Claiming all the deductions for which you're eligible is one honest strategy for reducing your tax bill. Not all job-hunting expenses are deductible, but if you were searching for something new in 2008 be sure to check out the list below before submitting your tax return.
- Your job search must be for a position in the same field as your current job.
- If you've taken a long break between walking out the door of your last job and embarking on a new job hunt, the IRS won't allow you to deduct any job-hunting expenses.
- Recent graduates don't qualify for these types of deductions.
- If you've been contemplating starting your own business in the same field where you're currently working for someone else, your research costs could be deductible.