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Deductions for 2017 Taxes, Specific to Job Seekers:

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.

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ResuMAYDAY’s Holiday Gift Guide for Job Seekers

holidayIf you have a job seeker in your life, consider giving that person a holiday gift that will boost their job search. The ResuMAYDAY team put their heads together and came up with ideas for great gifts that will work for any job seeker, from entry-level to executive:
1. Gift the services of a career coach or resume professional. While this may seem a bit self-promotional, the difference between a DIY resume and a professionally written resume can make all the difference in the world. Here’s a tip: offer to gift a specific amount, without choosing the company for your job seeker. Working with a resume writer or coach is a very personal choice and should be directed by the person who will use those services. Let the job seeker ‘interview’ a few service providers to make sure the one that ‘best fits’ is chosen and to ensure the job seeker is ready and motivated to use these services.

2. Make introductions to influential people. Invite your job seeker to a networking coffee or after-hours cocktail with hiring managers, human resource people or recruiters that are already in your network. Sharing your connections in such a personal way is a generous, low-cost, high-impact gift that not many people think of doing.

3. Pay the annual dues to an important business association or professional group. Memberships are crucial to connecting with industry experts and potential employers.

4. Pay for an enhanced LinkedIn membership for 3 or 6 months. A paid LinkedIn membership will give your job seeker more and easier access to recruiters and employers. Likewise, it ensures that their profile is easily accessible to recruiters and employers.

5. A good book never goes out of style. Every year, ‘What Color is Your Parachute?’ comes out with an updated print version and online supplement. Our clients find this one to be very helpful. Another good one is ‘StrengthsFinder 2.0′. It’s chock-full of great information. But these aren’t the only two out there. Take a look at career/job search books at your favorite bookseller and read the reviews. You’re sure to find something to help point your job seeker in the right direction, and these books don’t cost a lot of money.

6. Consider gifting something wearable, such as a power tie or pretty bracelet. This can be the perfect token to show your support, and boost your job seeker’s confidence in an interview.

7. Lastly, pick a gift that rewards their hard work. Finding a job IS a job, if you’re doing it right. Gift your job seeker with dinner and a movie, a manicure or something else that brings a bit of fun and relaxation to their schedule.

Here’s a news clip of Lauren Milligan, from ResuMAYDAY, DISCUSSING THESE IDEAS with Ray Cortopassi over at Fox 59 in Indianapolis. Is Ray on the Naughty or Nice list? Find out!

 

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Job Hunting and Your Taxes

Spring is right around the corner, and Uncle Sam is lurking there, too. If you spent any time in 2014 searching for a job, I hope you kept track of money spent on that job search. Not many people know that you can deduct job search costs as miscellaneous expenses (if you itemize). It’s important to note that qualifying expenses can be written off even if you didn’t intreceiptserview for, or were hired for a new job, as long as you were looking to stay in the same role or industry.
According to www.IRS.gov, Publication 529, these expenses can be deducted to the extent that your total miscellaneous expenses exceed 2% of your adjusted gross income. (Entry-level candidates…your job-hunting expenses incurred while looking for your first job don’t qualify.) Deductible costs include, but aren’t limited to:
• Transportation expenses incurred as part of the job search, including traveling to interviews. The current mileage reimbursement is $.56 cents a mile for driving your own car, plus parking and tolls.
• Food and lodging expenses if your search takes you away from home overnight.
• Cab/public transportation fares.
• Employment agency and career coaching fees (resume writing, interview coaching, etc.)
• Costs of printing resumes, business cards, handbills, postage.
• Advertising and networking (this would include membership fees to in-person networking groups and business associations, and online memberships such as a premium LinkedIn account.

Make sure to consult with your accountant on each of these items, and if you’ll be looking for a job in 2015, save those receipts!

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Start your job search…before it’s an emergency!

Every day, I talk with someone who just got laid-off and now they don’t know where to begin their job search. When asked, most of them say they saw the writing on the wall weeks or even months before the layoff. If you hear grumblings about potential layoffs, prepare yourself now. Here are a few thoughts on where to start: 

 

1. What do you want to be when you grow up?

Right now…before you lose your job, think about your next career direction. If you came to work tomorrow and the doors were locked shut, would you want to find the same job you have now or would you want to do something different? All too often, I talk with job seekers who lost their job…need a job…but don’t know what they want to do. Don’t spend the first 2 or 3 months trying to decide, “What do I want to be, now?” If you think a career change is in order, reach out to those in your network and ask them where they see you. You might get some really eye-opening insights! 

2. Words matter…

Your resume has to stand out by focusing on the results and accomplishments of your work. Get rid of all the boilerplate language (“finished projects on-time and under-budget”…”a team-player who can work independently”…). Focus on one or two areas that identify you as a ‘stands along in the field EXPERT’. Provide specific, unique and brief examples about your accomplishments.

3. Put the Internet to work for you!

The perfect time to build your online profile on social networking sites (LinkedIn and Facebook, for starters) is before you need it. Just keep it professional! Think of these online profiles as addendums to your resume. Use the headline and byline space you’re given in these profiles to create an eye-catching profile that will stand out from the rest. How will you know if yours stands out? Look up 20 of your friends’ profiles and read their headline. Now write one that’s better.

4. Start connecting!

While you’re still on the job, reach out to colleagues, managers, vendors and clients via your sharp and engaging LinkedIn or Facebook profile. Now that it’s up and running, make it work for you by inviting people to connect with you. These sites have easy-to-follow search functions that make finding former classmates or colleagues easy to find. 

5. Don’t hide behind your computer!

In addition to online networking, make sure to make as many personal connections as possible. Take a colleague out to coffee or sign up for those industry networking events. Try to schedule at least one a week. Doing this will strengthen your connections and open yourself to unforeseen opportunities.

6. Who loves ya, baby?

It’s now time to build up your references list. You’ll need anywhere between four and six folks who are knowledgeable and positive about your work ethic and skills. One or two bosses, a co-worker and a long-term client would make a great list. Don’t overlook the power of LinkedIn testimonials. That’s your online references page – and will be seen before you even get to the interview! Here’s a great tip – the best way to GET a LinkedIn endorsement is to GIVE one, first!

7. You need professional help.

Establishing a long-term relationship with a Recruiter is a really smart idea. An even smarter idea is establishing relationships with two or three recruiters. Never agree to work exclusively with a recruiter – and don’t work with any that would ask. Find good recruiters by asking your colleagues for references, or find them on LinkedIn (and pay attention to how many of their clients have endorsed them!).

8. Stay in the loop!

So…If you had to start looking for a job tomorrow, do you know what companies are hiring? Pay attention to what happens in your industry and your community so that you’ll be able to quickly come up with seven or eight companies who can use someone with your particular skills.

 

That’s it! Put these tips into practice if you think you’ll be starting a job-search soon. Trust me, you’ll be ahead of the pack!

 

-Lauren

630-901-3595

info@ResuMAYDAY.com

Serving global clients from our HQ in the Chicago suburbs.

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