Student-loan interest paid by Mom and Dad
Normally, you can only subtract mortgage or student-loan interest if you are lawfully necessary to repay the debt. But if parents pay back a child's student loans, the Internal Revenue Service treats the money as if it was given to the child, who then paid the debt. So, a child who's not claimed as a dependent can be eligible to subtract up to $2,500 of student-loan interest paid by Mom and Dad. And he or she doesn't have to itemize to use this money-saver. Mom and Dad can't claim the interest deduction even though they in point of fact foot the bill since they are not liable for the debt.
IRS Tax Extension Online
Job-hunting costs
If you're in the middle of the millions of unemployed Americans who were looking for a job in 2012, we hope you set aside track of your job-search operating cost ... or can reconstruct them. If you're looking for a situation in the same line of work, you can subtract job-hunting costs as miscellaneous fixed cost if you itemize. Qualifying expenses can be written off even if you didn't land a new job. In any case, such expenses can be deducted only to the extent that your total miscellaneous expenses exceed 2 percent of your AGI. Job-hunting operating cost incurred while looking for your first job don't be eligible. Deductible job-search costs include, but aren't limited to:
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-- Transportation expenses incurred as part of the job search, including 55.5 cents a mile for driving your own car plus parking and tolls -- Food and lodging expenses if your search takes you away from home overnight -- Cab fares -- Employment agency fees -- Costs of printing resumes, business cards, postage, and advertising
USA Tax Filing Online
The cost of moving for your first job
Although job-hunting operating cost are not deductible when looking for your first job, moving expenses to get to that job are. And you get this write-off even if you don't itemize.
To be eligible for the deduction, your first job must be at least 50 miles away from your old home. If you succeed, you can subtract the cost of getting manually and your household goods to the new area. If you drove your own car on a 2012 move, deduct 23 cents a mile, plus what you paid for parking and tolls.
Normally, you can only subtract mortgage or student-loan interest if you are lawfully necessary to repay the debt. But if parents pay back a child's student loans, the Internal Revenue Service treats the money as if it was given to the child, who then paid the debt. So, a child who's not claimed as a dependent can be eligible to subtract up to $2,500 of student-loan interest paid by Mom and Dad. And he or she doesn't have to itemize to use this money-saver. Mom and Dad can't claim the interest deduction even though they in point of fact foot the bill since they are not liable for the debt.
IRS Tax Extension Online
Job-hunting costs
If you're in the middle of the millions of unemployed Americans who were looking for a job in 2012, we hope you set aside track of your job-search operating cost ... or can reconstruct them. If you're looking for a situation in the same line of work, you can subtract job-hunting costs as miscellaneous fixed cost if you itemize. Qualifying expenses can be written off even if you didn't land a new job. In any case, such expenses can be deducted only to the extent that your total miscellaneous expenses exceed 2 percent of your AGI. Job-hunting operating cost incurred while looking for your first job don't be eligible. Deductible job-search costs include, but aren't limited to:
Get Free Tax Refund Calculator and calculate your tax refund free.
-- Transportation expenses incurred as part of the job search, including 55.5 cents a mile for driving your own car plus parking and tolls -- Food and lodging expenses if your search takes you away from home overnight -- Cab fares -- Employment agency fees -- Costs of printing resumes, business cards, postage, and advertising
USA Tax Filing Online
The cost of moving for your first job
Although job-hunting operating cost are not deductible when looking for your first job, moving expenses to get to that job are. And you get this write-off even if you don't itemize.
To be eligible for the deduction, your first job must be at least 50 miles away from your old home. If you succeed, you can subtract the cost of getting manually and your household goods to the new area. If you drove your own car on a 2012 move, deduct 23 cents a mile, plus what you paid for parking and tolls.