Job Searches

Job Searches are what you do when you're ready to apply for jobs, whereas an information search involves investigation and inquiries for information (including some probing of your own priorities) about employment at a particular institution and/or location to help you best prepare for your application and hopefully your interview.

Even if you are ready to apply for a specific advertised job, though, doing an information search will help you to tailor your application package as fully as possible to highlight how your education, experience, and interests fit with the employer's position and program.

In today's corporate America, changing jobs is commonplace and hence the need for Job Searches. Cut backs, layoffs and corporate ladder climbing can all lead to a search for other employment. But the once dreaded Job Searches now have an upside - tax deductions! Job Searches expense can be deducted as miscellaneous itemized deductions if you look for a job in the same field at essentially the same level as the one you left. The expenses are deductible even if you don't get the job.

You can claim job-seeking expenses as long as the amount of all miscellaneous itemized deductions is more than two percent of your adjusted gross income. Job seeking deductions are also subject to the overall limitation on itemized deductions based on AGI threshold amounts. To figure your deduction, on Schedule A, subtract two percent of your adjusted gross income from the total amount of these expenses.

To qualify for a deduction, your Job Searches must be for a job in your current, or most recent, trade or business and should be at a similar level of responsibility with duties similar to those of your most recent job.

• If you have not held a job in that trade or business for an extended length of time your Job Searches will be considered for a new trade or business and your deductions may not be allowed.  
• If you held a college internship or valid job while in college and your Job Searches are for a job in the same trade or business, you will be able to take the job search deductions.  
• If you are just out of school and had no similar paying jobs in school, you are looking for a job in a new trade or business and your deductions will not be allowed.