The Tax Code allows you to deduct expenses that you may incur for searching for a job in your field. Some of these expenses may be obvious; others are not. The deduction may be especially valuable in today's tight job market. This letter describes those expenses.
Topics: tax deductions
In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction). The IRS has announced a simplified option that many owners of home-based businesses and some home-based employees may use to figure their deductions for the business use of their homes.