New Job Tax Deductions And Tips
Summer creates a booming time for the workforce. It’s generally the time of year that people seek new jobs, employers decide to bring on more staff, kids get out of school and have the opportunity to work, and more. Even though the big tax season boom has passed taxes should never be forgotten, so don’t let these job deductions and tax reminders slip your mind this summer.
What To Deduct
If you’ve found yourself unemployed you can get a slight tax break from Uncle Sam to help you with the costs related to job hunting, regardless if you get the job or not. Just keep in mind that these expenses can’t be deducted if this is the first job you’re looking for. Also, You can’t deduct the total miscellaneous expenses that exceed 2% of your new total income.
So what exactly can you deduct when it comes to job hunting? The cost of advertising yourself, related to the expense of printing your resume, and business cards, plus any postage needs in regards to mailing your resume. You can also deduct the costs incurred by employment agencies.
You can deduct transportation costs that relate to your job hunt. For example, If you drive your own vehicle to job hunting related interviews and meetings you can deduct up to 53.5% of the mile and the costs of parking and tolls. Cab fare can also be deducted. Sometimes job searches take you to faraway places, that require an overnight stay but don’t fret. If you have to travel out of town for your job search you can deduct the cost of food and lodging.
If you’ve graduated and you just got your first job, congratulations! If you have to move to a new location to take the position then you can deduct a few of the costs. Just keep in mind that your new job has to be at least 50 miles away to qualify.
You can actually deduct the costs of new items for your household items for your new living space if you qualify. Also, if you drive your own care while moving you can deduct up to 17 cents per mile.
Kids grow up so fast, don’t they? If your kid is a teen old enough to work, then you might enjoy the peace and quiet of them being out of the house and can relax as they earn their own money to pay for summer fun.
Also, if you want to claim your child as a dependent then they can’t earn over half of their own financial support then you can’t claim them.
Good Luck With Your New Adventure
If you’re looking for a job, landed a new job in a new city, or your teens are entering the workforce we wish you the best of luck. Destress by remembering that there are deductions you can take while job hunting and for your dependents. Also, remember to take a little time for yourself to relax and have some fun this summer!
For more tax-related blogs visit ExpressExtension.com and please share your new job tax tips in the comment section below.
