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Your job hunt may be tax-deductible

Let’s say you’re out of work and buy new clothes — and, while you’re at it, get a new haircut — for job interviews. Then suppose you use your home office as a base, and travel to meet with prospective employers. In the evenings, you’re taking classes to learn new marketable skills outside your current field. It’s all tax-deductible, right?

Actually, no. Uncle Sam will foot the bill for your travel expenses, but the clothes, the haircut, the office, and the classes are on you.

If you didn’t know that, you have plenty of company. A new survey by online tax preparation service CompleteTax.com quizzed more than 1,000 adults and found that, with April 15 fast approaching, fewer than half could correctly answer basic questions about which job-hunting expenses they can write off.

Please read the full article here! (via fortune.cnn.com)

2011-03-11T16:04:53+00:00