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Top 20 Tax Planning Tips for the Unemployed

Posted by Ebere Okoye, CPA, MBA on December 2, 2010 at 4:00pm

As of Oct 2010, the US unemployment rate was estimated at 9%. Job loss creates tax issues and income tax returns for the unemployed are tricky. To shed light on this subject, CPA and CEO of Wealth Building CPA, Ebere Okoye, has written a new e-book, “Top 20 Tax Planning Tips for the Unemployed."

“Top 20 Tax Planning Tips for the Unemployed” provides in-depth explanations of tax questions that arise for the unemployed. Some of these questions include:

Is Severance Pay taxable?
If I sell other assets like stocks, bonds, and investment property, are they immediately taxable?
What can I do if I owe taxes and cannot pay them?
What if I withdraw money from my qualified retirement plan or IRA?
Can I deduct any of the expenses that I have from looking for a new job?
Is health insurance deductible?

Below is a free copy of the new book.

Top 20 Tax Planning Tips for the Unemployed

About the Author
Ebere Okoye is the CEO of Wealth Building CPA and a Certified Public Accountant. She holds a B.S.in Accounting and MBA from the University of Maryland. Her unique areas of expertise give her an in-depth understanding of the mistakes individuals and businesses make in their tax planning and investments. She advises clients on how sound financial strategies can lead to a steady gain in income and profitable investments. Contact us today for a FREE initial Consultation 301.830.6830.
Email: info@WealthBuildingCPA.com
Twitter: @WBCPA | Facebook

JOBLESSNESS STRIKES U.S.A. MILLION LOSE JOBS, IS THERE A SOLUTION? YES!! READ ON

Posted by Rickey on July 14, 2010 at 9:35pm

JOBLESSNESS STRIKES U.S.A. MILLION LOSE JOBS, IS THERE A SOLUTION? YES!! READ ONThe news media screams these headlines. Yes, million upon million words written about the problem. This information just adds to anxiety.The problem , too well known! Let put forth this idea and actionStart your on business, employ yourself, use your talent,gifts, and skilll to start making your own income.Check out a service, that people are putting to use by the thousands, that you can benefit from info at www.juniques.wsAmazing what $10 a month can do!!!!These are real people have real financial problem, yet, they are stuck with one answer to a problem.Get another job!!!! Go through this again!!!Enough I say!!!!You can not rise from your problem with the same level of thinking, that got you there!!!!Make a change.Join thousands of others who are making a change for the better.Check out www.juniques.wsFears grow as millions lose U.S. jobless benefitsOn Wednesday July 14, 2010, 1:35 am EDTBy Nick CareyCINCINNATI (Reuters) - Deborah Coleman lost her unemployment benefits in April, and now fears for millions of others if the Senate does not extend aid for the jobless."It's too late for me now," she said, fighting back tears at the Freestore Foodbank in the low-income Over-the-Rhine district near downtown Cincinnati. "But it will be terrible for the people who'll lose their benefits if Congress does nothing."For nearly two years, Coleman says she has filed an average of 30 job applications a day, but remains jobless."People keep telling me there are jobs out there, but I haven't been able to find them."Coleman, 58, a former manager at a telecommunications firm, said the only jobs she found were over the Ohio state line in Kentucky, but she cannot reach them because her car has been repossessed and there is no bus service to those areas.After her $300 a week benefits ran out, Freestore Foodbank brokered emergency 90-day support in June for rent. Once that runs out, her future is uncertain."I've lost everything and I don't know what will happen to me," she said.my comment:The Jobless Problem is not Destined, There is a $10 monthly option to change these stats. go to www.juniques.wsThe recession -- the worst U.S. downturn since the 1930s -- has left some 8 million people like Coleman out of work.Unemployment has remained stubbornly high at around 9.5 percent. According to the U.S. Bureau of Labor Statistics, in June 6.8 million people or 45.5 percent of the total are long-term unemployed, or jobless for 27 weeks or more.Before the recession began in late 2007, the unemployed received benefits, usually a few hundred dollars a week, for 26 weeks or around six months after losing their jobs.Under the federal/state programs, which are administered by state governments and partly funded by taxes on business, only full-time workers are eligible for benefits. Within federal guidelines, benefits and eligibility vary from state to state.As the downturn left more Americans out of work for longer periods, Congress voted to provide funding to extend benefits to as long as 99 weeks in some areas.Some critics say this adds to the country's large fiscal deficit, and may even discourage job-seeking.my comment:The Jobless Problem is not Destined, There is a $10 monthly option to change these stats. go to www.juniques.wsFOOD BANKS FEAR STRAINAn attempt to pass another extension has become bogged down in partisan political bickering in the Senate. Relief agencies fear that failure to extend benefits will strain their resources and may worsen the U.S. housing crisis."This will put a great deal of stress and strain on our organization, which has already been working hard," said Vicki Escarra, chief executive of Feeding America, which has a network of more than 200 food banks. In the year ended June 30, Feeding America distributed 3 billion pounds (1.36 billion kg) of food, a 50 percent increase over the past two years.my comment:The Jobless Problem is not Destined, There is a $10 monthly option to change these stats. go to www.juniques.wsThe benefits debate has pitted the majority of Democrats against most Republicans and some conservative Democrats.When the House of Representatives passed a $34 billion benefit extension on July 1, 11 fiscally conservative Democrats voted against it.The Senate may take up the issue again in mid-July, but Republicans like Senator Tom Coburn have argued any extension must be paid for with cuts elsewhere."Even then he (Coburn) is not sure if that's a good idea," said John Hart, a spokesman for the Oklahoma senator. "The longer the unemployed have benefits, the less incentive there is to find a job."Most economists argue that cutting benefits could slow recovery, describing benefits as direct economic stimulus because almost every penny of it gets spent. In a June 28 client note, Goldman Sachs said if all additional U.S. stimulus spending expires, it could slow the economy up to 1.5 percentage points from the fourth quarter 2010 to the second quarter of 2011.The note added that extending unemployment benefits and a $400 tax credit would "substantially mitigate" that impact.my comment:The Jobless Problem is not Destined, There is a $10 monthly option to change these stats. go to www.juniques.ws3 MILLION CUT OFF IN TWO MONTHSDuring the Senate impasse, from the week ended June 5 to the week ended July 10, more than 2.1 million Americans lost their benefits. Another million will join them by July 31.In Ohio alone, where unemployment stood at 10.7 percent in May, more than 83,000 people lost their benefits in June.Sister Barbara Busch, executive director of non-profit housing group Working in Neighborhoods in Cincinnati, 65 percent of the people who come seeking help with their mortgages are unemployed or underemployed."I fear once the benefits run out, I suspect we'll see a new wave of foreclosures," she said. "I just hope I'm wrong."Ohio is a bellwether U.S. state in elections. The state's Democratic attorney general Richard Cordray said blocking extending jobless benefits was politically motivated ahead of the midterm elections in November."If people lose their benefits they will blame the congressional majority and the administration," he said. "As unappetizing as it is, that would appear to be the strategy."Senator Coburn's spokesman Hart said suggestions the Republicans were playing partisan politics were "ludicrous.""The Democrats say that because they want to avoid making the hard decisions," he said.Alonzo Allen, 55, a former aid agency worker in Cincinnati whose benefits will run out in September, spends two days a week volunteering at the food bank in Over-the-Rhine and the other three looking for work. He said he worries about the one-bedroom apartment he rents and how he will feed his dog Ginger, who is the "only family I have.""If the benefits stop, I'll be out on the street and I'll lose all my furniture," he said. "That's going to be tough."my comment:The Jobless Problem is not Destined, There is a $10 monthly option to change these stats. go to www.juniques.ws(Editing by Eric Walsh)

Black Women Adjusting to Job Loss

Posted by Clarence Coggins on April 18, 2010 at 1:16am

One can start adjusting to unemployment by using a little psychology. Many studies have been done on how to deal with loss. Psychologists have found that people often have an easier time dealing with loss if they know what feelings they might experience during the "grieving process." Grief doesn't usually overwhelm us all at once; it usually is experienced in stages. The stages of loss or grief may include:

1. Denial - You cannot believe that the loss is true.

2. Anger - You blame those who you think might be responsible -- including yourself.

3. Bargaining - You try to "strike a deal" ( with a Higher Authority): "If you help me get a job, I promise never to be late to work again.

4. Depression - You realize the reality of the loss

5. Acceptance - You come to terms with the loss and get the energy and desire to move beyond it. The "acceptance"stage is the best place to be when starting a job search, but you might not have the luxury of waiting until you get to this point before beginning your search.

It is helpful to monitor you reactions and control any adverse emotions. Although you may well experience the stages of grief outlined above, they may not necessarily be in the order mentioned. If you experience strong negative emotions during these stages, you may need a break from your job search until you reach the acceptance stage. Most people can function in the earlier stages, as long as they remain aware of their feelings and are able to Keep these emotions from affecting their activities. For example, if you're still in your "angry" stage, it's important to understand that expressing your anger during a job interview could be self-defeating. Following are some tips to keep in mind during the job search process to keep yourself emotionally healthy and motivated to look for work.

Clarence Coggins
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Are you dumbing down your resume to get a job?

Posted by Dianne Walker on September 4, 2009 at 12:28pm

It's no secret that the job market is extremely tough. High level and experienced professionals are removing crucial pieces of their resume just so that they don't appear over qualified in their quest to find a job to pay the bills.So now recruiters are not only looking for over inflated resumes, they are looking for purposely downsized resumes as well.Are you dumbing down your resume to get a job?

Creative ways to generate money for your small business or non profit

Posted by Barbara Andrews on May 25, 2009 at 11:49am

I've been working on my business and non profit for a minute. (so to speak) Like a lot of business owners I'm always looking for free money (grants) but I wanted to find a way to generate some while I'm waiting money. These are some of the things I came up with . Non profits depending on how you set it up can have a for profit side to help support it. If that is your case then you can get donations fo things from people things like housewares, electronics, virtually anything, and sell it to raise funds for your business. Why you ask would people give you things? Because if you are a non profit those that donate to you would be able to get a tax deduction.The donors get rid of things they aren't using plus get a tax deduction, and you get things for free that you can sell.Got questions tune in tonight to Market Yourself Mondays 7pm Blogtalk radio.Call-in Number: (646) 200-430712 Minutes UNTIL SHOWHost Name: Nefertari BarakaShow Name: Market Yourself Mondays and Job Info ShowLength: 1 hrDescription:Market Your self Mondays is back!!! and back with a vengance. Our first topic of the evening will be creative ways to generate money for your small business and or non profit. Next join us for our latest Job Info Show. Tune in for information for job seekers. you'll hear about job opennings and contacts for opennings. As always feel free to call in with questions.www.blogtalkradio.com/mindboadyandsoul

The Atlanta Job Info Show on Mind Body and Soul Radio

Posted by Barbara Andrews on March 22, 2009 at 4:01pm

467484]Market Yourself Mondays Atlanta Job Info ShowMarket Your self Mondays is back!!! and back with a vengance. Join us for our first Atlanta Job Info Show. Tune in for information for job seekers in the Atlanta you'll hear about job opennings and contact opennings. We we also discuss the Do's and don'ts of job seeking, crafting the perfect resume. Be sure to call in with your questions and join us in the chat room where we will be giving the contact information that we will giving on air. This is definitely the show to download and send to anyone living in Atlanta looking for work or for anyone looking to relocate to Atlanta! Don't Miss This Show! We will also have professionals on hand to discuss what they look for in an interviewee.www.blogtalkradio.com/mindboadyandsoul

The Atlanta Job Info Show on Mind Body and Soul Radio

Posted by Barbara Andrews on March 22, 2009 at 3:57pm

The Toxic Job

Posted by Tsmart78 on January 29, 2009 at 5:00pm

Is your JOB toxic?? We have all heard of toxic relationships and friendships. You know the ones that bring you down, lead you down the wrong path, or cause you more harm or hurt than good. So, is your JOB toxic? And how can you tell. If your immediate response to the question was yes, then case closed. If you are not so sure whether your job is toxic or not, I have some things you may want to think about. I'm not professing to be a career counselor, or anything like that, but I had a conversation with a friend that some people may be able to relate to...~ Signs your job may be "toxic" ~- Are you literally saddened by thoughts of your job or the thought of going to work?- Do you constantly go to work in a good mood, but leave angry or depressed?- Have you or are you developing health issues, (for example, high blood pressure, ulceres, anxiety) due to job related stress?- Does your job consumes all aspects of your life, even when you don't want it to?- Does your job interfere with your personal life or cause a strain in your personal relationships? You know, you are constantly missing valuable family time because you have to work late or bring the job home with you. ( Think carefully about this, don't confuse it with a toxic relationship at home)- Has your behavior change negatively since you have been working at your job.?- Do the practices of your company conflict with your personal values?I think that if you've answered yes to more than one or two of these questions then you may have a toxic situation on your hands. But what should you do about it? Now, with the economy today, I would not advise just quitting. 71,000 jobs were lost on Monday, 10,000 on Wednesday, and there are certainly more to come. So chances of getting hired somewhere else are slim.But in the meantime, see if there are other ways to survive and keep your sanity. Instead of griping about your job, thank God, that you have a means to provide for yourself or your family. While you are there, take comfort in knowing that you are doing the best that you can do while you are at work. Set limitations for your self try to work late only once or twice a week, and then set limitations on how late you will stay. Say I'm leaving at "x o'clock" no matter what. And stick to it. If possible, find something you do like, whether it be another job, or your own business. And by all means, be sure not to take the stresses of the day out on your loved ones. They will be there for you long after that job has passed.

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Note: this page contains paid content.