Layoffs and Taxes Cut Yourself a Break

Layoffs and Taxes Cut Yourself a BreakLayoffs and Taxes Cut Yourself a BreakHow to get your credit and budget stable when youre unemployed.Unless youve filed for an extension, chances are your 2008 taxes are behind you. But what sort of tax planning should you be doing for 2009 if youre currently between jobs?Sure, getting laid off means having to deal with a lot of things youd rather not. But figuring out what taxes for which youll be obligated - especially on benefits you get only because youve been laid off - seems like adding insult to injury.Yes, you may be obligated to pay taxes on unemployment insurance payments. At your local unemployment office you can fill out a Voluntary Withholding Request (W-4V) and ask that 10 percent be withheld for federal taxes it wont cover the whole bill but will make that part easier.You dont have to pay taxes on COBRA health-insurance benefits or many other unemployment insurance benefits, such as paid outplacement or job counseling.But this yea rs taxes are not the issue, according to Brad Rosenberg, president of Brad S. Rosenberg CPA of Nassau County, Long Island.The issue the recently laid off have to deal with first is how to pay their living expenses and how to get back on a stable footing, whether that means full-time employment, consulting or freelance work, or some combination of the two.Put off thinking about taxes youll have to pay on this years diminished income, Rosenberg said. Instead, focus on minimizing spending to create a bubble of security that can carry you through your job search.The first thing is you need to find out is if theres a severance package available and if it is, what delivery method is available to get it over a longer period of time rather than in one lump sum, said Rosenberg, a tax expert to whom Ladders own HR department refers questions.If you are given the option of receiving severance in one lump sum or spread over several months, you should consider the tax implications of your decisi on, according to Alan Federman, Ladders financial controller. For example, if you have fulfilled your FICA obligations for the current calendar year, it may be advantageous to take as much of the severance as you can in that year. Alternatively, you may have some tax events in the future (e.g., an expected real-estate sale or new family additions) that make spreading or deferring the payments a better alternative, Federman said.Spreading out your severance payments does have an impact on cash flow, Rosenberg said. And human nature is such that the psychological boost of knowing youre still getting a paycheck every week or month means that, emotionally, youre still getting income. That eases the blow of being unemployed.Money has a tremendous impact on morale and motivation, especially for job hunters in a lean economy, Rosenberg said.That may mean bending some other normal practices for the short term.Easing the crunchRather than paying off credit-card debt quickly to minimize long- term interest payments, unemployed job seekers should consider paying the minimum amount each month. Or even nothing, Rosenberg said. Contact the credit-card company. Some of them have programs that will give people a reisepass for a few payments, and there is legislation thats part of the recovery package that may put presaya on credit-card companies to do that as well. They know that, so a lot of them are willing to wait. And there are a lot of nonprofits that can work with you to help work out payment plans as well.More importantly, residence costs have to be decided differently. Renters are in a worse position than owners because its easier in most states to evict people for nonpayment of rent than it is to foreclose on a mortgage and resell the property.Thats one of the decisions you have to make to nail down a budget with the absolute minimum of your living expenses - costs for school, food, auto, whatever it costs you per month, Rosenberg said. Then you add up your savings, severance, unemployment to figure out how to make your nut.Only after youve nailed down immediate cash-flow questions and begun your job-search or recovery plan should you worry about taxes youll have to pay during this year, he said.Job loss is very disruptive. It throws a big wrench into plans people have, according to Roy Cohen, who holds the title master career coach at the Five OClock Club, a private outplacement and career-counseling club based in Manhattan.Although neither he nor the Five OClock Club can offer financial advice or evaluations, Cohen said unresolved financial questions can keep clients from focusing all their energy on networking and strategy, or even deciding how long they can afford to look for a job.If I know the client can manage for a year, we can take a more thoughtful, strategic course of action, Cohen said. If they have no cushion, I know we have to be very aggressive - doing triage, making sure the resume is terrific, getting them out there talking t o recruiters and looking for consulting or permanent opportunities. It has to be part of how you present yourself.Part of that presentation may be admittedly temporary. There are a lot of former executives doing consulting work, sometimes below their former pay or seniority grade, just to keep money coming in, Cohen said.When your financial situation stabilizes a bit - not meaning its back to normal, but that you have done what you can to minimize your payments and focus on your job search - thats the time to think about improving your tax situation for next year.If you do any consulting or freelance work at all, for example, you can write off most expenses directly related to getting or doing that work, he said. That may include cell-phone use Internet service and networking expenses, such as professional association memberships.But remember The IRS requires that you pay Social Security and Medicare taxes on any of that income. For the self-employed, that means paying both the em ployers and the employees share of Social Security. IRS guidelines say consultants should pay quarterly, at a tax rate based on estimating your income for the whole year based on what youve made during the previous three months.More-detailed instructions are available at Social Security Onlines electronic fact sheet. There are plenty of erreichbar guides and tools, and nonprofit credit-counseling agencies can help make decisions, but the IRS is still the best source for information on tax requirements and often writes those descriptions in language non-specialists can understand.Reliable investment and credit advice is sometimes hard to come by, especially on the cheap. Rosenberg recommended calling your state CPA society and asking for a referral to a nonprofit credit-counseling agency that can offer more-detailed tax and credit advice. Its usually free, he said, and often quite good.And youll want to reconfigure some of your investments as well. Rather than leave money in the stoc k market, you might want to move it into certificates of deposit, treasury bills or other stable investments, Rosenberg said.When your living expenses are covered, you can go back to being a little more daring in your investment approach, Rosenberg said. That all changes when theres no more income coming in.

5 unorthodox habits all successful people have

5 unorthodox habits all successful people have5 unorthodox habits all successful people haveWhen we talk about the traits that make people successful, the usual suspects are confidence, persistence, patience, etc.We tend to reduce success down to the simple formula ofBelief in yourself + Running the marathon.And for the fruchtwein part, Id agree that is its most common denominator.But what about all the other little traits you have to pick up along the way?What about the little things you have to learn to make the most out of that path?Here are five unconventional traits that I have seen carry some very successful people forward1. HumorThe ability to laugh and lighten a room is contagious.When you laugh, or you make someone else laugh, others cant help but join in.As much as we would like to believe the strong-arm approach to business is the most effective, the truth is, You catch more bees with honey than vinegar.If you can make people feel comfortable enough around you that they ca n laugh and open themselves up to the moment, chances are they will be far more willing to help you with whatever challenge youre facing.Why?Because they feel like they are close to you?- ?that they can trust you.2. HumilityConfidence and belief in yourself is required to be successful at anything?- ?thats a fact.But there is a clear difference between confidence and arrogance, and arrogance tends to turn people off.Humility, on the other hand, gives others the opportunity to come to you?- ?instead of you having to prove yourself to them. I believe the reason humility is such an effective trait is because you cant fake humility.Even if you say the words, Oh, I just love what I do, unless you give off the vibe that you truly mean what you say, most people will see right through you.Some people are just born humble.For the rest of us, it takes practice letting go of our ego.3. ArticulatenessThe art of speech is so undervalued.If you are articulate, if you know how to let your confiden ce be heard through your voice, if you know how to let the ends of your words land from the heart without being cut off from nervousness or fear of rejection, then you possess a great gift.When we hear articulate people speak, we believe them.We want to follow them.We hang on their every word and listen with wonder as to how they can command the air around them. Articulate people choose their words carefully.They dont just say things?- ?they paint them.If you want people to actually listen to you, master the art of speech.4. StudyAlthough the leaders of industries might appear in the bright lights, known for their fame and fortune, the reality is many (if not all) of them make a considerable amount of time to continue studying their craft.They sit in silence and work.They study their contemporaries and their competition.They constantly push themselves to be better today than they were yesterday.It can be very, very easy to obtain a level of success and then get complacent, thinking youve made it. However, once the complacency kicks in, you will quickly lose whatever it is youve obtained.Constant reinvention is required to keep building and moving forward, and you do that by always returning to your workspace and making time to study your craft.This habit requires a significant amount of discipline.5. ListeningEven if it might not seem as such, successful people are tremendous listeners.Listening intently is a crucial part of growing and developing yourself and your craft or company.You have to listen to find opportunity.You have to listen to hear what people actually want.You have to listen to understand your competition.You have to listen to know whom youre talking to and what theyre interested in.You have to listen to cut through the noise and know where to move next.And you have to listen in a way that makes every single part around you feel understood and believe they can trust you.Listening isnt just a trait of the successful.It is a trait of the truly gr eat, the ones who can lead themselves and their teams to victory.Saying nothing at all sometimes says the most.Remember the importance of listening.This article was originally published on Medium.

Top 8 Best Job Search Websites of 2016

Top 8 Best Job Search Websites of 2016 Top 8 Best Job Search Websites of 2016 Some job search sites can make finding the jobs best suited to you simple. Others, like those that give you job search advice, can help you fill in the gaps that youre missing in your application package. Here, well review eight of what we think are the best job search websites of 2016.CareerealismCareerealism posts useful tips in blogs and sends out a daily newsletter detailing job search and career development suggestions. The sites CEO J.T. ODonnell has nearly two decades of experience in HR and recruiting and more than a million followers on LinkedIn. The website also has a Recruiter Directory that you can search to connect with recruiters. We particularly like Careerealisms Sneak Peeks, or feature articles about companies you might want to explore further.Career SherpaA website created by Hannah Morgan, a job search and career coach, Career Sherpa gives you job search advice, including tips on persona l branding and job search navigation tools. We think Career Sherpa is one of the best job search websites because Morgan provides a unique perspective on building an zugreifbar presence, creating an infographic resume, and choosing persuasive accomplishment statements. The MuseStylish, up-to-the-minute, and contemporary, the Muse provides career advice from some of the top resume experts. Think of it as a great resource for the kind of person who wants to have a life aside from her job. Offering job search advice and tips for the workplace once youve been hired, the Muse provides the kind of real, upfront talk that keeps you motivated through what can be a difficult and long-term project searching for the job you want and keeping the job you love.Charlie AppWhile its technically an app and not a website, we love Charlie App too much not to mention it. For interviews, you want to have information about the people youll meet and the organization youll be talking about so you know how to impress during your interview. Charlie App searches through information about your interviewers and the company, and then provides you a one-page summary that helps you better prepare.Ask a ManagerIf you want the inside scoop about how hiring managers think, it only makes sense to Ask a Manager. Thats the purpose of what we think has been one of the best job search websites of the year. Former manager Alison Green answers real questions about careers, interviews, and management in upfront, truthful blogs. LinkedInRecruiters love LinkedIn because its so easy to use. Recruiters can search for candidates by work history, job titles, or college. Its often used to search for candidates who arent actively looking for new jobs. If you update your LinkedIn profile regularly, the social media platform can be a great tool for networking and recruitment. USAJobsIts the federal governments database for hundreds of job listings across every federal agency and organization across the United St ates. We like USAJobs because it offers the latest job postings and designs searches specifically for senior-level executives, students, and veterans. Learn how to write a federal resume.LaddersOne of the best up-and-coming job search sites, Ladders, gives you the details on recruiters search patterns and exclusive job postings sometimes before theyre even posted. Ladders job search algorithm also matches you with the most relevant job opportunities available for your particular skillset. Once youve optimized your job search and resume using these tools, scan each potential job posting and your resume through Jobscan. The tool will give you suggestions for how to make your resumes keywords match those on the job description. Remember, a good match between desirable skills and the words on your resume is the only way your application will make it to a real person. Recruiters find candidates resumes the same way we use Google to find websites with keywords that best match the qualit ies theyre searching for.