Amid the scramble to meet the April 15 tax deadline, unemployed Michiganders should be reminded not to overlook deductions for job hunting expenses.
If these expenses, along with other miscellaneous expenses, including unreimbursed employee expenses and professional association membership dues, add up to 2% of the taxpayers’s adjusted gross income, the amount above the 2% threshold becomes eligible for deductions. Many people overlook job search expenses, assuming that they won’t add up to much, according to officials with the outplacement firm Challenger, Gray & Christmas Inc. However, for the long-term unemployed with a significantly reduced adjusted gross income, it is much easier to reach the 2% limit. Add expenses related to professional resume services, job-search related travel, or employment agencies fees and one’s expenses could soar well beyond the 2% level.
More than 3.8 million people joined the ranks of the U.S. unemployed in 2009. About 3.6 million were added to the roles of long-term unemployed (jobless for 27 weeks or longer).
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