Despite the negative effects that job loss can have on a tax situation, there are some positives that can help offset a tough situation. While actively looking for new employment, so long as it is in a previous trade or business, a taxpayer may deduct related expenses while conducting a job search. For example, a taxpayer may deduct the costs of mailing a resume to a potential employer, the cost of professional help in completing a resume, or employment agency fees. Also potentially deductible are travel expenses, so long as the potential job is in a present trade or profession. These expenses may not seem like much, but when it comes to taxes, every little bit helps.