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. Home Office Expense

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

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

    A United States government agency that is responsible for the ...
  6. Recareering

    A late-in-life career change. Recareering is not just a job change, ...
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. Personal Finance

    What Exactly Does A Portfolio Analyst Do?

    Portfolio analysts have the exciting role of working between the investment team layers and they touch various aspects of an investment organization.
  9. Personal Finance

    World's Top 10 Hedge Fund Firms

    Ready for the high-risk, high-return hedge fund investments? Here is a list of the top hedge fund investment firms.
  10. Personal Finance

    Credit Risk Analyst: Boring Title, Great Job

    Credit analysts make critical decisions about loans, are required to have a certain level of education, and receive commensurate compensation.

You May Also Like

Hot Definitions
  1. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  2. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  3. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  4. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  5. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  6. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
Trading Center