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Tax Breaks for the Unemployed

August 12th

For those who have been unemployed for a considerable length of time, filing taxes, or catching upĀ  on unpaid taxes, may not be a chief concern. However, according to CNN.com, there are a handful of tax breaks that you will want to be certain to take advantage of.

For those who are unemployed, these tax breaks are a particularly valuable opportunity to gain back a significant amount of money. Last year, experts estimated that the average refund was valued at approximately $3,000.

There are a number of costs related to unemployment that the IRS has declared tax deductible. Among these are job search-related expenses, continuing education courses, and home office and meal costs for those who began working from home. Moving-related expenses are also included in the instance that relocation was necessary for a job.

Job-Seekers

For any unemployed taxpayers who may have been searching for a job this past year, there are a number of tax breaks available. The IRS has made many of the costs associated with job-hunting tax deductible.

This includes head-hunter or career coach fees or fees for joining job search sites. Job-hunters may also deduct the cost of phone and fax use, as well as the cost of travelling to and from interviews. Such travel expenses may include airplane tickets, bus rides, or gas money. The IRS has even included the cost of printing, photocopying or creating resumes.

It is especially useful for many job-seekers that the cost of continuing education courses may now be considered tax deductible. This allows many individuals to maintain valuable skills used in their previous line of work during their time of unemployment.

 
 
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