Archive for the ‘Salary & Benefits’ Category
 If you are unemployed and filing tax returns, you want to make sure not to miss out on many deductions available to job seekers. We have recently published Tax Tips to Maximize Your Refund This Year and by popular request decided to continue on that subject, putting together a list of job related expenses that you can and can’t write off this year:
The Ground Rules
In order to maximize your deductions and not get in trouble with IRS, it is important to understand the ground rules:
• You can only write off expenses for a job search in the same field in which you were formerly employed. In other words, you can’t write off job search expenses if you decide to switch to a different career.
• Unfortunately, if you just recently graduated and/or haven’t held a full time position, you are not entitled to writing off expenses associated with your first job search. The tax law only allows you to write off expenses incurred in searching for a position in your present occupation.
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 As the United States continues to finance military operations abroad and national bankruptcy at home, the government is on a search for a solution to financing of the trillions in national debt currently held by foreign investors. Economists know that the dollar days, as the world reserve currency, are numbered, as well as, our ability to finance the national debt.
Historically hyperinflation has always been the solution to unsustainable debt, but there always can be an intermediate step to buy more time for the people in power. The largest source of wealth that can be used for that purpose is the trillions of dollars in private retirement funds.
Business Week, Bloomberg, and CNBC all recently alluded to the possible nationalization of trillions in private US retirement plan assets and their forced investment into treasuries. Mandatory IRAs proposed by Obama Administration last month could be the first step in stealth nationalization of our retirement benefits to support the treasury debt market. It is only a proposal at this time, but keep in mind, the government is in desperate need for revenue to monetize their debt obligations.
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 With the tax season kicking off, if you are unemployed or were unemployed in 2009, you want to make sure not to miss out on many deductions and exemptions available this year. To help you navigate this year’s returns, we have put together this checklist of things to keep in mind. We recommend that you carefully study this list of the deductions and credits to which you may be entitled because of your unemployed status, before filing tax returns this year.
Here are some of the things to keep in mind:
2009 Stimulus Package for Unemployed
This year you can enjoy reduced taxes on unemployment income. Normally, individuals receiving unemployment benefits must report them as income and pay income tax on them. The 2009 bill signed by President Obama makes the first $2,400 of unemployment income nontaxable.
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 Bad economy is a good excuse for employers to freeze pay raises or
even introduce pay cuts. If you are a hard worker and believe you
deserve a greater reward, read some tips on how to get a pay raise:
1. Exceed your boss’s expectation. Demonstrate that you have brought
in business or have taken on additional responsibility. Perhaps
because of a layoff or hiring freeze you’ve already been doing the
jobs of two people.
2. Do online research and find out the market salary for your position
before you ask for a raise. Compare your salary with ads. Remember
that not all jobs are impacted by the downturn.
3. Plan your actions to pursue your company’s goals. If your company
wants to find new clients to sell a product, then put all your energy
into that and be creative.
4. Tell you boss that your goal is to have a higher salary and find
out his/her opinion on what you should do to achieve a higher level
that justifies that. Always ask nicely for a pay raise.
IBM CEO Sam Palmisano received $21M in 2008. Though compensation of top executives is always a matter of discussion, he gets special attention because he has laid off thousands of US employees during last a few years.
In spite of the bad economy IBM had bigger gains in 2008 than in the previous year. The reported revenue was up 5%, income was $12.3B compared with $10.4B in 2007, which is 18% up. So the company’s performance wasn’t the reason for the massive job layoffs.
Palmisano’s compensation includes $1.8M salary, $5.5M bonus, estimated $12.22M stock options and awards, and $1.44M in perks and other compensation including personal use of a company aircraft. There is a huge income gap between the IBM’s top executive and most other employees who normally receive bonuses well below 5% of their salary.
You need to have a job and a good credit rating in order to take advantage of this great opportunity. But once Resumark.com helps you find the job, it might be a very good time to buy real estate. The American Recovery and Reinvestment Act of 2009 (H.R. 1) features the $8,000 tax credit for first-time buyers who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009. Details of the tax credit include:
- Buyers claim the credit on their federal tax return to reduce their tax liability. IRS form 5405 is to be used for the First-Time Homebuyer Credit. This form also answers many questions about the tax credit.
- A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years. For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return
- The tax credit is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000
- Eligible properties include any type of property that will be used as a principal single-family residence (including condos and townhouses).
- There are income guidelines on the credit. It is not available for those with an income above $95,000 (or $170,000 if filing jointly)
- The new tax credit does not have to be repaid if the buyer stays in the home at least three years
- People who purchased homes under the 2008 $7,500 tax credit program will still be required to repay that credit to the government over a 15-year period
To get more information or if you have questions, consult with your realtor or tax advisor.
It’s no secret that times are tough and when the economy begins to weaken, jobs become harder to secure and fewer in numbers. So what are the best jobs to have in a bad economy?- Financial adviser - 47% growth rate - $74,000 median income
- Software program manager - 29% growth rate - $103,000 median income
- Database administrator - 29% growth rate - $77,000 median income
- Physical therapist - 27% growth rate - $67,000 median income
- Physician’s assistant - 25% growth rate - $84,000 median income
- Environmental specialist - 25% growth rate - $53,000 median income
- Hydrologist - 24% growth rate - $59,600 median income
- College professor - 23% growth rate - $79,000 median income
- Certified public accountant - 18% growth rate - $64,000 median income
- Teacher - 12% growth rate - $48,000 median income
Source: fivecentnickel.com
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