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Write Off Your Job Hunt |
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Dear Financial Leader,
Challenging times have forced all of us, whether unemployed or not, to look for ways to maximize deductions come tax time. The other day I read a Wall Street Journal article, “Write Off Your Job Hunt” that provides information on ways you may be able to deduct these expenses. Below are some reminders and suggestions from the article.
- Set up a sole-proprietorship business. This option may allow you to deduct reasonable costs of doing business. Deductions for home-office, business cards, travel and resume preparation may be allowed. However, be sure to read all the requirements to ensure you qualify or not.
- Consider educational opportunities. Even for job-seekers with a college degree there may be benefits available for graduate or professional enrichment courses. Each benefit has different requirements and income limits.
- Remember documentation … keep everything for documentation. If you are considering using deductions make sure to keep accurate records and save receipts. Good record keeping may come in handy if you are ever audited.
Though some of the deductions mentioned may have stiff requirements, it’s definitely worth the time to see how they can help you. To read the full article click here.
The AICPA works diligently to advocate on behalf of our profession and provide value to our members through continuing education, news and publications. You can learn more about news that impacts your career through the AICPA’s Business Brief series, the Journal of Accountancy, BusIndNews, AICPA News Update and CPA Letter Daily, as well as through our CPA Career Center.
Sincerely,
Carol Scott, CPA, MBA
Vice President - Business, Industry & Government
American Institute of Certified Public Accountants
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