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Rachel Partain Comments on Tax Quirks and Complications to Look For

February 24, 2015, MainStreet
MainStreet quoted Rachel L. Partain regarding tax deductions, such as job search expenses, that many taxpayers miss out on. For the complete article, please visit MainStreet'website.

Excerpt taken from the article.

Rachel L. Partain, a tax attorney with Caplin & Drysdale in New York City, points out that taxpayers miss out on deductions regularly simply because they don't know the rules.

For example: job search expenses. "A new job search can lead to deductions from expenses such as mailings and mileage, and lodging and meals if your travel for the primary purpose of conducting your search," she says. Be careful, though. In an audit, the IRS may question these expenses, whether the expenses are eligible for deduction or have been substantiated. "Make sure to keep receipts and a travel log," she advises.

There are a number of categories of professional fees that may be deductible, too, Partain says. "You may deduct tax preparation fees and the cost of software or preparation services paid within the year; legal expenses for matters that produce taxable income that relate to the determination, collection or the refund of any tax, work-related lawsuits; and fees related to investment, tax and financial expenses."

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