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Tax Deductions for Your Job Search

Tax deductions

If you draw up a list of people’s least favorite activities, searching for a new job and filing taxes would likely be near the top. Fortunately, re-writing your resume and driving all over the state to interview can make tax day a little less unbearable, at least when it comes to how much you owe.

Job seekers – whether unemployed or looking for a better job – can write off many of the expenses that coincide with an employment search. If you are paying an employment or recruitment firm to help you find a new job or improve your personal brand, you may be able to deduct the expenses from your tax bill, according to tax preparer Jackson Hewitt.

Other tax deductible items may include travel expenses – including the cost of meals and lodging – if you’re looking for a new job in your present occupation, according to the firm. Even the cost of preparing and sending resumes is tax deductible. And if you get the job, moving expenses can be written off.

Each situation is different, but at the very least it’s worth doing a little research to see if the grind of looking for work can help you come mid-April.

Red Flag (NY Times)

The U.S. Securities and Exchange Commission has frozen the assets of unknown traders who purchased a series of “highly suspicious” options tied to Heinz stock the day before the company was bought out. The trades are a “serious red flag” for insider trading activities.

Good Time to Sell (WSJ)

Hamilton “Tony” James, president of alternative-asset manager Blackstone, sold 3.5 million company shares last week, worth a tidy $64.2 million.

Wealth Management Push (eFinancialCareers)

While making substantial cuts in other areas, Barclays is quietly adding to its wealth management business, with a particular focus on recruiting investment representatives in the U.S. and U.K.

Re-Founding (Bloomberg)

Judging by Monday’s comments, incoming Bank of England Governor Mark Carney plans to make some big changes when he assumes the role this summer. Carney said his job is to lead the “re-founding” of the central bank.

Incremental Growth (eFinancialCareers)

Four European firms – Berenberg, STJ Advisors, Edmond de Rothschild and Hannam & Partners – are adding staff while larger rivals are making cuts.

Indian Banks Hiring (Economic Times)

Public sector banks in India plan to hire as many as 56,500 people in the next six months. The majority of the hires will likely be for low-level and entry-level positions.

Management Overhaul (Financial Times)

Incoming Man Group chief Emmanuel Roman plans to overhaul the hedge fund’s management team when he takes his new post on Feb. 28.

Back on the Market (Bloomberg)

Payam Akhavan-Malayeri, global head of equity trading at Renaissance Capital, has left the bank.

Buzz Around the Office

Swing and a Miss (Yahoo)

If you didn’t see Florida State’s 11-5 victory over the University of Rhode Island, who could blame you. But know that you missed an umpire taking one of the most awkward falls you’ll see.

List of the Day: Going Corporate

Moving from a startup to a large corporation can take some getting used to. Here’s how to make a smooth transition.

  1. Embrace the accountability.
  2. Study the corporate decision-making process.
  3. Gain satisfaction from small results.

(Source: The Daily Muse)

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