Important tax tips if you have been unemployed during 2009!

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Are you in the middle of a job search or career change? Make sure you get every deduction and credit you’re entitled to.

  • Under the American Recovery and Reinvestment Act, the first $2,400 of unemployment benefits received in 2009 is tax exempt.
  • You may be able to reduce your taxes by deducting certain unreimbursed expenses such as employment agency fees, career counseling and printing and mailing of resumes—even if you do not get the job.
  • If you started your own business during the year, or acted as a consultant while looking for a new job, your income is considered self-employment income.
  • If you were a student during the tax year, you may be able to deduct your qualified education expenses such as tuition and fees. Or, you may be eligible for the American Opportunity or Lifetime Learning education credits.
  • You may be able to deduct any mileage traveled while job hunting. The standard mileage rate is now 55 cents per mile.
  • You may qualify for the Earned Income Credit, which is treated as withholding and can create or increase a potential refund.If you accept a job and have to relocate, you may be able to deduct any qualified moving expense not reimbursed by your new employer.