I can deduct that?

With the current status of the economy, it is likely that most everyone knows at least one person that is seeking employment. Often there are costs associated with finding a job, did you know that some items can be a deduction on your taxes?

Here are some quick guidelines:

• Costs are not deductible if you are searching for your first job


• Employment and outplacement agency fees may be deductible


• The printing and postage costs for mailing resumes my be deductible


• All deductions only apply if you are seeking a job in your current occupation


• Travel may be deductible, but there are some specific guidelines to follow related to amount of time spent looking for the job versus the amount of personal time spent while traveling


• Costs are not deductible if there has been a significant amount of time between the end of your last job and the time you starting seeking employment


• To deduct qualified expenses, the amount must be more than two percent of your income

To find out more about what expenses are deductible, visit www.irs.gov or consult with your CPA.

brad@mcarthurco.com

704.544.8429