There was a great article recently in the San Francisco Chronicle on the 6 tax breaks you may be able to take in 2010 if you were unemployed. Of course unemployment benefits are deductible but just because you are unemployed, doesn't mean that you need to forfeit these additional tax breaks:
- Job Search Deductions- You can deduct some of your job search expenses but there are some exclusions such as if you are right out of college, changing professions, etc.
- Earned Income Tax Credits- If you worked for part of 2010 and lost your job, you may be able to take this tax deduction.
- Medical Expenses- If you spent more than 7.5% of adjusted gross income on medical expenses on you or your dependents, you may be able to itemize these tax deductions
- Moving Expenses- If you had to move 50+ miles for a new job, you may be able to deduct your moving expenses as long as you were not reimbursed for them.
- Retirement Withdrawals- Withdrawing funds from a retirement account may be penalty free if it was for a finance hardship and medical expenses.
- Freelance Tax Breaks- So you picked up some work on the side while looking for a new job? This income may include deductions including: health insurance, office & equipment supplies, and travel & association fees.
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