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    Lost Job

    If you are looking for a job in your current profession and can itemize your deductions, certain expenses may qualify as miscellaneous deductions. Employment agency fees, resume printing, phone calls, and mailing expenses are examples of deductible items. Have you received unemployment compensation during the year? You must report unemployment compensation as income. State and federal unemployment insurance benefits, and railroad unemployment compensation benefits, are all considered taxable income. You can choose to have income tax withheld from any unemployment compensation you receive