Tuesday, Mar. 24, 2009
Claim a Job-Search Deduction
With 4 million jobs having vanished since the recession began, this promises to be a thoroughly mined part of the tax code: itemize to get credit for career coaching, travel, résumé preparation or other job-search expenses. However, mileage put on your car (for a job search or other reasons) is tricky this year. There are three types of deductions for this: one for business activity, one for medical and moving purposes and one for charitable purposes. A job search is considered a business expense, which is the most generous deduction, at 50.5 cents per mile for the first half of 2008 and 58.5 cents the second half.