The end of the year is rapidly approaching and right now you’re all tied up with the holidays. However, before you know it, it’ll be time to file those taxes. If you’re anything like me – you’ll curse that you didn’t keep that box of receipts like you promised yourself you would. Several often overlooked deductions are directly tied to work. And you still might have time before the year runs out to get those receipts. Just like any weight loss infomercial would tell you to consult with your doctor before engaging in any exercise routine – I’m telling you to consult your accountant before applying any of these measures to your taxes.
Some of the costs that can be “miscellaneous itemized deductions” include:
– Employment and outplacement agency fees
– Resume services
– Printing and mailing costs of search letters
– Want-ad placement fees
– Telephone calls
– Travel expenses, including out-of-town job-hunting trips.
– Union dues, association fees
There are other items too. For example, let’s say your boss Ken retires. He’s been with the company forever and a collection is going around to get him that engraved gold watch every worker dreams of. You don’t want to be the cheap ass who decides not to kick in. You begrudgingly reach into your wallet and pull out a $20. That my friend, could be a miscellaneous deduction.
Also, don’t forget about that home office and new computer you had to buy. Hey, your field is competitive – and in order to stay gainfully employed – you had to purchase that stuff to work from your humble abode.
To learn more about the specifics – check out this archived SmartMoney Q&A.
Instead of downloading eggnog recipes for that office potluck lunch, you’d be better served either making a last-minute donation (find a great one at Charity Navigator) or donating your stale ties and old khakis (get a receipt!).
The year is almost up. The world is distracted. Get your tax business done now. We’ll have more tips and interviews when tax season arrives – but for now, set yourself up right and it could be a fruitful spring.