successful approach to landing that next job.
Ms. Adams founded RightChanges in February of 2009 and her clients have had phenomenal success. 100% of RightChanges’ clients who completed the personal coaching series are now employed in jobs they wanted. In addition to coaching job seekers, Judi publishes job search articles that are read worldwide and is a frequent keynote speaker. Judi is also in the process of publishing two books regarding the job market.
By Judi Adams
This is the perfect time to gather up information about your last year’s job search expenses and get them ready for the tax season.
Did you know that federal income taxes are not due until April 18 this year? Yes, Emancipation Day, a holiday also celebrated in Washington, DC falls on Friday, April 15 this year, which means IRS offices will be closed that day. Therefore, tax returns will be due the next business day, which is Monday, April 18.
Even with all of that extra time (3 whole days) to complete your taxes, this is the perfect time to gather up information about your job search expenses.
Job search expenses can qualify as a tax deduction (see the IRS web site or your tax accountant for complete details). For example, the money you spent to attend the OK Career Conference or other networking meetings, the mileage you incurred going to and from the conference and meetings, and the fees you paid a job search coach or resume writer can be submitted for inclusion as deductions on your taxes. This is a great time to start getting that information together.
If you have not been keeping a detailed list of the events or mileage, you can rebuild some of that information.
Print out the information that you find so you have some way to substantiate these expenses; if you think the job search isn’t fun, try a tax audit.
You paid good money toward your job search and should not pay taxes unnecessarily on that amount. This is a great time to start getting the information together and consulting the IRS web site or your tax accountant for complete details on taxable job search expenses.
About the Author: Judi Adams is the owner and president of RightChanges.biz, the affordable and successful job search and career direction coaching company. A 20+ year veteran of Information Technology, Judi began coaching job seekers in 2002 following an eight month job transition of her own. During that job transition she discovered how much the job market had changed and the successful approach to landing that next job.
Ms. Adams founded RightChanges in February of 2009 and her clients have had phenomenal success. 100% of RightChanges’ clients who completed the personal coaching series are now employed in jobs they wanted. In addition to coaching job seekers, Judi publishes job search articles that are read worldwide and is a frequent keynote speaker. Judi is also in the process of publishing two books regarding the job market.
