Everyday Economy

Tax tips for tough times

For people who are feeling the direct effects of the recession -- whether it's a foreclosure or a drop in pay -- this year's tax season brings some changes.

The New York Times has collected a list of 10 tax tips for people hurt by the economy. Among the suggestions: Scour your circumstances for potential deductions, such as:

If you’re on the hunt for a new job, many of your costs may also be deductible, as long as you itemize your deductions instead of taking the standard deduction. Deductible expenses include résumé paper, printing, travel expenses, long-distance calls and faxes, postage, even meals and lodging expenses. But job expenses are considered a miscellaneous deduction, which means you can only deduct costs that exceed 2 percent of your adjusted gross income. Since other expenses can also be included in the miscellaneous bucket — from tax preparation fees to work uniforms — be sure you’re including them all, said George Jones, a senior tax analyst at CCH.

Read the full story here. The IRS has set up a page of FAQs for people affected by the downtown, here.




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Shawn Vestal
Shawn Vestal writes a news column three times a week.

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