Financial expert and Good Morning America contributor Mellody Hobson called in to the TJMS today to provide tax tips for those who are unemployed. Continue reading for her suggestions…
What tax tips do you have for the unemployed?
The current unemployment rate is 8.3%. So first, remember that you’re not alone. And when tax time comes around, make sure you take all the possible deductions. If you are looking for a job, you can deduct expenses like resume preparation, headhunters, postage and gas mileage. One critical caveat: You have to keep meticulous records and make sure you only claim legitimate expenses; If you try to deduct that interview suit, new haircut or manicure, the IRS will cry foul. One general rule of thumb to follow is that anything that can be used for purposes other than your job hunt can’t be deducted.
