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April 12, 2012

Resume Paper: The New Trend in Tax Deductions?

Filed under: General HR Buzz — Tags: , 7:56 am

Thanks to two dates on the calendar, the deadline to file tax returns for 2011 is extended through Tuesday, April 17th.  April 15th, traditionally known as Tax Day, falls on a Sunday this year.  On Monday, April 16th, residents of the District of Columbia observe Emancipation Day, a celebration of the day in 1862 when President Lincoln signed the Compensated Emancipation Act.  If you haven’t filed chances are you’re scrounging for a few receipts that somehow jumped out of the folder where you neatly filed them away, right?

As you’re working your way down the list of possible deductions to reduce that tax bill, I’m curious:  Did you know that you may be able to write off travel expenses related to your job search?  Did you know you may also be able to write off home office furniture?  If you didn’t, you aren’t alone.  While most workers are aware relocation to another city for a job may be deductible, three out of four didn’t know you may be able to write off the cost of a professional resume-writing service used to land that out of state job.

A joint survey conducted by Careerbuilder and Liberty Tax Service (with a sample of 6,000 full-time workers) found that 80% of them reported that they have not claimed work-related expenses on any of their tax returns.  It may surprise you to find out just how many workers didn’t know they could potentially claim:

Eligible Job Search Expenses

  • Resume Paper (84%)
  • Travel to and from job interviews (57%)

Eligible Work Expenses

  • Travel to work at different locations (53%)
  • Safety glasses required for work (44%)

Eligible Education Expenses

  • Workers who were not aware that going back to school to build new skills for their current occupation may be tax deductible (55%)
  • Workers who had never claimed education expenses on their tax return (77%)

Even if you’re like 58% of workers who filed taxes in January or February, or 28% who filed in March, you can still file an amended return if you missed out on some of these deductions.

Source: CareerBuilder

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