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Posted: Saturday, 11 July 2009 7:55AM

IRS Expert Explains How to Deal With Taxes if Unemployed



by KYW’s Lynne Adkins

With the national unemployment figure at 9.5 percent, the job search affects just about everyone. But there are some items you can deduct come tax time.

With millions of Americans looking for work, the job search may be expanding; taking you out of state or to other parts of the country. IRS Philadelphia spokesman David Stewart says some of the expenses may be deductible on your federal tax return:

"Expenses, resume, outplacement agency fees and moving costs for a job, a new job that is more than 50-miles away from your home." That too may be deductible.

So make sure you save all your receipts. If you're getting unemployment checks this year, the first $2,400 in benefits will be tax free, but after that, benefits are taxable so set some money aside or have taxes withheld from the check.
 


 
 
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