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 60 SECONDS WITH RONI DEUTCH,... Posted on June 17, 2009 by Teanna Hart Roni-Deutch - "The Tax Lady"- W-2s and 1099s went out at the end of last week. How can those looking for work cut into what they owe the IRS? Uncle Sam lets you deduct expenses related to the search for a new job. But here’s the caveat: It’s got to be in the same line of work. Here’s what you can deduct: employment and outplacement agency fees. Resume services. Print and mail costs, including overnight mail. Any type of ad you place to find a job. Telephone calls, including long distance. Any travel expenses - hotels, food, rental cars, plane tickets. Is there a catch? Expenses are only deductible if you itemize them on your tax return, so you can’t take the standard deduction. And you can only deduct expenses that exceed 2 percent of your adjusted gross income. So if you had an AGI of $30,000, you can only deduct expenses over $600. Also, the IRS wants you to look for your new job either a) while you still have your current job, or b) very quickly after you left your old job. If there was a substantial break between your last job and the time you finally got off your butt to look for your new job, they’re not going to let you take any deductions. Are moving expenses deductible, if you relocate for a job? Yes - unless your new employer paid them. If they reimburse you for any job-hunting expenses, you’ve got to include that as income, because the employer is going let the IRS know. Don’t get caught with your pants down. Additional Franchise ArticlesQ&A with Chop Shop's Michael Procter BrightStar Group Holdings, Inc. names Brian Schnell COO Q&A with Michael Procter, Co-Founder of the Chop Shop Holiday Shopping Should Include Franchises Recent Franchise NewsChem-Dry Ranks 46th in Entrepreneur Magazine’s Top Franchises List London’s YO! Sushi to Open Washington D.C. Location World Micro Signs Agreement with ZEUS Battery Liquid Nutrition’s Operation Good to Go COIT Predicting Strong Growth for 2012 Recent Franchise Press ReleasesNO+VELLO USA NAMED #1 PERSONAL CARE AND #1 NEW FRANCHISE IN AMERICA Rapid Refill Joins in Offering Franchise Opportunities to Returning Veterans LIQUID NUTRITION FRANCHISES SOLD-OUT IN BRITISH COLUMBIA! BrightStar Care® Recognized As World-Class Franchise Oxi Fresh Cleans Up on Entrepreneur’s 2012 Franchise 500 |
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