Job Hunting Expenses

AAA

DEFINITION of 'Job Hunting Expenses'

Costs that individuals may be allowed to deduct on their federal tax returns to reduce their total taxable income. Job hunting expenses, officially called job search expenses, are deductible if you are searching for a job in the same line of work. Qualifying job hunting expenses include fees paid to employment and outplacement agencies, costs to prepare and mail resumes, and travel expenses for a trip primarily to look for a new job.

INVESTOPEDIA EXPLAINS 'Job Hunting Expenses'

Job hunting expenses are not deductible when searching for your first job after completing school, when searching for a job in a new line of work or when there has been a substantial break in your employment. Also, they fall into the miscellaneous itemized deductions category, meaning that they can only be deducted to the extent that job hunting expenses plus other miscellaneous expenses exceed 2% of your adjusted gross income.

RELATED TERMS
  1. Away From Home

    The IRS criteria used to establish whether or not you are within ...
  2. Income Tax

    A tax that governments impose on financial income generated by ...
  3. Deduction

    Any item or expenditure subtracted from gross income to reduce ...
  4. Home Office Expense

    Expenses incurred from the operation of a business or the performance ...
  5. Expense

    1. The economic costs that a business incurs through its operations ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
RELATED FAQS
  1. How can an investment banker switch to a career in corporate finance?

    It's pretty easy for an investment banker to switch to a career in corporate finance. The career skills are easily transferable, ... Read Full Answer >>
  2. How do I get started with a career in asset management?

    The asset management industry has a variety of different career paths. Depending on what asset management area you would ... Read Full Answer >>
  3. For which kind of jobs is having Magnum Cum Laude most important?

    Having a magna cum laude degree is most important for jobs in the fields of finance, management consulting and engineering. ... Read Full Answer >>
  4. Other than accounting, what does a corporate finance job involve?

    While a corporate finance job almost always involves accounting in some capacity, there are many additional job duties and ... Read Full Answer >>
  5. What qualities are necessary to be an effective member of the c-suite in a publicly-traded ...

    Several qualities are needed to be a member of the c-suite of a publicly traded company. The c-suite is business jargon term ... Read Full Answer >>
  6. Which professional athletes are on pace to join Michael Jordan as billionaires?

    Michael Jordan is perhaps one of the most well-known and richest athletes in the world. However, two notable athletic giants ... Read Full Answer >>
Related Articles
  1. Professionals

    Internships: Find The Best One For You

    It only takes a little legwork to land a prestigious career while you're still in college.
  2. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  3. Professionals

    Top Job Search Mistakes For Finance Grads

    Looking to land your dream job? Skip the entry-level position by avoiding these common errors.
  4. Professionals

    Tips To Get Into A Broker Training Program

    Becoming a registered representative isn't easy. Learn how to succeed at the first step.
  5. Professionals

    Business Grads, Land Your Dream Job

    Companies are in need of strategic candidates, not walking resumes. Find out how to set yourself apart from the pack and land the business career you've always wanted.
  6. Professionals

    Taking The Lead In The Interview Dance

    Learn the steps that will help lead you to a new career.
  7. Personal Finance

    Resume Scribes Seal The Deal

    Find out how professional resume writers can help you land a coveted career.
  8. Entrepreneurship

    How a Higher Minimum Wage Would Impact the Economy

    Doubling pay for hourly workers could have several knock-on effects to the economy. Here's a brief look at a big issue.
  9. Personal Finance

    3 Key Steps To Take Before You Quit Your Job

    Leaving a job on the best basis means thinking through everything from professional etiquette to what's financially adequate.
  10. Investing

    The Number One Reason Why Most Traders Fail

    We show you the simple tools, availble to everyone, to succeed as an active trader: education, experience, charts, vision, and risk management systems.

You May Also Like

Hot Definitions
  1. Hedging Transaction

    A type of transaction that limits investment risk with the use of derivatives, such as options and futures contracts. Hedging ...
  2. Bogey

    A buzzword that refers to a benchmark used to evaluate a fund's performance. The benchmark is an index that reflects the ...
  3. Xetra

    An all-electronic trading system based in Frankfurt, Germany. Launched in 1997 and operated by the Deutsche Börse, the Xetra ...
  4. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  5. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
  6. Investopedia

    One of the best-known sources of financial information on the internet. Investopedia is a resource for investors, consumers ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!