Time to dance to the music

      Do I have your permission to use the T word? 
      What does experiencing a job or career transition have to do with taxes?  Plenty!  Depending on the circumstances that prompted your career transition you may have benefits and tax deductions that you normally would not claim.  Even if you are experiencing severe financial restrictions, now is not the time save money by not consulting a good financial advisor.
        Typical tax deductions include having job search expenses including printing your resume and travel for job interviews.   However, you might have been given an opportunity to retrain or part of your job search was covered by your former employer.  Is this considered income?  What if you were given a settlement, disbursement or had to dip into your retirement?  Did you have taxes withheld at the time that these funds were issued?  Did you withhold both state and federal tax?   Often only federal taxes are withheld and now you will have to make arrangements to pay your state taxes.  Do you qualify for an exemption for using funds from a deferred pension fund?  Remember some funds allow you to withdraw money without or reduced penalty if the money is for medical or educational purposes.   Do you qualify?    
       What about medical expenses?  Were you injured on the job?  Did the company pay for your medical care, rehabilitation, or help cover the cost of a training program?  These could be considered additional income.  Are you now  paying your medical insurance premium out of pocket or did your deductible increase?  This could be an additional deduction.
        Are your children trying to help make ends meet by taking on part-time jobs?  Do they still qualify as dependents? 
       The change in your employment could have effected you emotionally.  Therapy is also a medical expense that you may not have deducted in the past.
       What about legal fees?  Frequently, people consult an attorney when injured in a car accident or on the job, perhaps the fees are deductible.   Perhaps you started your own business and the legal fees would be a business deduction. 
         Other items that you may consider are relocation and volunteer work.  Did you stay in another city or state in order to participate in a job hunt or get training?  Are you doing volunteer work in order to transition into another occupation or internship? 
        Feeling confused?  Overwhelmed?  Anxious?  Join the crowd, the change in your employment status can impact your tax status in multiple ways.   Consulting a tax speciality is definitely a good idea not only to complete this year's tax return but also to organize your finances for next year. 
        As a life coach, I frequently remind people that a change in one aspect of your life affects other areas, this is clearly evident when doing your taxes.   I am not an IRS agent or CPA.  I can not nor should you assume that this article can substitute for a qualified tax adviser.  The purpose of this article is present issues that you should discuss with your financial advisor.   The deadline for filing is still a month but the time to act is now.