In 2018, tax day falls on April 17th (the 15th is Sunday and the 16th is Emancipation Day). That allows for 48 extra hours to figure out your taxes. Here are THREE important deductions that specifically help job seekers:
Did you look for a new job in 2017?
As long as you searched for the same type of job you last held, your job search expenses are deductible…even if you didn’t land a job in 2017. These expenses include:
- Car transportation ($.535 per mile, and tolls and parking)
- Food and lodging for out-of-town interviews
- Taxis and other transportation fare
- Professional fees such as industry association annual dues, networking group dues, and online subscription/membership fees (LinkedIn premium)
- ResuMAYDAY’s services, such as resume writing and coaching, and the services of a career counselor
- Costs of printing business cards, postage and other self-marketing fees
(Note: If you voluntarily changed your career industry or this is your FIRST job, these deductions DO NOT APPLY TO YOU.)
(2nd Note: The above job search deductions were eliminated in the new tax law. 2017 is the last year to claim them.)
Did you move more than 50 miles away for a job?
Deduct those expenses! Even if you moved for your first job or for a voluntary career transition, those fees can be deducted.
Back to School…
Rodney Dangerfield did it, and so can you. The Lifetime Learning Credit offsets higher education costs for courses relating to skills improvement. Eligible institutions include 4-year colleges, community colleges, and vocational schools. (The IRS links to a list, and advises you to check directly with the school.) The tuition credit maxes out at $2,000 a year with specific income limits. (Sadly, the IRS won’t give you extra deductions for mastering the Triple Lindy.)
This information was provided by ResuMAYDAY for informational purposes only. It does not replace professional tax advisement. To find out if these deductions and credits apply to you, see www.irs.gov and talk to your tax accountant.