Job Hunting Expenses

Written by:
Image
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades.

Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 2 million monthly readers. While there, Paul authored and edited thousands of financial research briefs, was published on Nasdaq. com, Yahoo Finance, and dozens of other prominent media outlets, and appeared as a guest expert at prominent radio shows and i...

View all posts
Updated November 11, 2020

What are Job Hunting Expenses?

Job hunting expenses are costs that job seekers incur while searching for a new job.

How Do Job Hunting Expenses Work?

Job hunting involves research and networking using various resources and services. These resources and services include: employment listings, talent and staffing agencies and professional resume writers. Other examples of expenses are transportation, self-advertisement costs or anything paid directly as part of a job hunt.

Job seekers may be eligible to deduct job hunting expenses from their income taxes if they sought a position similar to their previous one. Unfortunately, recent university graduates are not able deduct job hunting expenses. Eligible job seekers may claim this deduction regardless of whether or not they find a new job.

For example, suppose Jane is laid off from her engineering job in 2011 and spends $500 searching for a new job before the end of that year. Regardless of Jane's success in finding a new engineering job, she may deduct $500 from her 2011 income tax return.

Why Do Job Hunting Expenses Matter?

Potential tax benefits notwithstanding, job hunting expenses can be very high depending on the type of work an individual seeks. Since unemployment may leave them with little to no income, job seekers must know in advance how much money they can afford to allocate to job hunting expenses.

Ask an Expert about Job Hunting Expenses
At InvestingAnswers, all of our content is verified for accuracy by Paul Tracy and our team of certified financial experts. We pride ourselves on quality, research, and transparency, and we value your feedback. Below you'll find answers to some of the most common reader questions about Job Hunting Expenses.
Be the first to ask a question

If you have a question about Job Hunting Expenses, then please ask Paul.

Ask a question

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 2 million monthly readers.

If you have a question about Job Hunting Expenses, then please ask Paul.

Ask a question Read more from Paul

Read this next

Paul Tracy - profile
Ask an Expert about Job Hunting Expenses

By submitting this form you agree with our Privacy Policy

Share
close
Don't Know a Financial Term?
Search our library of 4,000+ terms