Out of Work? Four Tax Resolution Secrets to Write-Off Your Job Search

Share This:

Being out of work is stressful enough without having to worry about tax resolution. The good news is that there are actually quite a few secrets to make that job hunt work for you.
Did you know that all the expenses from your job search can be deducted from you taxes during tax resolution? That means all the travel and entertainment can be deducted. Even the business cards you print up to help you find work can be deducted from your taxes. There is one catch to all those deductions. You can only deduct up to 2% of your income.
Some people choose to work at home while looking for other employment and this strategy can benefit your tax resolution. If you can claim sole proprietorship of your business and are making a profit in this line of work, there is no limit to the business-related deductions that you can take from your income.
Another tax resolution strategy for those who find themselves dealing with the financial strain that comes with job loss is to deduct all of your medical expenses. Unless you can claim sole proprietorship status (which allows you limitless deductions) you can only deduct up to 7.5% of your total gross income.
There are a lot of people that try to deduct their home office off of their taxes, but this often doesn’t work because you would have to prove that your office is used exclusively for work. Most people don’t have a space in their home that would be used exclusively for work so it isn’t normally a tax resolution strategy you can apply.
Finally, if you choose to further your opportunities by going to college, the expenses can be deducted when it comes time for tax resolution. The best news is that the amount of money you can deduct from your first-time degree isn’t dependent on your income.

Share This:

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.

Submit a Comment

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter Today And Receive:

"7 Secrets To Keeping More Money In Your Pocket,"


A Complimentary 30-Minute Tax Strategy Session.

A $397 Value, Yours FREE.

You have Successfully Subscribed!

Pin It on Pinterest

Share This

Share this post with your friends!