FOR IMMEDIATE RELEASE
Unemployed, Self-Employed or Seeking a New Job? The IRS is Sympathetic
South Jersey Accounting Firm TTK & Associates Offers Tax Filing Tips for
Those in Difficult Circumstances
EGG HARBOR TOWNSHIP, N.J., Feb. 22, 2012 – Being laid off, let go or otherwise downsized is never an easy thing, but the IRS isn’t deaf to your plight, offering many deductions and benefits for the unemployed, newly self-employed and perennial job seekers.
According to Emily K. Vu, president of TTK & Associates, an accounting firm with several offices in South Jersey, knowing what deductions you can rightfully take can help ease your tax burden when circumstances are bad.
“There are so many people who are unemployed, are searching for new positions, or – if they’re lucky – have launched home-based businesses or consultancies,” says Vu. “It’s important to know how your situation can affect your taxes…and in most cases it’s positive.”
Job seekers can deduct several types of search expenses, like mileage and certain other travel expenses to and from interviews. Vu notes you can also claim fees paid to an employment agency, costs related to printing and mailing resumes, as well as laundering expenses for your interview clothes, if you itemize and the costs total over 2 percent of your adjusted gross income.
It’s important to realize that job search expenses can only be deducted if you’re looking for a position in your current profession. Expenses incurred seeking a new career don’t qualify.
For those who have turned lemons into lemonade and have started their own business, Vu points out that those oppressive health insurance premiums are 100 percent deductible.
“If you’re an eligible self-employed or S Corporation, you can claim the premium amount on Line 29 of Form 1040,” Vu explains. “Premiums you pay for your spouse and dependents generally qualify, as well as premiums paid for an adult child up to age 27, even if that child is no longer a dependent.”
Vu offers the following tips and advice to keep in mind when preparing your 2011 taxes:
About TTK & Associates
TTK & Associates was founded by Emily K. Vu and provides a full range of accounting services that includes bookkeeping, payroll, tax planning, and tax preparation. TTK specializes in assisting individuals and business owners with tax audits and back tax problems. Its tax professionals will work with the client to resolve tax issues and fight for their right to fair treatment. For more information on TTK & Associates, call 609-484-0005 or visit www.ttkassociates.com.
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