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Job hunting expenses may be tax deductible
Deductions for tax preparation services, financial advice, professional journals and a host of other items are known in the tax code as miscellaneous itemized deductions. They are only partially deductible from your gross income. You may write off only that portion of these costs that exceeds 2 percent of your adjusted gross income (AGI). For example, let’s say in 2004 your AGI totals $50,000 and you report miscellaneous itemized deductions of $1,200. That means you may deduct only $200 - the amount of these expenditures that tops $1,000 ($50,000 times 2 percent).
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